Why Cryptocurrency Market is Crashing? What is Causing Crypto to Crash?
The cryptocurrency market is crashing. The total value of my crypto assets has dropped by more than 30 percent just in a week. I am not a trader but a few weeks ago, I started trading with BTC-USDT pair. I started trading when the price of Bitcoin was $43K but I lost all my BTC when the value of Bitcoin went down to $35K. I made a loss of $100.
Not just bitcoin, but almost all cryptocurrencies and tokens are losing their value. The prices of most of the cryptos have gone down to an all-time low in the last 6 months.
However, this is also a favorable time for investors. You can invest in Bitcoin and Altcoins.
Why is Ethereum World’s Number Two Crypto Currency?
Bitcoin was launched in 2009 and Ethereum was launched in 2015. Between 2009 and 2015, a lot of cryptocurrencies were launched, for example, litecoin was launched in 2011, Ripple was launched in 2012, dogecoin was launched in 2013, Monero and Dash were launched in 2014. But how come Ethereum is the world’s number two cryptocurrency in terms of popularity and market cap? What makes Ethereum so special?
Litecoin is an early bitcoin spin-off, it is almost identical to bitcoin as it is a project fork of bitcoin. Yet litecoin is far below Ethereum.
Bitcoin Cash was launched in 2017 as a hard fork of bitcoin. Bitcoin cash and bitcoin are closely related, for example when bitcoin goes up bitcoin cash will too go up and when bitcoin is down, bitcoin cash is also down. Yet bitcoin cash does not compare to Ethereum in terms of price value and market cap.
Is Solana Investment Safe?
Bitcoin was created in 2009. Two years later, in April 2011, Namecoin, the first altcoin was created. Litecoin was created four months after Namecoin was created. The success of Bitcoin and other early altcoins gave rise to cryptocurrencies. These days it is really difficult to track cryptocurrencies because there are more than 5000 cryptocurrencies and crypto tokens.
In recent times Solana is making a lot of news. The coin was just $1.28 at the beginning of 2021, but the coin went all-time high with $192 and now SOL is priced at $132. Recently, Solana replaced Dogecoin to be in the 7th position on the Market Cap Rank.
During the dip in June and July last year, Solana fell slightly, but ultimately it continue to gain value. You can imagine the kind of growth Solana achieved by comparing the price of Solana in January 2021 and August 2021.
How Far Can Ripple Price Go?
Since its launch in 2009, Bitcoin has remained the top cryptocurrency (in terms of price value and market cap rank); however, other cryptocurrencies are also sailing smoothly. Ripple is one such coin that is growing big day by day.
Ripple (XRP) was basically created for entrepreneurs and businesses for cross-border transactions. Ripple is faster and also has one of the cheapest fees in the cryptocurrency market.
Thе technology will likely become thе new defacto standard for financial institutions and banks wanting to transfer funds worldwide. This will make Ripple worth a sizeable investment.
Currently, even though Ripple is down just like a lot of cryptos, in 2021 Ripple's price surged, however, it is yet to reach the heights it had reached in 2017 when it managed to remove Ethereum from the second position of the market cap rank.
Dogecoin Vs. Shiba Inu: Which Meme Coin is a Profitable Investment
Dogecoin was unknown to many people until the beginning of 2021. Dogecoin was publicly launched in 2013, yet there was no interest in this coin among investors and traders until January 2021. The price of dogecoin started climbing in January 2021. From 1 cent in January, it reached 68 cents in May, currently, it is 15 cents (as of writing this). In the last 24 hours, the price has gone down by about 4 percent.
If you are monitoring dogecoin, you have noticed that the price of dogecoin has shot up due to reasons like Elon Musk tweeting about Dogecoin or Dogecoin being listed on popular exchanges like Binance and Coinbase. The current rise in dogecoin is due to Elon Musk accepting dogecoin for his Tesla products.
I started investing in Doge when it was 31 cents, the highest price I have paid for doge was 37 cents. I was planning to buy at least 1000 dogecoin before the price became $1. But I had to stop investing when it stopped growing and fell back to 17 cents.
I have 6 million Shiba tokens. I have invested $130 to buy 6 million tokens, when shib was an all-time high, my Shiba value went as high as $500, but now it is ay no profit and no loss moment.
First published in Trendri, in author's name
