Crypto dubbed ‘a buyer’s market’

A massive price write-off has caused Bitcoin (BTC) to plunge, with the currency falling by another 6% on Monday, just below $33,000.

The current trading course is a far cry from BTC’s all time-high in November when it hit $69,000 and has been sliding downwards consistently ever since.

However, the fact that the currency is down does not necessarily mean “end game” for the crypto sector.

Ethereum (ETH) lost some 7% on Monday, down to $2,300. Both developments could be seen as an opportunity. In other words, cryptocurrencies are now a buyer’s market.

The drop in valuation does not mean they are beginning to disintegrate, but rather that regulatory changes are adjusting their pricing.

While this period lasts, would-be crypto investors could be the ones to benefit if they decide to buy during the slump.

This is an opinion shared by Onramp Invest CEO Tyrone Ross who sees this as a call for action from existing and future crypto owners.

“When something goes on sale, you should buy it”, Ross argues. Choosing a good cryptocurrency is not just about pricing, though Ross and other experts warn.

Rather, consumers need to pick a token with utility value and long-term prospects. This is why investing in ETH and BTC tend to be the “safest bets”.

Other cryptocurrencies are showing remarkable resilience, although they didn’t start as “serious” assets at first.

However, Shiba Inu and Dogecoin are some alternatives that have shown a good return on investment.

If you want to use cryptocurrencies to just have a bit of fun, there are many places where you can do just that. We recommend visiting Bitcasino, 1xBit or FortuneJack to gamble with any of the aforementioned cryptocurrencies.

Source

Updated: 05/10/2022 — 17:00

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