London, UK, 4th Oct 2021, –
Financial Centre’s broker Leo Garcia discusses the current cryptocurrency market and its possible future trends. The share of the crypto market is expected to keep growing – even if the value of digital currencies goes down.
The broker talks about Bitcoin, Ethereum, Cardano, and Dogecoin, and their future outlook. The current cryptocurrency market, which is experiencing a massive boom, may look like another bubble. However, it’s unlikely to burst soon. It was witnessed that despite recent slips in value, Bitcoin has improved greatly this week and maybe on the rise again.
Financial Centre’s broker adds on saying that Bitcoin price in India dipped by 0.15% on Friday, September 24th after witnessing an increase the day before. Despite today’s slight drop to $47K (roughly Rs 34+/-), Bitcoin has shown some improvement this week as it briefly fell below 40 thousand dollars earlier this morning! Analysts blame China’s real estate market for causing these fluctuations but he says to wait and see what else may be coming our way from their end-of-year.
He says that Ethereum has also declined by 1.61% and is trading at $3,296.77 (roughly Rs 2,43124). This cryptocurrency price tracker says that it’s currently ranked as the world’s second most valuable currency after Bitcoin with a market cap of over $40 billion.
According to Financial Centre’s broker, the recent cryptocurrency bearish trend has been spurred on by crypto whales, reports have shown. These large holders of a particular coin are buying up all the dips in order to sell them off at an inflated price later on when demand from investors is highest again and prices will skyrocket as people scramble for what’s leftover.
The broker says that two days ago, a mysterious wallet with 112 thousand bitcoins in possession of Bitcoin worth $4.857 billion (roughly Rs. 35805 crores) was revealed by BitInfoCharts data to be the third-largest whale wallet for cryptocurrencies like Ethereum and Ripple as well. This is especially interesting because they were not present when bitcoin had its latest price slumps recently leading many people to believe that this person may have been coerced into selling all their coins at once before prices could drop any further leaving them stuck without liquidity needed during times where investors need it most.
He further tells that Cardano has gained 2.14% in the last 24 hours to trade at $0.200 (roughly Rs. 1.42). The price of this coin is said to have hit its lowest point in over two months after losing nearly 14% of its value in just 5 days’ time leading many people to believe that this could be the sign of yet another bubble on the horizon.
Dogecoin has also witnessed some slight drop over the last 24 hours trading at $0.0025 (roughly Rs. 0.0183). This cryptocurrency price tracker says that it’s currently ranked as the world’s 30th most valuable currency with a market cap of $605,742,538.
According to him Investing in cryptocurrencies is said to be a very good idea at this time according to Financial Centre’s broker. The share of the crypto market is expected to keep growing – even if the value of digital currencies goes down. Bitcoin may likely reach $5,000 by January next year according to experts.
Bitcoin’s recent price slumps have led to a third-largest wallet with 112,000 bitcoins in possession which would amount to $4.857 billion (roughly Rs 35805 crores) were it exchanged at the current rate per coin.
He says that the total market cap of cryptocurrencies is expected to keep growing despite the value of digital currencies going down. It cannot be said for sure whether the value of digital currencies will go up or down, but it can be said that the market cap will stabilize at a high valuation. With the price of cryptocurrencies going down, many investors are holding back on investing in digital currencies. However, the broker believes that this is a good time to invest in cryptocurrency as it will benefit from an increase in demand from the public despite the value going down over time thus stabilizing at a high valuation.
He concludes by saying that as of now, there’s no end in sight for the cryptocurrency price slump that is happening and they may likely continue to go down in value, but it cannot be said whether they will go up or down. However, it can be said that cryptocurrencies will reach a higher valuation despite the value going down over time thus stabilizing at a high valuation. Disclaimer: Our content is intended to be used for informational purposes only. It is very important to do your own research before making any investment based on your own personal circumstances. You should take independent financial advice from a professional in connection with, or independently research and verify, any information that you find on this article and wish to rely upon, whether for the purpose of making an investment decision or otherwise.