After months of anticipation, the cryptocurrency market has finally begun to take its first major hit. All of the top cryptocurrencies are bleeding red, and the global market cap has dropped by a considerable number. Data from coinmarketcap.com shows even top cryptocurrency coins like Bitcoin, Ether, and Cardano saw a drop in their price. These are signs of panic, so watch out.
The best cryptocurrency at the time of writing is Ethereum. It was up over 10 percent, while Cardano and Solana were down by more than 11 and 12 percent, respectively. Meme coins like Dogecoin and Shiba Inu have felt the impact, too.
Elon Musk doesn’t like the price of Dogecoin and the dog he keeps called Shiba Inu, and neither does his dad, as they both sold most of their cryptocurrency holdings. This has left many questions regarding how to invest in today’s markets and where to look. Here’s what you need to know.
Crypto prices in the near future
Despite the recent market frenzy surrounding bitcoin and other cryptocurrencies, most analysts don’t expect the crypto-craze to last long. Some Bitcoin analysts expect the price to fall to less than $5,000, which would make it the worst-case scenario for the cryptocurrency.
Veteran trader Peter Brandt thinks the lead cryptocurrency will be worth about $28,000 by the end of the year. Charting tools and patterns are frequently used by traders to try to forecast various possibilities and potential support levels.
An analyst is looking at various possible scenarios, including an optimistic $56,000. There’s a good chance that the market will level out around the mid-thirties, Noble says, but that’s still an optimistic outlook for now. Crypto analyst and YouTube star, Michaël van de Poppe, explained in his latest video that the crypto markets have reached a resistance level of $37,500.
Bitcoin could reclaim it if it can keep pushing higher. But he’s still watching several lower levels, including prices around $32,000. The big names in the cryptocurrency world are Bitcoin (BTC) and Ethereum (ETH). As for the rest, they’ll do fine, but there’s an air of uncertainty about them right now.
Long term Crypto prices
Bitcoin price predictions are very much based on supply and demand. Some of Bitcoin’s biggest skeptics believe it has no inherent value and doesn’t produce anything. Warren Buffet’s right-hand man, Charlie Munger has been extremely vocal in his views that the value of Bitcoin might very well go to zero.
Bitcoin believers point to increased cryptocurrency adoption and its potential to become the digital currency of the future. A variety of people, including tech giant Mark Cuban, compare cryptocurrencies to the early days of the internet.
Cuban is a big fan of Ethereum’s smart contract capability and sees Bitcoin as more akin to digital gold. What of Ethereum? A recent survey of 36 industry experts by Finder reflected concerns about Ethereum’s merge and wider upgrade.
Nonetheless, they thought that Ethereum might be goind to be nearing over $23,000 by the end of 2030. Amazon is currently trading for about $2,500. The meme tokens based on the Ethereum blockchain are also doing rather well compared to the overall market situation.
Should you invest in crypto or not?
It’s a good idea to look at these traders and compare them to Wall Street research analysts, and that’s exactly what this short-term price prediction will do for you. It will take a look at several of the most influential short-term price predictors out there and highlight what they’re saying about Amazon in 2018.
Traders tend to go long or short based on market sentiment and momentum. A successful investor knows that investing should be about building wealth over the long run. To do this they hold investments for the long term.
At The Ascent, we invest in a broad portfolio of stocks and bonds for the long term. Nobody knows the future, but we’re investing so that we don’t have to. Perhaps the meme tokens will give a surprise if you hold them for a long term because of the communities behind them staying loyal to them.
Prices are dropping and even the long-term investors should keep that into consideration. This means only investing money you can afford to lose, and keeping your crypto investment separate from your other investments.
To profit from a dip in Bitcoin, you have to predict the dip is real. And you need to have enough crypto in the first place to avoid losing everything when the market takes a big tumble. A wild but calculated suggestion is to buy some meme tokens and keep them for the long term as they do not hold very high prices but can grow surprisingly in the coming few months.
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Final Thoughts
To make sure you benefit from crypto assets in the future, invest some money in meme tokens today. They are not at very high value right now but have the potential to grow tremendously. Even in the worst-case scenario,, you’ll still not be losing much and financially not be unstable.
