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The Growing Market of New Crypto

Currencies / cryptocurrency May 20, 2021 - 04:11 PM GMT

By: Submissions

Currencies

Crypto has certainly been a huge market of interest over the past few years for a growing audience, particularly over this past year as a retail trader audience have started to explore the growing options with cheaper offerings like Dogecoin providing a sort of Bitcoin 2.0 for those who had missed out their first opportunity to enter the crypto market – the wider adoption of crypto within different markets as the likes of Tesla first announced their own acceptance of different coins (although have since changed their own stance) through to the likes of gaming as players visit this site for casino promotions accepting crypto for example – but with new coins and other crypto options popping up daily, is it worth getting involved and investing into what is still an uncertain market, or is it better to hold off?




For many, the answer in short has quickly become that it often isn’t worth it – whilst those early adopters in the likes of Bitcoin have found incredible luck to have the opportunity to get on board early and reap the big benefits found, but even recently it has been shown how volatile the market still is and how the few have enormous influence over how the markets react – the drop in value for Bitcoin from $55,000 to just $40,000 in less than a day following a single announcement from Elon Musk has shown this better than ever, with the same impact and the increase in price for Dogecoin showing the same too. It has shown that even those considered to be more stable are still a huge risk factor, and something that becomes an even greater risk further down the line.

The smaller coins that are still emerging do so at an incredibly low price, with those investing hoping to catch a growing wave with new interest, and hitting the luck of being the one that may next take off, but with each growing name exposed to the market, the likelihood of a new coin growing much in the same way that others have in the past goes down, and with uncertainty still existing around crypto as a whole despite the growing support still exists too. Some of the major banks have suggested within the next few years their own support will grow, but it still remains unknown just what impact this will have of the wider market too.

Whilst it’s unlikely that there will be a similar wave with huge prices increases seen with the likes of Bitcoin and Ethereum, there’s a growing retail audience that are hoping it will happen leading to the increased number of coins and the huge interest in investing in them, but many experts are suggesting not to do so, and with so many options coming in at such small fractions, it should be lesson enough that investing in the growing number of crypto options may not be worth it.

By Adam Walker

© 2021 Copyright Adam Walker - All Rights Reserved Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.


© 2005-2019 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


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