After a Week of Turmoil What Have We Learned About Cryptocurrencies?
It sure is a trading environment that you are going to always find interesting, and as it is true to say most people are now using cryptocurrencies as a form of investment, rather than using them as a form of payment method, this week has certainly been an eye opener for many people!
With the value of all cryptocurrencies bouncing around all over the place, volatility in the market place is now taken for granted, and there is no telling when any cryptocurrency is going to shoot up in price and drop in price, as there are many different factors that can force them to do so.
It is often the sniff of any type of government interference with a cryptocurrency that can often cause their values to crash, such as when a government tries to impose some form of ban on their citizens gaining access to them via digital currency exchanges.
Also, as has been discovered in recent days, credit card companies have also be the cause of many cryptocurrencies crashing in value, by those issuers announcing that their card holders are not going to be able to buy any cryptocurrencies with their credit cards!
However, make no mistake about it, cryptocurrencies are here to stay and no matter what level of interference put upon them by governments or credit card issuers for that matter, people are always going to find a way of buying them and selling their holdings too.
Current Values of Cryptocurrencies
The yoyo nature of the price of all cryptocurrencies this week has caused many inexperienced investors to sell off their holdings, whilst many savvy investors have been snapping up lots of different ones due to their drop in values experience over the last 7 days.
However, at the current moment in time most of the major cryptocurrencies are much lower in value than they have been in recent months and I shall now give you a quick snapshot of the current values of a range of the leading cryptocurrencies at the time of compiling this news report.
Bitcoin is of course still leading the way in regards to its current market value, that being a very healthy $134,112,228,665 and the current price of Bitcoin is $7,955.40, but in the last 24 hours alone its value has decreased somewhat by 10.50%.
Ethereum has been standing its ground quite well this week, however with a market capital of $77,275,149,36 it still has a long way to go if it is ever to overtake Bitcoin as the number one most used cryptocurrency. The current value of one single Ether is $792.20, but much like Bitcoin in the last 24 hours alone its value has dropped, that by some 11.19%.
The price of Ripple has never been what you could call restrictive or expensive, for that cryptocurrency has a market capital currently of some $36,874,163,437 and a single full unit of Ripple will cost you just $0.945268. However, true to form much like the two other cryptocurrencies mentioned up above its value has taken a large drop in the last 24 hours that being by a huge 19.06%!
What Does the Week Ahead Hold for Cryptocurrencies?
If you are wondering just what the week ahead holds for you as someone investing in cryptocurrencies, then as normal you can expect a lot of Fud and plenty of volatility in the market place too.
There will of course, as always be money to be made, however you do have to very quickly adopt something of a six sense in regards to knowing what to invest in and when to both buy and sell any cryptocurrency holdings you have.
Time, effort and a great deal of research needs to be put into checking out any new tokens or coins that are about to be subject to a token generation event or any up and coming initial coin offering, and you do of course need to perform due diligence on any and all potential investment opportunities that may present themselves to you this coming week and moving forward too.
No one really knows that the future does hold for any and all cryptocurrencies, but as soon as they are warmly embraced by the general public at large, of which I am sure they will eventually be, and finally get used for their intended purpose, that being the cost effective transfer of funds, then it is going to be mainly investment opportunities that most people will be using cryptocurrencies for.