When is the best time to invest in cryptocurrencies?
It looks like the storm that has gripped the cryptocurrency markets in recent weeks is finally over. After a massive selloff of these digital assets which culminated last week, the segment’s market price has finally shown signs of stabilizing. And what’s even more important for investors is that this could be the perfect time to reenter cryptocurrencies.
2018 did not start out well for cryptocurrencies. After becoming perfect examples of what a market success should be, the high-flying Bitcoins, as well as the rest of the crypto team such as Litecoin, Ethereum, and others, matters, started to take a surprising turn. Well, in hindsight it should not be that surprising at all. Given crypto’s long-running rally which lasted for the entire 2017, a correction is bound to happen.
But it was a price correction that happened too soon that many investors, which only started getting into the assets this year, were caught unprepared. Of course, news about China and South Korea’s moves to block its trading helped stoke the fires of uncertainty and worry among investors. With most of the panicked investors trying to sell their cryptocurrencies at hand, there is only one result that that is for cryptos’ price to plunge to their lowest.
But it looks like the nightmare is finally over. For the first time since the selloffs started, cryptocurrency prices are on the rise once more. While they are still regrettably far from their all-time high levels, the reversal is sure sign that good times are on the horizon once more.
For instance, Bitcoin reached $8.997.91 on Saturday morning; it was actually around a 7 percent increase in just 24 hours. While its current price is still significantly lower than its all-time high of almost over $19,000, the price move is still significant as it is now showing that the price correction has finally stabilized and that the selling panic is finally over.
In fact, the price reversal is not limited to Bitcoin alone. Ethereum rose to an intra-day trading high of $945.21 while ripple was seen trading at $0.89.
Is a resurgence in demand for cryptocurrencies in the offing then? Well, not even the most experienced Wall Street could predict with certainty what going to happen on the market in the next 24 hours. However, if you have been in the investing scene long enough, you’ll know that the most well-timed investment move is to buy when the market just hit rock bottom that there is simply no way to go but up. And that is exactly the point where we are currently at.
In fact, if you survey other people’s opinion on the subject, you’ll find out that not all investors have lost faith in cryptocurrencies. After all, markets ups and downs happen all the time, and the intelligent ones are always there to make a killing when everyone else is panicking.
Surprisingly, some high profile athletes are looking at cryptos as a possible investment vehicle despite the recent market downturn. According to Bitcoinist, Richard Sherman, a Seattle Seahawks’ cornerback and four-time Pro Bowler revealed that “a lot of NFL players are discussing Bitcoin these days.” Sherman has been accepting Bitcoin as payment for his merchandise since 2014. At the moment, he is heavily invested in the crypto market and has also invested in Litecoin as Ethereum.
But if you really want to make it big in cryptocurrency this year, there is one crypto you should keep your eye on. According to an Express.co report, Ripple could steal the limelight this year with its price predicted to soar making it the “dark horse of 2018.”
Some data is backing up the optimism for this cryptocurrency. Unlike some of its peers, Ripple has the advantage in settlement speed with its touted “near-instant international payments” that gets verified in mere 10-15 seconds. For comparison, some crypto requires hours of waiting before transaction confirmation.
“We are a thousand times faster than bitcoin and a thousand times cheaper the bitcoin to settle a transaction,” explains Brad Garlinghouse, Ripple CEO. “The reason why XRP is unique is, it settles in three seconds, so I’m not taking risks on kind of volatilities, where bitcoin takes hours.”
As a result, more and more companies are signing up deals with Ripple which bodes well for the crypto’s prospects. Just last week, the Ripple team has signed up with MercuryFX, an international payment service company as well as the telecom company IDT.
And the best part is that if you act now, you’ll get the crypto while it is selling at a very low price.