Crypto Market Down: Most cryptocurrencies did well at the start of the year 2023. After getting hit hard in 2017, most crypto products started to get better. But compared to their all-time highs, crypto prices are still low.
In the first half of the year, the price of cryptocurrencies went up and down like a roller coaster. Will the other half of the year be a slow growth, or will cryptocurrencies hit new heights and fully recover from last year’s loss?
How is the Crypto Market Performing?
The crypto market is moving from left to right, with smooth curves and a small spread. In 2022, when FTX crashed, it shook the market and sent it down. This year gave big cryptocurrencies like Ethereum and Bitcoin a new and positive outlook. They slowly turned green as the macroeconomic situation got better and inflation went down.
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Still, the market has slowly moved from fear to greed and then to a stable state. This is how the crypto market works because it is very changeable and hard to predict. Last month, there were signs that cryptocurrencies were becoming more stable, but U.S. inflation and its effect on liquidity changed that.
The crypto market has turned upside down because of how the U.S. Federal Reserve feels about raising interest rates. Bitcoin went over $31,000 in July 2023 and is back down to $27,000 in August 2023. This has made the people who trade in cryptos confused and worried.
The market for digital crypto is worth $1.18 trillion right now. But if we look at the biggest coins in the world, Bitcoin and Ethereum were at the top of the charts until last month and are showing signs of coming back. Bitcoin is worth $25,000 as of August 31, 2023, and Ethereum is worth $1,651.
Crypto experts think that things are bad right now and that it will take a long time for things to get better. Most cryptocurrencies are still a long way from their all-time highs. If we take Bitcoin it is still 50% down from its all-time high which was in November 2021 at $60,000 and Ethereum is currently at $1,800, an all-time high of $4,000 in the year 2021.
The crypto market has reacted well to the uncertainty in global finance so far, and it is still going strong even though credit is getting harder to get and the bond market is unstable. Crypto can’t go it alone. For the economy to be in balance, all other financial assets need to act in the same way.
Is Investing in Cryptocurrency Safe?
The cryptocurrency market has seen both the best and the worst of the market. Whether it was the effects of the Russia-Ukraine conflict, the Terra-Luna crash, the FTX collapse, or the tightening of tax rules, the market has been through some rough storms in the past few years.
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The crypto world got a fresh start in 2023, and there are signs that things are getting better. Crypto buyers think that in times like this, it’s safest to invest in stable digital currencies like Bitcoin and Ethereum through SIP.
Experts in cryptocurrencies think that buyers should only put 5% of their portfolios into cryptocurrencies. The most important thing is to only spend a small amount and not all of your money, because the market is very volatile and you could lose it all.
Steps On How To Invest In Indian Cryptocurrency Market
Step 1: Choose a digital currency: Choose a coin that you want to put your money into. Like any other asset class, cryptocurrencies have their own fundamentals, such as their intrinsic worth and how they are mined. They are backed by different blockchain networks. Since the crypto market is very volatile, make sure you do your study and think things through before you invest.
Step 2: Choose a cryptocurrency exchange. Once you’ve decided on a cryptocurrency, it’s time to find the best cryptocurrency exchange site for you. You need to have a working account on a crypto market in order to buy and sell cryptocurrencies. Read our story about the best places to buy and sell cryptocurrency in India.
Step 3: Once you’ve chosen a crypto exchange, you’ll need to sign up by giving your name, address, and other personal information. This is called KYC, or Know Your Customer. After setting up your account, you are ready to trade in cryptocurrency.
Step 4: When purchasing a cryptocurrency, you will be required to choose a means of payment that is acceptable to you before you can complete the transaction. You have the option of using a peer-to-peer system, an online payment channel, a bank transfer, or a cryptocurrency wallet.
Step 5: Buy cryptocurrency: Once the funds have been added to your account, you will be able to buy the cryptocurrency of your choice without any problems. You can easily buy the cryptocurrency of your choosing by simply selecting the “buy” tab, which is accessible by pressing the “buy” button.
Step 6: Storage: After you have purchased the cryptocurrency coins, make sure not to forget to store your currencies in a secure location. Since cryptocurrencies are not regulated, you are responsible for ensuring their safety because there is always the possibility that they may be hacked or stolen. From this location, you’ll have access to a variety of crypto storage choices.
Step 7: Selling cryptocurrency is just as important as getting it because it helps you make money from your investment. You can sell the cryptocurrency the same way you bought it. Just go to your portfolio and click on the “sell” tab. You can choose to sell all or part of your crypto investment but don’t forget to record your gains on time.
Bottom Line
With the uncertain world economy and the slow pace of its comeback, it is smart to keep a close eye on the cryptocurrency market. Don’t make any rash choices because now is a good time to watch the market closely and figure out what’s going on.
No one will ever know for sure, but the buyers will be able to make smarter decisions and might be able to buy their favorite digital asset at a fair price once the chaos is over.
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