Summer is renowned for being a bad time for cryptocurrency. At the time of writing, Bitcoin is ranging between $30,000-$34,000, which is around 50% of its all-time high earlier this year.
While this might not be great for anyone who bought cryptocurrencies in the first few months of 2021, it is a great time for people looking to get into the market.
Let’s take a look at 5 cryptocurrencies that are destined to explode out of this correction.
Bitcoin hit its all-time high of around $65,000 back in April. It’s currently trading at just more than half of that. Many experts in the industry believe that BTC is still on target to reach new highs above $100,000 by the end of a year.
Some estimates even place Bitcoin going as high as $250,000 by the end of 2022. There is still the chance of a further correction, but Summer is the time to be buying more bitcoin.
The news around BTC remains bullish with Bitcoin ATMs appearing all over the world where individuals can purchase bitcoin. Take a look at ByteFederal for locations near you.
Ethereum has followed a similar path to bitcoin. It skyrocketed to highs of over $4,000 and has fallen to trading around $2,000 since the correction. However, there is exciting news on the horizon for ETH investors.
Ethereum is getting ready for the London hard fork update on August, 4th. This upgrade will move ETH from a proof of work (POW) model to a proof of stake (POS) model. This will reduce the gas fees on Ethereum making it more competitively priced.
Cardano has to help up pretty well during this correction so far. Many altcoins have already dropped 70% from their all-time high, but Cardano is currently trading around $1.20. This is around 50% from its all-time high earlier this year.
There has been lots of good news surrounding Cardano including the forthcoming mainnet launch which is due for August this year. Greyscale also recently announced that they invested in Cardano. It is now their third-highest holding on their balance sheet after BTC and ETH.
Polkadot has taken a tumble since its all high of around $50 earlier this year. It’s currently trading around $12, almost entirely erasing its gains from the previous bull cycle.
What might be a cause for concern for some is an opportunity for others. Polkadot is due to be holding parachain auctions shortly. Another coin ‘Kusama’ held similar auctions earlier this year which saw the price skyrocket over 100%.
Last, but by no means least is XRP. Ripple, the company behind XRP has been in the midst of an ongoing legal battle with the SEC. As a result of the court case, many exchanges ceased XRP trading.
It is believed that this has been suppressing the price of XRP. Ripple is being adopted by large banking institutions all over the world. If the court case goes in Ripple’s favor then XRP’s price is expected to skyrocket.
Investing in Cryptocurrencies
As with any investment, cryptocurrencies carry as much risk as they do reward. Many crypto experts say we are still in for a deeper correction. However, this is a natural part of the cycle and over time the value of many cryptocurrencies is expected to increase.
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