As lucrative as cryptocurrency investment can be, it is also a risky venture. The unpredictable price fluctuation of cryptocurrency makes it a risky investment. However, close observation of the crypto market price fluctuation takes away most of the risk. Bitcoin is still the largest cryptocurrency in the world. Over the past two weeks, there has been a huge fluctuation in its price. However, this crypto money is now becoming stable. However, the momentum of the other currencies is also getting higher. For example, the price of Ethereum has tripled this year and broke through $3,000 for the first time to create a new record.
In addition, Rich Ross, a strategist at Evercore ISI, also expressed optimism about Ethereum and gave a target price of $3,900. According to CoinGeck’s data, Bitcoin’s share of the total market value of cryptocurrencies has dropped from about 70% at the beginning of this year to about 46%. The share of the second-largest cryptocurrency, Ethereum, rose to 15%, and the total share of some other top-ranked cryptocurrencies doubled to 36%.
In addition to Ethereum, Bitcoin and other currencies have also experienced higher gains in recent days. Today, 99% of the cryptocurrencies in the market are bullish. Bitcoin has now stood at $59,000 per coin, refreshing its two-week high and rising by about 4.18% within the day.
We must remind users that the cryptocurrency market is extremely risky. We do not recommend this business to those who do not have good knowledge of the market trends. It is worth mentioning that Bitcoin has not yet regained all the ground it lost after setting a record of nearly $64,870 in mid-April.
In recent times, the rise and fall of Bitcoin have seen some massive losses. Some poor people had to liquidate their positions and have nothing. This is why crypto investors have to be very careful and muct watch the market closely.
Popular cryptocurrency analyst, PlanB, took to his Twitter account to explain the situation with Bitcoin. According to PlanB, the fall in Bitcoin price does not necessarily mean its market is over. He said: “Nothing goes up in a straight line. Bitcoin has gone up 6 months in a row until this month. This looks like the mid-way dip that we also saw in 2013 and 2017”.
GizChina is an English website that reports on global technologies and gadgets (smartphones, tablets, PCs & more) news. In recent times, we have been giving more attention to cryptocurrency and applications. Want to know more about us? Click Here.