Lately, when the whole planet faces big changes and inflation, many crypto enthusiasts have started to wonder if it is still worth investing in cryptocurrencies. Is there any hope that any person who wants to try his hand at cryptocurrency investing will get rich from it in 2023?
There are a lot of question marks lately when it comes to the cryptocurrency market because it is widely known that it is very dynamic and volatile. Especially now in the period of inflation, when huge changes are happening in the Forex market, the question is what is happening with cryptocurrencies.
Whether you follow top crypto podcasts and youtube channels like the Blockchain Backer or some other relevant sites related to crypto-currencies, surely it is primarily for you to get informed about the daily happenings on the crypto market and thus determine whether it is wise to enter the front of the story or not.
But before we see the current time for investing in cryptocurrencies, let’s look at their great popularity, shall we?
Why are cryptocurrencies so popular generally?
From the very appearance of Bitcoin in 2009 until today, cryptocurrencies have been considered one of the most popular businesses in the entire world. There are many reasons, although it is clear that the opportunities for serious profit are one of the main ones.
One of the main reasons for its immersive popularity is because of the decentralized blockchain network and the fact that you can send and receive money anonymously. It became a huge hit because there are a lot of individuals from all over the world who do not wish to reveal their identities, especially when they are doing some huge transactions.
Sending and receiving money anonymously
Using a good crypto wallet, these individuals can send and receive money anonymously without any security issues. Another reason for their popularity is because of trading purposes. Numerous experts believe cryptocurrencies tend to be very speculative, and their value may increase.
So, those who wish to invest to achieve profits in the near future are always keen on choosing some profitable cryptocurrencies that they believe will provide them with earnings.
Should you invest in cryptocurrencies nowadays?
The main question nowadays for many crypto enthusiasts is certainly: Is it a good idea to invest in cryptocurrencies these days or not? First, in November 2021, the entire crypto market capitalization peaked at approximately $3.01 trillion. In December 2022, it hit a low of around $830 billion.
Even though we’ve witnessed a moderate recovery, it’s obvious that the crypto market is still below 65% from its peak. Although it’s uncertain if the cryptocurrency market has hit its lowest point, the present values of the leading digital assets offer a favorable entry point for investors seeking to buy the dip.
For instance, Bitcoin and Ethereum are trading at approximately 67% less than their historical peaks, while other top coins like Cardano, XRP, and Dogecoin are down nearly 90%. If you’re interested in amassing a long-term portfolio of these cryptocurrencies, these prices are undeniably appealing.
Bottom Line
While it may not be the best time to invest in cryptocurrencies, it should encourage you in the long run. Keep a close eye on the crypto market because you never know what potential a cryptocurrency might bring up and how lucky you might be to profit. Good luck!
