thecryptobasic.com
In the modern digital world, adaptation and proper knowledge bears incredible importance. With how rapid changes and developments occur in most industries and fields around the globe, learning something once is often not enough.
This is especially relevant when it comes to complex technologies, such as cryptocurrencies, and becomes doubly more relevant since they’re tied to finances. Objectively speaking, while the market is still standing strong, it has been on a steady decline after the year 2021, in which it struck incredible heights and broke through the financial world.
Considering these factors, it may be more intimidating than ever to get into the world of cryptocurrencies, yet with proper risk management, as well as the help of countless great resources and information tools available at one’s disposal, there may be nothing to fear at all. Just like those resources, the goal of this article is to provide fresh and concise information regarding the industry.
Why are Some Experts Predicting a Crash
Despite the fact that the cryptocurrency market is incredibly inconsistent simply by nature, it has displayed relevancy and size for several years now. Of course, this does not stop some experts from looking directly at the heights of the industry achieved in 2021, and judging the current state of the crypto scene as a comparison.
While statistics definitely show a steady decline, this is quite a natural progression. Looking at any successful product or a business project, it will inevitably have a fluctuating curve of interest, depending on the investment and belief of the customer. It is impossible to maintain a singular rate of progression, without facing bumps along the road. What is important right now is for the crypto market to maintain relevancy and establish some consistency.
The skepticism around the industry is comprehensible, but it is too early to write it off entirely. There are still millions of users around the globe engaging with the multi-billion dollar cryptocurrency market, with newcomers seeking information on how to get cryptos from various sources, so they can start their own investment journeys.
Are Altcoins on the Rise?
There have been some interesting developments with the two biggest coins in the world recently. The dominance of both Ethereum and Bitcoin have been on somewhat of a decline. Reading everything mentioned above, one might conclude that it is only natural regarding the current state of the crypto market, but what is important to note is that the overall market cap of cryptocurrencies has stayed the same.
This basically means that the interest absorbed by Ethereum and BTC has been distributed to other places around the market. Some have been theorizing that it is the stable coins, but it is unlikely looking at their individual market caps.
The most logical answer that most agree on is the altcoins, and the statistics also seem to support this. The same statistics show some similarities between the current day, as well as the 2019 state of the altcoin, sparking up discussion about the crypto cycles, and whether or not customers should prepare for the upcoming years.
If we do take these hypotheses seriously, based on the analysis the altcoin growth should soon revert to normal, as it did back in 2019. Of course, BTC will take its place back as the replacement, as it remains the most popular coin.
The top performing coins of the month
The latest top coins include Astar, Rocket Pool, Synthetix, Render as well as Stellar. At this point most are aware of the fluctuating nature of the coins, and how their value can grow based on popularity and the amount of exposure it is receiving.
The crypto community still remembers Dogecoin and how it temporarily blew up in value due to the internet, and similarly, there has been some buzz regarding the listed coins that certainly helped them perform as well as they did. Let us get more specific.
Stellar for example, has just launched a new website for their XLM coin, and this is after several days of teasing and promoting by the Stellar foundation, inarguably helping the coin perform. It is a similar story with the Synthetix coin, finding a decent bump due to the Synthetix governance approving and implementing additional 19 markets, making their grand total a solid 71.
Despite Rocket Pool’s recent success, the overall statistics have not been looking great recently. There have been some welcome changes and improvements regarding their rETH coin, which had its short-term effect, yet the community remains a bit skeptical of the long-term one.
As for the Astar and the Render coins, their success does not seem to specifically correlate with anything, which is far from being unheard of in the industry. As mentioned already, the market can be quite unpredictable at times, with experts as well as community members continuing the discussions.