The cryptocurrency market has had the reputation of fluctuating 24X7 and being volatile since the very beginning. However, in recent times, especially in May, the market crashes have become very steep, and the range of variations has increased manifold. The cryptocurrency market has seen many difficulties with Tesla’s CEO praising and supporting the cryptocurrency market with his tweets and live television appearances. Elon has been known in the cryptocurrency trading community as the trendsetter for cryptocurrencies after his support of dogecoin led to it growing at a fast pace.
The market analysts, traders, and investors have been looking for answers to the question of investment in cryptocurrencies for a long time, as the market is unpredictable and functions on numerous factors affecting the rise and fall in token prices. There have been many instances of people looking to invest in cryptocurrencies who ended up being bankrupt, and at the same time, there are traders who managed to invest just the right amount at the right time and have made a fortune by trading these new-age digital currencies.
With prices falling to a record low due to the announcements made by Tesla against the use of Bitcoins as a means of payment for their cars due to environmental concerns related to the mining and trading of cryptocurrencies in general. Recently China has also been making efforts to close out the cryptocurrency trade within the country on other grounds like the issues with coinciding digital currencies with existing ones that have been launched by the Chinese financial institutions called the digital Yuan. Similarly, Indian Banks and financial service providers like Paytm have also decided against the widespread and increasing demand for crypto assets in the market, citing the threat to financial institutions and the overall economy of the country.
The cryptocurrency market is facing a lot of backlash due to its unregulated and decentralized nature, and though the prices of per token trades are at a record low for months, there is still hope in the market for its widespread implementation and increased popularity, which is likely to drive the prices to new heights. Traders and investors are already on the lookout for the lowest prices for top cryptocurrencies to invest at the correct time, just before the value starts towards an upward curve. The market is down, and the prices are at a low range, but it is advised to invest the finances, which are left apart from the expenses. The cryptocurrency market has become increasingly volatile since the start of the year, and it cannot be guessed when the prices might start to rise again.