We are seeing a massive slowdown in crypto currency market. On Monday, first time ever since January 2021, the value of cryptocurrency fell down to more than 1 trillion. According to the CoinMarketCap numbers, the value of cryptocurrency fell down to $926 billion. According to the sources, in November 2021- cryptocurrency market was elevated and its market value was 2.9 trillion dollars. But in this year, we are seeing a continuous downfall in cryptocurrency market. In previous 2 months the value of cryptocurrency fell down by 1 trillion dollars. According to the experts, there was a prediction of increase in market prices and tax rates by central banks, that’s why to get rid of unwanted investments, the market fell down.
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Bitcoin value fell down after 18 months:
The most known and popular cryptocurrency termed as Bitcoin saw a downfall of more than 10% on Monday. This led the value of bitcoin to come down to the lowest margin of 18 months i.e. $23,750. Bitcoin saw a downfall of 50% in this year. Bitcoin, the largest crypto coin stays narrowly above $25000 level. The total market stake of cryptocurrency is slightly above 1 trillion, which was seen on its peak in November 2021 to more than $3 trillion mark. Some smaller coins one of which is ethereum also noted a downfall of more than 15% and got stable on 1210 dollars.
Both the coins have seen a downfall of 70% from its peak. Bitcoin dominates the entire cryptocurrency market and its total market cap was noted as 47.25 per cent. This shows that other alternative coins stay at the value worth merely a few billion dollars.
The market is expected to remain down in the upcoming weeks and the entire nation is expected to report high inflation numbers.
On the other hand, some experts are suggesting the investors to purchase the dips to average out their costs and achieve profits in the long run. Experts are predicting the continuation of inflation and the increasing pressure on Bitcoin and other key altcoins as well.
In America the market value raised to the highest in 40 years and similarly in Britain the market value is increasing at a higher pace. At the same time bitcoin also fell down to its lowest after 18 months. Now to fight the inflation, experts will avoid to invest in cryptocurrency market. When it comes to fight the growing inflation, investing in gold stays in priority of all the experts.
