Should I Invest in Cryptocurrency?
The current crypto market outlook is pointing towards growth and prospective investors are wondering whether it’s the time to invest in cryptocurrency.
Cryptocurrency has gained significant value since it emerged over a decade ago. More prominently, we have seen new crypto and blockchain-based innovations giving mainstream financial systems a run for their money. Just to get a glimpse of how crypto investment is becoming big every day, those who invested in cryptocurrency at the start of 2020 have received an average of 80% gain in their crypto value.
The year 2021 has been described as the year of cryptocurrency, with tokens such as Dogecoin grabbing the headlines over the past few months for its astronomical bullish run. Bitcoin hit a record high of $65,000 in April 2021 and later plunged by more than 50% within a week in May 2021.
But the most interesting trend, and one that every potential investor should look at, is the emergence of decentralized finance (DeFi) applications that promise a massive revolution in the financial sector. DeFi aims to solve the issue of intermediaries in the financial sector to cut on cost and speed of transactions, and to make financial services accessible to the unbanked.
Is this the right time to invest?
Yes, this is the right time to invest in cryptocurrency for proactive investors. Allocating capital for long-term and short-term investment is key to any proactive investor, and cryptocurrency being the latest asset category to give good returns on investment.
Successful crypto investors rely on its high volatility. However, experts believe that short-term investments are the best approach for the current status of cryptocurrency, until such a time when the market shall have corrected itself and stabilized. However, care should be taken to limit the capital you choose to invest in digital coins as huge investments could be lost in a very short time.
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