What is the state of the cryptocurrency market right now
If you've been keeping up with cryptocurrency recently or the mainstream news then you know that cryptos are currently down right now. The markets been like this for a week now. So this made me want to figure out what exactly is happening. But not only just that but I also wanted to figure when we could possibly see the bull market return and we start seeing more green candle sticks. I also plan on covering some good cryptos for you to invest into before we do enter the bull run again. So that's why in todays blog we're covering the state of the crypto market. Let's now get into the blog.
Reasons for the recent dip
So now that we have the introduction out the way lets now look into this recent dip. Before we start the crypto I'm going to be referencing to is bitcoin and the reason for that is because if you didn't know is the cryptocurrency market runs off of the price of bitcoin and how well it's doing. Very few altcoins don't follow bitcoins trend one of the most famous is cardano. However cardano as of was following the trend of bitcoin going down but as we see bitcoin get more gains cardano seems to loose more. There are many reasons for that which I plan on covering in my cardano blog post I will be posting soon.
What originally caused the price of bitcoin to start falling off was the news that el Salvador had officially adopted bitcoin as a currency. This meant that anyone is el Salvador could pay for products and services with bitcoin. On top of that all citizens of the country received 35 dollars worth of bitcoin at of the time of the drop. Which led many to start selling and dumping there bitcoins. But on top of all that's news there has even been more bad news for cryptos through out the week which has continued the dip. One such news piece that has been all over the media is the rumors that Wal-Mart was going to start accepting litecoin we're denied by a officially statement by Wal-Mart. Which had caused litecoin to drop significantly and temporary brought bitcoin down a little as well.
Bitcoin wasn't the only reason the market has been down as recently as well. As anyone who use Ethereum or any cryptos on this blockchain knows the gas fees and transaction fees are extremely high and are getting ridiculous. The creator and founder of Ethereum Vitalik Buterin has acknowledged on twitter the high fees and has started to move onto layer 2 solutions in hopes of saving Ethereum from killing itself. Then on top of that one of Ethereum's competitors knows as Solana had some problems of their own recently. The Solana blockchain was overwhelmed with data which caused it to start forking. Causing the blockchain to come to halt for a little. As we can see it hasn't been a good week for cryptos it seems.
When can we see the next bull run and why
If your a investor of any sort then you know that September is the month when markets usually dip. There are all kinds of reasons for this and it differs between markets but the most common one is usually the whales or the big time and big bucks investors are usually on vacation and aren't focusing on their portfolios. So we can expect all markets not just cryptos to get into a bull run near the end of the month. But I also believe cryptos will swing into back into a bull market soon because if you look at bitcoins price as of now it's up $2,000 dollars compared to yesterday as of writing this article (9/14/21). Plus I believe all this mainstream media attention bitcoin and cryptos have been getting this week has brought in more retail investors. Which is the reason I believe crypto has been getting its gains recently.
Cryptos to get during the dip
This isn't financial advice so don't take this information as such. Continuing on I'm going to provide you with some good cryptos that can make you a good profit. One such is cardano ADA with the launch of smart contracts you can bet that more altcoins and applications will show up bringing in more investors to this coin. Speaking of cardano alt coins another great pick is a crypto called adax. With the current price being $0.99 and having a high of $2.33 no more then a month ago I believe this is a great crypto to get into not just cause of the price but because they seem to have the best credentials when it comes DeFi exchanges on cardano. They also offer staking so you can stake your adax for cardano ADA and and have 2 pools you can currently start staking from. Another great one to get into is bitcoin cash. They plan on adding smart contracts in the near future to this crypto so you can bet the price will skyrocket when it happens. Then as always its a safe bet to also acquire some bitcoin as well.
My Final Words
If you enjoyed the blog leave a like and share it with somebody. Leave me some feedback with your comments to let me know how I did. Let me know what you liked and what you didn't so I can improve the blog. All your likes and comments are deeply appreciated. Follow the blog to stay up to date along with my socials where I post daily content as well. Then there's also my website where you can put in a submission form to let me know what topics you want me to cover along with other things such as referral codes and affiliate links. Thanks for reading hope you enjoyed.