Cryptocurrencies started to rise again !!!
Analysts said the cryptocurrency market has turned around after a year of bad times. Cryptocurrencies are making a comeback of sorts. Cryptocurrencies lost value last year when the dollar started to rise. But now that the dollar has stabilized, investments in risky assets like cryptocurrencies are once again on the rise.
In December last year, Solana Blockchain introduced a new cryptocurrency named Bonk. The price of this bank has increased the most this year. At the beginning of this month, its price increased by 5 thousand percent. After that the price decreased a little but still its price is 910 percent higher than the beginning of the year.
Analysts believe that the cryptocurrency market is a pioneer in all areas. Now that it is turning around, analysts believe that the rate of inflation has reached its peak. As a result, now that the central banks including the Federal Reserve will not increase policy interest rates, investors have started coming to the crypto market.
However, market-related people feel that there is no reason to get too excited right now. They say that the volume of cryptocurrency transactions is still very low and also the macroeconomic uncertainty. As a result, it is not time to say that the heyday of cryptocurrency is returning again.
The market is full of uncertainties at the moment, but risky assets such as bitcoin will rise if interest rates rise lower than market expectations.
Cryptocurrencies are digital currencies. However, its difference with the currency issued by the central bank is that the central bank does not have control over it. It is managed through individual exchanges. That is why many countries do not allow the use of cryptocurrencies.
Cryptocurrencies are not legal in most of the countries, such as Bitcoin, Ethereum, Ripple and Litecoin—are virtual currencies not issued by the legitimate authorities of any country. As a result, no financial claim is recognized against this currency.
Upvoted! Thank you for supporting witness @jswit.
Isn't that what we wanted? We should keep seeing more of the green than the red.
Hi @team007
How have you been lately? Finally I've found some time to catch up with Steemit and read some of my previously bookmarked posts :) It is good to be back
Truth be told, I do expect solid rallies during current bear market. And BTC going all the way to 30k usd (only to crash again heavily) would not surprise me at all at this stage.
I would not expect any long-term recovery as long as everyone's eyes are on inflation and FED. As long as they will continue fighting with inflation by destroying economies and financial markets (by increasing and then keeping interest rates on high level) I would consider any sort of BTC rally to be short-term lived.
My question is: is there enough liquidity to sell those BONK tokens? It's not difficult to launch some token and pump its price to crazy levels. But would be there anyone now to buy it at such a high levels? Or perhaps volumes are close to zero?
Solid read. Upvoted already. Have a great monday ahead of you :)
Yours, Piotr
Thanks for your comments and observations.
Your comments inspire me to think deeply. I want to say about your question that it's a all about data regarding ups and downs of cryptos. And your point is definitely right because some coins have no enough liquidity. There are lots of coin in the market but only a few coin have strong base in market.