eToro comments on Recent Crypto Prices
The last week has been quite difficult for those who have invested in one cryptocurrency or the other since the market has lost value by great denominations.
When looking at the major cryptocurrencies, the dip is much more evident. With Bitcoin (BTC) reaching a great low of 5835.31 USD, and Ethereum (ETH) finding itself down at 426.47 USD, the situation was grave for the enthusiasts and investors alike.
Altcoins such as Ripple (XRP), Bitcoin Cash (BCH), and Litecoin (LTC) too saw a drop to 450.508 USD, 676.94 USD, and 74.39 USD respectively. It is deeply troubling for everyone connected with the cryptocurrencies and has hence been in the news for quite some time.
Matthew Newton, an analyst at eToro, a global investment platform, commented on the situation of the market by saying:
“The price fluctuations we have seen today and over the weekend are to be expected with such a nascent market. As with other markets, corrections are not necessarily a bad thing.”
“The reality is that emerging technologies carrying radically new ideas will always see swings in their value. Market adjustments as we have seen over the past months can help to stabilize prices and move the industry towards a more robust, sophisticated regime. This is good for the long-term future of blockchain and crypto-assets, giving the industry time to develop.”
While it is difficult to see the positive side of your favorite cryptocurrencies trading at considerably low prices, there does exist a positive side to it. And as Matthew puts it, such fluctuations “are to be expected with such a nascent market.”
The crypto market is indeed still a growing and evolving market. Being an emerging technology with a radically new idea, swings in the value of cryptocurrencies is something that comes naturally. And when it comes to the long-term future of blockchain and crypto assets, such fluctuations give the industry much-needed time to develop.
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