How the Global Pandemic Has Affected Cryptocurrencies

Contributed by Tripedia, 27 November, 2020

The global pandemic has impacted financial markets all over the world, including that of cryptocurrencies. Many countries have gone into lockdown mode, a lot of economies were hit, and the temporary shutting of business organizations, all as a result of the pandemic.

Back in February 2020, several cryptocurrencies such as Bitcoin dropped from a valuation of over $10,000 to $4,000. With all that is happening to the price and value of cryptocurrency, one may begin to wonder if cryptocurrencies are the best investments compared to normal fiat currencies. A lot of people of begun to look at cryptocurrency IRAs, like an Etherem IRA.

Although a lot of people lost hope in cryptocurrencies, other people remained optimistic. These optimistic people say that the pandemic gave them a lot of opportunities for investment due to the low price.

Investment Opportunities for Cryptocurrencies

Since the dip in the cryptocurrency prices during the pandemic, the market has shown steady and impressive growth. As of the time of writing this article, Bitcoin stood at a steady price of $16,000. This is reassuring to the investors, and it shows that the cryptocurrency value will bounce back and become better than it ever was.

As an investor, there are a lot of things you need to note. Before you think of investing during the post-pandemic period, you must have a proper understanding and a deep knowledge of what you are trying to invest in. After you have possessed a good knowledge of the market you want to delve into, you can then proceed to invest. However, it is advisable to get your information from a credible source to be on the safer side. You can read the full review of a trusted cryptocurrency exchange CEX.IO Review.

If you are looking for the best crypto investment opportunities, we strongly advise you to invest in solid currencies like Bitcoin or Ethereum. Although you can decide to make your own smart decision with research that will suit you.

How to Avoid Cryptocurrency Danger

The global pandemic paves the way for a lot of con artists to take advantage of individuals that wanted to invest in crypto. Several scams were reported, especially in big cities like China. These scams made a lot of people lose trust in the authenticity of several cryptocurrencies till today. As an investor, it is always best that you know how to spot these scams on any given platform.

Apart from having to deal with several scams that may come up, the opportunities in the crypto market are endless, and the right one will give you the best investment value. The global pandemic hit the global financial market hard. So, you need to pay extra caution while you are trading. Trading the crypto market is not as easy and straightforward as it used to be in previous times. So, as a trader, especially as a new one, you need to be careful. Find out more information about the secure cryptocurrency exchange with a full Review of the Paxful Exchange.

Investing in Cryptocurrencies After the Pandemic

Despite everything that has happened, it is still advisable to invest in cryptocurrencies. Several cryptocurrencies have the best investment opportunities. As a result, we have come up with a list of the best crypto you can invest in after the pandemic. They are as listed below:

Bitcoin

Bitcoin is one of the best cryptocurrencies you can invest in, especially after the global pandemic. In recent times, search engines, such as Google, have shown that there is an increasing demand for people looking to buy Bitcoin and how to buy it. This is one of the most stable cryptocurrencies you can invest in. This is because it is safe and easy to trade.

Expert Bitcoin traders around the world have foreseen a huge hike in the value of Bitcoin in the coming years. This is good to help investors come out of the shock experienced during the global pandemic. Now might be the right time to invest in this highly-valued altcoin.

Ethereum

Ethereum is one cryptocurrency that has taken the cryptocurrency market by storm. In fact, we strongly advise you to invest in this altcoin after the pandemic. Currently, Ethereum trades at $510 per coin, and the price is expected to go up in the coming months. This is a profit digital coin that is loved by a lot of cryptocurrency investors.

The best way to invest in Ethereum is to open an Ethereum IRA account. IRA stands for an Individual Retirement account. Similar to Normal Retirement accounts, Ethereum IRAs are self-directed, and you can diversify your portfolio to gain the best results on your investments.

Ripple

Ripple is also another investment choice for many cryptocurrency investors. Ripple is a good cryptocurrency because, unlike other cryptocurrencies, it was built to serve as a good solution to several financial institutions. Just like the Ethereum IRA, you can also choose to open a Ripple IRA account. It is a good investment that offers an enticing diversification option. In this account, Ripple coins are saved over time and used to improve the portfolio.

However, Ripple is one coin that has added a lot of value during the pandemic period. At the time of writing this article, Ripple trades at $0.64. This price is relatively cheap. Therefore, the best time to invest in this altcoin might be now.

Bitcoin Cash (BCH)

At the beginning of 2020, Bitcoin Cash traded at about $200 per coin. Experts have predicted that the coin will go up to $400 at the end of 2020. This gives investors the perfect opportunity to make a lot of profit.

Asides from these cryptocurrencies, there are a lot of others that have great trading potential. However, before you invest, please ensure that you seek information from the right source to avoid losing your money.

Wrapping Up

Despite the global pandemic, there are still great investment opportunities with cryptocurrency. Although a lot of people might have lost interest in cryptocurrency investments. This may be as a result of some bad occurrences such as price deflation they might have witnessed during the pandemic. However, the future of cryptocurrencies and digital assets as a means of exchange is very bright.

If you are doubtful about the possibilities of huge profits with cryptocurrency investments, you need to think again. There are a lot of opportunities for maximum gain as an investor. You will get the best results.

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