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The crypto market is currently plunging more and more and two of the most affected digital assets are Bitcoin (BTC) and Ethereum (ETH).
In the last hour (at the time of writing), the price of BTC has dropped 1.34% while that of ETH has dropped 1.88%. Both these cryptocurrencies are the two most prominent assets and have been purchased by numerous individuals and major organizations around the globe.
However, the current price movements noted for both the digital currencies have made people skeptical about their utility and value.
While some investors are busy wondering what influences the crypto market price other major investors and companies are busy accumulating the digital assets.
One such company that is still optimistic regarding the price recovery of the popular crypto assets is SkyBridge Capital.
Let’s take a closer look at the price movements of BTC and ETH and why the U.S.-based company is still investing in them.
If you are new to the crypto space then you should also know some tips to navigate through the bear market before you start investing.
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Why is SkyBridge Capital Investing in BTC and ETH?
The founder of SkyBridge Capital is the famous billionaire Anthony Scaramucci.
According to reports, Scaramucci has stated that his company SkyBridge Capital is still accumulating both Bitcoin and Ethereum despite the downward price movement seen for both the crypto assets.
This is a huge step that has taken many by surprise as the current market situation is quite bleak.
Read: What should I do when the cryptocurrency market falls?
The billionaire, however, stated that what we see for the crypto market right now is quite similar to when the internet stocks were cratering in 2000. He highlighted that most of the internet stocks dropped to zero at the time but a few major ones, such as Amazon, remained afloat and are now bigger than ever.
He went on to acknowledge that the prices of digital currencies are likely to drop further. However, he does believe that in the next 12 to 24 months, the price of Bitcoin can surge as high as $100,000.
Scaramucci stated:
“I can’t predict the future, but what I can see is there is a tremendous amount of robust development and adoption. Remember, these investment banks in 2018 – they shelved their cryptocurrency ideas. Today, they’re doing derivative trades in things like Ethereum. I don’t think there’s any going back…
Lots of positives as it relates to fundamentals. Just the price action is terrible right now.”
The flagship crypto asset is currently trading at $21,801 (at the time of writing), while the popular altcoin ETH is trading at $1,169 (at the time of writing).
Few Helpful Tips for New Crypto Investors
Bitcoin and Ethereum are two of the most popular cryptocurrencies in the world. Both the assets have a high significance and piqued the interest of a vast audience all around the world.
However, the cryptocurrency future can never be exactly predicted and knowing which asset to purchase is not sufficient for a new crypto investor.
There are several other factors and tips you need to be familiar with, some of which are mentioned below.
- Always look for the best crypto exchange to buy Bitcoin or Ethereum that suits your needs and prioritizes your security.
- Monitor the price movement of whichever digital asset you want to invest in.
- Know the right time to invest.
- Start by investing a small amount if you are a new crypto investor.
If you are looking to purchase Bitcoin or Ethereum for the first time you can also click on SwissBorg or Kraken (U.S. citizens).
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