The crypto market went through a shocking correction yesterday as the prices of the top two cryptocurrencies came tumbling down. Many crypto enthusiasts lost all hopes for a bullish momentum, while many investors let go of their coins. The selling of crypto holdings in a state of panic disrupted the services of some of the major crypto exchanges including Binance and Coinbase.
According to CoinGecko, the price of Bitcoin went as low as $30,415 yesterday, which was cause for dismay for crypto investors and traders. Despite the collapse of the flagship cryptocurrency noted yesterday, it is now observed to be somewhat stable at $39,805 (at the time of writing).
Considering the gradual increase and stability of BTC’s price, crypto enthusiasts, investors, hodlers and traders are left to wonder if it will remain stable or if further correction can be expected in the coming days.
Regardless of a significant decline in Bitcoin’s price, long-term bulls are still resilient and hodling the cryptocurrency. According to them, the plunge observed yesterday does not indicate any critical change for the crypto market in the long run.
This can be a positive indication for many interested parties who are looking to step into the crypto world. Therefore, if you plan on investing in Bitcoin then you can choose SwissBorg or Kraken, both of which are considered reliable crypto exchanges.
What Caused the Price of BTC to Stabilize?
The slight stability noted for Bitcoin after a momentous drop in its price can be somewhat credited to Elon Musk’s tweet that indicated Tesla will be holding the cryptocurrency.
Many crypto enthusiasts believe that one of the major contributing factors for the drop in BTC’s price in the first place was a series of tweets posted by Elon Musk.
However, the price of Bitcoin is anticipated to rise higher, which looks promising for Bitcoin enthusiasts.
Ethereum Price Correction to Look Out For
Apart from Bitcoin, Ethereum was also observed to drop way below the expectations of crypto enthusiasts.
According to CoinGecko, the second-largest digital currency went as low as $2,050, which has now resurfaced to $2,774 (at the time of writing).
Should You Be Investing in the Cryptocurrencies Right Now?
Plenty of stress has been experienced by crypto investors and traders in the past few weeks. The price of Bitcoin and Ethereum took a hit, which caused tremendous loss to most crypto investors. Despite the strain in the crypto market, it can be expected that the price of the top cryptocurrencies will increase in the coming days, considering the support of Tesla CEO and the optimism of long-term hodlers.
If you are planning on becoming a BTC investor then you can use exchanges such as SwissBorg or Kraken. You can also consider crypto trading and ultimately become a trader once you invest in Bitcoin. One of the best crypto exchanges for trading Bitcoin is ByBit, which is suitable for beginners and experts alike.
On the other hand, if you have a busy schedule you can opt for copy-trading and use PrimeXBT Covesting.