Sep 24, 2020 10:35 UTC
Sep 24, 2020 at 10:35 UTC
Crypto and Its Status Amid the Pandemic
Cryptocurrency has risen to be a great digital asset in the modern world. Despite some people being confused with its concept, some have easily embraced this innovation in the economy. With that, crypto has actually seen a great rise even though a pandemic is ongoing. Now, let us take a look at how it has achieved this milestone despite the current situation.
Looking at a cryptocurrency blog update, one may find it a bit surprising that the value of crypto has risen despite an ongoing pandemic. Considered as a digital asset people have indeed wondered about whether or not crypto is really a great investment during these trying times.
With that, let us now take a look at the status of the different crypto coins that you can invest on.
Known as the most popular crypto, Bitcoin has grown well during the pandemic. As some people lost jobs and their income, they have resorted to looking for a great investment and Bitcoin happens to be one.
Having a great value once converted to fiat, BTC has definitely become a great target for investors. With the credibility tied to its name and the predictability in its value, many have indeed shifted to using Bitcoin as it also gets to be accepted in different establishments.
Ethereum, on the other hand, may be considered to be the one which had the most stable value during the pandemic. As many people found themselves investing in crypto, many of those invested in Ethereum.
Whereas other crypto currencies may have seen fluctuations in their rate, Ethereum has proved its stability when its hashrate remained steady. This means that even if there’s a pandemic, Ethereum has proved to be a great digital asset and investment.
Despite not having the same value in comparison to Bitcoin, Ethereum is still considered to be a great investment as it continues to stabilize throughout the years.
Unlike Bitcoin and Ethereum which had found themselves stabilized during the pandemic, Ripple went otherwise. Prior to the pandemic, XRP may be considered to have been one of the fastest-rising crypto. In fact, it has been categorized by the people to be on the top three along with Bitcoin and Ethereum.
With the ongoing pandemic, the rates of XRP suffered from a decline. As it remains to be unstable these days, Ripple investors need not to be disappointed as this crypto remains true to its promise of providing their users with a fast and less costly alternative to other crypto assets.
Why you should shift to crypto
Despite the uncertainties during this pandemic, it is still highly recommended that you shift to crypto. In this modern age where everything seems to be digitized, crypto is one thing that may get you through these adjustments.
Aside from it being a modern form of asset, here are some things that you may want to know more about crypto.
It is decentralized
You may want to consider investing in crypto aside from banks. With the fact that crypto is decentralized, you get to have more independence with your money as no one is there to limit what you do.
Without the need to pay for transaction fees, you can have transactions and have it anonymously made if you wish to.
It is safe
All transactions are etched on the blockchain and are guaranteed to be safe. With the added layer of security on the fact that transaction details are kept hidden, you can guarantee that no anomalies can occur when you use your crypto assets.
It has high value
Sure, different fiat currencies may be traded with one another at a certain rate. However, they may not cost as much as crypto assets. Crypto, as you may not know it, may be traded in an online stock market for a favourable price. In fact, the value of crypto even increases from time to time. That fact alone makes it a great investment.
The forecasts are great
Despite having Ripple decrease its value for a bit, it is undeniable that crypto is still adjusting to the new normal that the pandemic has brought upon us. As crypto experts say that this is just a phase, then we can still expect that crypto’s trend is on the rise and that it would be a great investment in the long run.
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