Since the launch of the Bitcoin ETF, the cryptocurrency market has not really performed well. The value of every possible token is collapsing every day. For example, BTC has fallen to ~$40,000 and ETH is trading at ~$2,200. Many have said this is a temporary drop and expected to last for a short period of time. Some are calling this a price correction, which is a step that is expected to hit the cryptocurrency market anyway.
Crypto influencers such as Kyle Chasse, Ran NeuNer, and Alex Becker have expressed optimism. According to their statement, the decline in the value of cryptocurrencies will not last until the end of 2024. It will last temporarily and then bounce back, possibly triggered by the Bitcoin halving. This process is scheduled to take place mid-year. There is a historical context to driving prices up.
their faith Selling pressure on GBTC (Grayscale Bitcoin Trust) is almost closed. If enough tokens are liquidated, the market will have ample opportunity to push the price higher. Additionally, FTX sold off approximately $900 million worth of assets, leaving it out of the picture.
It is expected that BTC price will plummet by 10-15% in the future. Altcoins can generate returns of around 30-50%.
Until then, we’ve listed a total of three ways the community can navigate the current cryptocurrency market correction.
- First, holders are asked to be patient with their tokens. The decline is temporary and short-term, ready to have long-term consequences. Although no firm timeline has been set, speculation is very active that waiting longer will bring revenue back to the community.
- Second, closely observe the on-chain analysis and Cryptocurrency Price Prediction Recommended. This will reflect a point where selling pressure is waning.
- Lastly, look at the actual averages that the cryptocurrency market generates instead of recording the rises and falls every minute.
All content is subject to personal interpretation. For example, short-term investing may be effective for those who bought BTC when it was priced at ~$25,000 and managed to reach ~$40,000 from the ashes.
Factors influencing the cryptocurrency market include the launch of the Bitcoin ETF, selling pressure on GBTC, FTX, and understanding how long you should hold your portfolio.
As GBTC is selling, BTC prices are also falling. Reportedly, it drastically reduced its Bitcoin holdings and eliminated Steem. Once the action is over, will the price return to normal?
The two major tokens, BTC and ETH, are currently trading at $40,331.28 and $2,254.84 respectively. They briefly mentioned gains of 3.64% and 1.39% in the same order.