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Proprietary Data Insights Financial Pros Top Crypto Searches Past Week
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Which Cryptos Will Survive In 10 years, the crypto landscape will look very different from the way it does today. We expect Ethereum to rule the roost because of its flexibility allowing other tokens to build off its network, as well as its climate friendliness. Currently, there are thousands of tokens out there with more popping up every day. Many of them are scams. While everyone is responsible for their own choices, we encourage you to stick with reputable platforms that vet their listings. So what will it take for a crypto to survive?
The last item is key for governments to allow broader usage of cryptos. We’re not suggesting they need to see detailed ledgers. But there should be reasonable safeguards that prevent money laundering and criminal activity. When you evaluate a crypto investment, keep the long-term in mind. |
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Cryptocurrencies |
Crypto Gets Blasted |
Key Takeaways
Stocks weren’t the only assets taking a swan dive recently. Cryptos from Bitcoin to Cardano lost a ton of value. Everyone needs a reality check here. Because when you read headlines like “Crypto Markets Lose $1 Trillion in Value,” you need to take it with a grain of salt. The Selloff Makes Sense On multiple occasions, we explained why cryptos were overvalued. Their usage, though growing, is still a fraction of what’s needed to justify current prices. Plus, not all cryptos will and should survive. Why does Dogecoin even exist let alone be worth so much? Proponents point to the $12b in daily transactions across Bitcoin, Ethereum, and Litecoin. Yet only a fraction of that is actually used to pay for real-world items. The number of retailers accepting cryptocurrencies is growing. But it’s still quite small. There are also the following reasons for cryptos’ selloff:
Don’t Discount Cryptos Entirely El Salvador made waves when it announced Bitcoin as an official currency for the country. Even the Federal Reserve has hinted at a digital dollar. Facebook (META) went all-in on the metaverse, which incorporates digital currencies into its structure. Demand and usage for cryptocurrencies are growing at a rapid pace. But like the internet, it will take decades for it to reach its true potential. The Bottom Line: Don’t expect the selloff in cryptos to end anytime soon, let alone volatility to subside. $30,000 is key technical support for Bitcoin to watch. If you want to invest in cryptos, consider them speculative and long-term. The easy money was already made. Now we move into the maturity stage. |
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