What's currently going on with the cryptocurrency market
In todays blog I want to cover a topic I'm sure many of you are concerned about and are wondering what in the hell is happening right now with the crypto market. Just in case you've been living under a rock or haven't been keeping up with the news you would know that crypto hasn't been doing so well recently. This all happened once bitcoin had hit its all time high shortly after the news that the bitcoin ETF was going to be released and was approved by the SEC. After that it was looking like bitcoin might continue on but it was more likely for it to have a short correction. Which now leads us to our first topic of discussion and Segway's us into the rest of the blog post. But before we do that I just want to state quickly that this isn't financial information and shouldn't be taken as such, anyway back to the blog.
What's causing this dip
What has caused this recent dip is easy to understand and there's two reasons why. One is because bitcoin was a tad over valued shortly before the ETF approval. The ETF approval just made the correction come sooner as it pumped the price more quickly in a short amount of time. Which had now made it extremely overvalued and is the reason for all the FUD as of right now (10/28/2021). Not Just that but the fact that there has been so much new coming out now just for bitcoin but for the altcoin and memecoin market as well. But now I want to give you my opinion on what I believe is the future of the market which leads us to the next topic for us to get into.
What the future of the market is looking like
The future of the cryptocurrency market is looking mixed. For a short term till after the weekend we might be in a bear market most likely staying in the $58k-$62k range. After that though I'm sure the market will go up to all time high and probably even further. I believe this is signaling that we are coming near the end of the bull market. I think we'll have one last Hurrah before we enter the next bear cycle. Only time will tell but I believe in my predictions as I've been right majority of the time.
Coins to acquire during this correction
With cryptos basically going on sell with a discount this is the best time to buy during the bull cycle. If you select the right coins to get into then you can make really good profit off of them. I'm going to name 3 cryptos that would be great to acquire and hold till the end of the cycle.
My first choice for a coin is a cryptocurrency called helium. If you don't know what helium is I'll quickly explain the coin to you. What this cryptocurrency is about is they are trying to build a network through miners that can be used by telecom and internet companies to build a decentralized network or company infrastructure. The miners help set the network up and reward miners. Certain companies give out free miners which help expand the network and help bring more partnerships to the network. Some partnerships already happening between helium and companies is the dish network deal. Which help pump the price from the day before of a price of $21 to a day after price of $25.72. If you want to get yourself a free helium miner then used the link I have provided to get yourself a free miner you pay nothing no fees or shipping cost. https://app.emrit.io/sign-up?ref=e9a67f9a-8b52-4996-a490-b64ff042c94e
My second coin of my choice is a certain crypto I'm sure many of you know which is called polkadot. I choose polkadot because right now it's at the lowest it's been in a week. This is great because soon near the beginning of November the polkadot team will be starting their first Para chain auction. How these auctions work if you didn't know is whoever buys up the most polkadot wins the slot. Which will explode the price of polkadot and bring tons of liquidity into the crypto. So I would recommend you get into it now before it's to late.
My third and finial cryptocurrency of my choice for you to pick up is Binance coin. BNB is a centralized blockchain cryptocurrency tied to the binance crypto exchange. One of the cons of binance is how centralized it is. However to make up for it a pro of BNB is it's cheap transaction fees due to how centralized it is. Coming very soon is the fact that they will start burning some coins due to all the transactions happening on the blockchain. So this will definaly increase the price of BNB easily and we could see the price almost double. But I wouldn't be to bullish on BNB long term and would defiantly sell sometime after the burns. If you want to read more on the technicals then read my previous blog post on the crypto.