Cryptocurrencies are one of the biggest innovations that we’ve seen in the past decade. While they had an extremely slow start and only the most dedicated people were participating in their trades, we’ve thankfully seen a massive boom a few years ago and we had a massive rise of cryptocurrencies. Now we’re seeing somewhat of a decline but of course, every industry has its ups and downs so we’ll just have to wait around and see how things will look in a little while. Of course, if you’re following crypto news now you may be seeing varying opinions on the state of things, so today we’ll be covering what industry experts have to say.
Before we talk about the current state of things we’d like to first discuss the recent decline that you may have noticed and what really happened. If you follow cryptocurrency prices in any meaningful capacity then you’ve almost certainly realized that in general cryptocurrencies have had a pretty decent dip in prices, but it’s nothing to worry about too much as it certainly isn’t the first time that something like this has happened in the industry.
It’s hard to gauge exactly what caused the dip as there are many different factors at play, but it’s likely a combination of things such as new legislation, lowered interest of the general masses, and perhaps even the big dip in NFT interest that has been noticed recently. Whatever it is, it’s clear that prices are far lower now than they were recently, but this just means an ample opportunity for new traders if you still believe that prices will go back up as we do.
What do the experts say
While not all the experts agree, which is natural, it’s safe to say that most of them believe that the dip we’re currently experiencing will most likely be gone by the end of the year and that you can generally expect prices to slowly creep their way back up. When this will start and how long it will take to really get going is pretty much impossible to tell without clairvoyance, but it’s something to certainly keep in mind as an investor when you’re considering buying and selling right now.
Many also believe that the lowered interest in NFTs is also something that will go away in due time as the technology surrounding them is improved and of course, as people figure out new and interesting ways to integrate them into already existing concepts. The creativity of humans is unmatched so we’re certain that someone will come up with a concept that will cause a big boom in NFTs once again, but it’s uncertain whether it will take a while for something like that to actually occur.
Another thing to keep in mind is that many people don’t really like cryptocurrencies due to their environmental impact, but this may change in the near future as green blockchains are being looked into more and more. If they became efficient enough to the point where such worries would be unwarranted then we could certainly see a massive influx of people in the trading scene since they wouldn’t need to worry about harming the environment as they do now.
Patience is key
The main takeaway from this entire situation is that dedicated crypto traders will need to be patient if they want to succeed in this situation. While it may be tempting to just sell all your coins right now, you could miss out on potential future opportunities that way. If you have any faith left in crypto as we do then we highly recommend carefully considering whether selling is the right choice right now or if holding would be better.
There have been multiple similar situations in the past where we have experienced a massive dip in both price and popularity, but eventually, everything bounced back and those who were patient were rewarded. It isn’t certain that the same will happen, but we believe that a little bit of faith is sometimes required if you want to succeed, and after all, risky maneuvers are something that most crypto traders are drawn to so it would make sense to remain that way in such a situation.
While there is a certain bit of uncertainty with the current state of affairs, we, alongside many industry experts, believe that things will bounce back in due time and that prices will stabilize. We don’t know when this could potentially happen but for now, we’ll be patient.