In New Delhi, it took less than five months for the value of all the cryptos in the world to halve.
On Thursday, the crypto market cap was at $1.58 trillion, which is less than the $3 trillion mark set for November 2021. This is because Russia started military action in Ukraine, which pushed the market cap down to $1.58 trillion.
When it comes to money, the fall in the global crypto market cap is bigger than the GDP of countries like Australia, Spain, Saudi Arabia, South Korea, Mexico, Turkey, the Netherlands, and Indonesia, which all have a lot of money in their country.
Coins like Bitcoin and Ethereum have lost about half their value since the peak. The pain in altcoins, on the other hand, has been much worse. The top digital tokens have lost more than 85% of their value since their highs. These are Shiba Inu, Dogecoin, XRP, Cardano, Polkadot, Solana, and more.
CEO and Co-founder of Mudrex Edul Patel says that the crypto market started to fall at the start of this year because of things like the new Covid variant and high inflation. This caused crypto investors to sell their stocks.
Sharat Chandra, the VP of Research and Strategy for EarthID, said that soon, the Biden administration will come out with an executive order on crypto, and that it will be a big deal. When the US Treasury wants to make big changes to law, there are some people who do not like the un-hosted wallet rule they want to make part of it.
Buy Crypto Assets Now
Market experts say that the corrective phase in crypto assets is always more severe than in stocks. Patel said that, and we can also say that. Thus, the losses in cryptos are even more steep, he said, as well. There are long-term investments like stocks, and short-term investments like cryptocurrencies that can make you a lot of money.
However, some people say that even though prices have dropped a lot, you should try to buy crypto assets when they are cheap. They say that when geopolitical worries go away, they say that it is time. Bullish: They believe in a lot of big ideas, like the Metaverse and many other big things.
Patel, who works for Mudex, is a big fan of things like Metaverse, NFT, and the big crypto names. Buying the dip is a good idea for crypto enthusiasts and long-term buyers who do their homework before investing. If they do this right, they can get a good deal.
Chandra said that Metaverse tokens, GameFi, and other blockchain-based gaming projects are worth keeping an eye on. Not only are SpaceCrypto and RainMaker good games, but Space crypto and Meta Gear in the play to earn section are doing well.
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