The crypto frenzy has become a real thing after Bitcoin alongside other crypto experienced an exponential surge in price. Bitcoin exploded to a new all-time high price at $58,000 as well as Ethereum hitting new ATH at $2,200. Other coins also hit new all-time high like BNB, ADA among others.
The surge also saw the market capitalization of Bitcoin and the entire crypto explode to figures they have never hit before. Bitcoin market cap went above $1 trillion. This surge heightened the crypto frenzy and made crypto more popular until the recent dip crypto entered in the last two weeks, it has made everyone silent about the digital asset.
However, the entry of new investors cannot be ruled out at any time in the crypto space. Ahed of their entry, investors should have at the back of their mind that investing in cryptocoins or tokens is highly speculative and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment.
Crypto diversity; a store of value, currency
Every greenhorn before joining the crypto frenzy should know that crypto serves as not only a store of but also a currency that can be sent from one individual to another especially without the need to provide sensitive details, such as banking information and credit card numbers.
Despite starting out as a transactional currency in 2008, BTC has become known as of a store of value asset similar to gold. Bitcoin is easy to move, borderless and is not tied to any specific entity or region.
Unlimited number of cryptocurrencies available
In addition to Bitcoin, thousands of other cryptocurrencies exist pertaining to various use cases.
Any other cryptocurrency apart from Bitcoin is called altcoin (Alternative cryptocurrency). Ethereum happens to be the number one altcoin. It is the highest alternative asset with the highest market capitalization. other altcoins include XRP, BNB, BCH, EOS, ADA, EOS among others.
There are also Decentralized Financial assets (DEFI). They are crypto ecosystem made up of financial apps designed on leading blockchain platforms. Some DeFi token are LINK, YFI, UNI, CRV, NXM, MLN, YAM among others.
Some other cryptocurrencies are also classified as Non-Fungible (NFTs). They are usually used by celebrities and sports clubs to improve relationships with fans such that fans can influence the decisions of their celebrities or sports clubs. Several football clubs have their fan token listed on the Binance app like ACM, ATH, among others.
Before joining the crypto frenzy, you should know Crypto trades 24/7
Digital assets beat both the traditional finance market and the stock market to obey the regular saying ‘time is money.’ Crypto assets trade every day, at all hours, even on holidays.
Crypto can also be transacted at all hours of the day, with transactions settling through the blockchain. Banks on the other hand take days to settle transactions on their backend systems and only operate on certain days, during certain hours.
Twitter, Youtube, podcasts are best resource materials
Getting involved in crypto takes a lot of learning and self-teaching. Fortunately, a bevy of resources exists on YouTube to help newcomers and experts alike. A number of crypto YouTubers and could help starters learn industry ropes and stay up to date on information in the crypto world.
Additionally, Twitter is one of the most common places to find crypto conversations and information. Analysts on Twitter also do a lot of price prediction and analyze other crypto trends on the microblogging platform.
Disclaimer: Investors are advised to do their own research before making any investment or see a financial expert.