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3 Obvious Reasons to Buy More Cryptocurrency Now | Metivia

Perhaps you are not in too much of a hurry to enter the cryptocurrency market right now. Market value has shrunk by more than $1 trillion since the start of the year. And even the biggest players like Bitcoin (BTC -1.05%) and Ethereum (ETH -2.15%) dropped nearly 60% over that period.

But there are reasons to look beyond the gloom and focus on what could be very promising in the future. In fact, there are three obvious reasons to buy more cryptocurrencies today, even when the financial markets are in decline. Let’s take a closer look.

1. Attractive prices

Investors are avoiding riskier assets like crypto amid worries about the economy. And this has led to a decline, as I mentioned above, even for top crypto players.

New cryptocurrencies like Solana (FLOOR -1.30%) and suspension (ADA 3.09%) suffered. Since the beginning of the year, they have lost more than 80% and 60%, respectively.

It is tempting to buy assets as their prices rise. It often seems like they are bound to win. But the time to enter the market or buy more than one asset is actually when that particular asset is sold. And today this applies to cryptocurrencies, which I mentioned above, and many others.

This does not mean that it is time to stock up and buy any cryptocurrency that is losing ground. It is extremely important to carefully consider each player before buying. Does Crypto attract users and developers? Does it have the potential to change the way business is done? Does the technology work?

These are all key questions to ask. If the responses are positive, a drop in the price of that particular cryptocurrency could be a great buying opportunity. It is important to remember that in the past, cryptocurrencies fell significantly and then recovered.

Bitcoin price data from YCharts

2. Stories that haven’t changed

Cryptocurrency prices have fallen across the board. Rising inflation and economic problems are hurting financial markets today. That being said, however, the stories of cryptocurrency gamers have not changed.

The current economic situation does not prevent crypto from making its blockchain faster or more efficient. And this will not prevent the player from developing, attracting new developers and, ultimately, adding more and more applications to the blockchain.

Thus, the decline in cryptocurrency prices today does not reflect the potential of the industry. If a year ago you were confident in the ability of cryptocurrencies to change the financial world – and even in other areas, such as entertainment – today there is reason to be positive about this.

3. Key steps forward

Key moments are fast approaching for various crypto players. And it could pave the way for future success – for these players and their investors.

For example, this month alone we can expect two. Ethereum is about to complete the “Merger”. This is a merger of his Beacon channel with his main network. Result? Ethereum will officially change the method it uses to verify Proof-of-Stake transactions from Proof-of-Work.

This will reduce network power consumption by 99%. And this is part of an overall update designed to increase transaction speed and reduce transaction costs.

Another big event this month: Cardano plans to launch the Vasil hard fork. This is an update that will improve the performance of the blockchain. And it could attract more and more developers — and users — in the future.

Of course, before increasing your cryptocurrency position, it is important to look at your comfort with risk. The industry is risky because it is fairly new. This means that it is difficult to fully predict what it will look like in a few years. Therefore, never invest more than you can afford to lose.

But if you’re willing to bet on the long-term success of cryptocurrencies for the reasons I discussed above, now is the perfect time to do so.

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