forums.rs

Forums

Cryptocurrency fluctuations

Quick find code: 23-24-902-66255396

of 3
Theos
Aug
fmod Member
2008

Theos

Forum Moderator Posts: 23,574 Opal Posts by user Forum Profile RuneMetrics Profile
Hey everyone!

In 2021, we've witnessed cryptocurrency market cap hit $3 trillion. The current cryptocurrency market cap is currently hovering under the $1 trillion market. At the time of writing this post, Bitcoin is hovering around $22,000 and has reached 18 month lows, Ethereum under $1,200, and even meme coins such as Dogecoin are down to about 5 cents from their all-time high of about 74 cents. We've seen vast volatility in the cryptocurrency market, the inception of Bitcoin ATMs throughout the world...and there's even countries which are attempting to embrace cryptocurrency such as El Salvador with it's bitcoin city. Is Crypto really "just a gimmick" or is it an evolution of our currency, transaction systems, or perhaps something far greater?

There's certainly macroeconomic factors driving the decline. Fuel costs are increasing across the world. While there are folks who believed cryptocurrency was separate from the stock market, we've seen recent downward trends where the two have moved downwards together. For cryptocurrency long-term investors, the recent price trends may be painful to watch.

My question to you all, where do we go from here? I'm curious to hear your thoughts about the future of cryptocurrency price trends. Are we experiencing another ".com era"? Will only a few of the major cryptocurrencies end up surviving, or perhaps a new and underutilized coin/project will rise to the top in utility and price in the future?
Forum Moderator

14-Jun-2022 14:18:29

Thunder Jinx
Feb Member 2010

Thunder Jinx

Posts: 15,906 Opal Posts by user Forum Profile RuneMetrics Profile
Megycal said :
I don't understand cryptocurrencies. They sound like the Emperor's new clothes ....
It's worth something as long as other people are willing to trade their time or products for it and seeing how volatile they are, I would agree that they bring one's mind back to the tulip mania.

They are a free "currency" which also means they're not backed by any inherent value like fiat money. Even if we have moved off the gold standard, you would still have to live in a banana republic for your money to become absolutely worthless overnight. With cryptos you don't have that kind of security, you just have to hope everyone else using don't dump the price.
Darkness rises when silence dies.

14-Jun-2022 18:52:23

Tuffty
Jan
fmod Member
2003

Tuffty

Forum Moderator Posts: 152,160 Ruby Posts by user Forum Profile RuneMetrics Profile
You can blame Elon Musk.

He bought a load and made some cash and then sold them then slated it off as junk to make it crash big time.

I bet hes behind this crash now and loving it. He will be raking in a fortune if and when they go back up.

I don't dabble in them. Way too risky. Rather take the safe route and make my cash safe. Also lots of it and yep doing well last few years. :P Comprehensive Account Security
What do snowmen have for breakfast? Snowflakes! :P

15-Jun-2022 13:02:38

Joel
Feb
fmod Member
2005

Joel

Forum Moderator Posts: 32,973 Sapphire Posts by user Forum Profile RuneMetrics Profile
The problem I have with crypto is that it's not something that's tangible. So you're putting your money into thin air. At least when you buy the stock of a company you can make that decision based on the company's fundamentals and finances and forecast if you think they'll do well or not.

Crypto value is purely based on what people make it to be which is scary and leads to volatility; I'd say the same volatility the stock market experiences when markets crash based on fear and not anything fundamental.

I honestly don't know where it goes from here. The main ones will probably (but again, who knows :P ) increase in value again over time.

A couple of friends who I work with during Covid setup machines to mine their own bitcoin so they're fairly invested in the whole thing lol
Joel

Need support? Support Centre | Forum Help

15-Jun-2022 15:00:28

Quick find code: 23-24-902-66255396 Back to Top