Those that joined the cryptocurrency space a few years ago may remember the first puzzle they faced.
Where should I buy cryptocurrencies? Hacks, scams, downtimes, and poor user experience were a real pain. Those that recently started their crypto-journey don’t have as much to worry about. Prominent players gained a solid reputation for offering safe and easy options.
Coinbase is undoubtedly one of them, and yesterday they offered cryptocurrencies a privileged spotlight when they got listed on the NASDAQ, a US stock exchange. Crypto officially meets Wallstreet.
In 2020, Institutional investors made news announcing their interest in cryptocurrencies, and now the traditional financial market values one of the main crypto-players at $100 billion. At such a high valuation, the total market capitalization of all cryptocurrencies ( Bitcoin included!) all of a sudden seems cheap.
Looking at the chart of the total crypto market, it’s clear how things are heating up. Prices have been rising steadily since March 2020 on growing volume . The smaller channel, starting from February, now looks like a consolidation after the sharp gains in January that led valuations to double.
A new breakout here would signal a new wave of likely stronger FOMO. But watch out to manage your risk and gradually take profit on the way up. The faster the growth, the more the downside risk will increase!