What has changed in the cryptocurrency market in early 2018?
At the end of 2017. analyst predictions regarding the crypto market have largely come true, and in some ways they have not. Warnings that digital money is difficult to predict and events in it can develop according to any scenario turned out to be absolutely accurate. What is the plot of economic events for cryptocurrencies at the beginning of 2018, and is this asset still a profitable investment tool? We will consider these questions in this article.
Mid-January was a tough and eventful time for the cryptocurrency market. Generally speaking, most of the major coins are experiencing a temporary correction, and the top three of Bitcoin, Ethereum, and Ripple remain in the red at the time of writing, with Ripple being the reddest.
A strong pullback is usually used by some strategists as an opportunity to effectively enter the market, and from a trading perspective is a positive thing. Therefore, for those who are planning to start investing in cryptocurrencies now, it might be a good time to choose a broker that gives access to the market. Such a broker is AMarketswhich has been successfully working in the field of finance and investment for 10 years.
Bitcoin, Litecoin and Ripple 2018
These three cryptocurrencies with the highest capitalization are well ahead of the others, and have firmly held their lead since the beginning of the year. As of mid-January 2018, the total capitalization of these coins ranges from $430 billion.
The news that South Korea is once again planning to impose restrictions on cryptocurrencies has affected the overall drop in asset capitalization. The top three are experiencing the correction in different ways, with Ripple suffering the most so far.
After a dizzying flight in early January, Ripple is experiencing a not-so-gentle landing. Last week's drop was 40%. Whether the chart will correct in the near future is hard to guess, and much will depend on outside news.
Ripple downtrend by mid-January (Coinmarcetcap)
Bitcoin is behaving erratically and continues to maintain its downtrend after the New Year holidays. At the time of writing, its exchange rate is already $10,500, but the strong volatility makes a significant price change likely in the near future.
Bitcoin weekly drop as of mid-January (Coinmarketcap)
Ethereum remains the most positive in this trio. Its quotes have maintained an uptrend since the beginning of the year, and the positive news allows this crypto-monet to remain "on the horse". It is now up 17% since the first of January, and it has been bolstered by the news that one of the tokenized money creation platforms, Tether, is launching USD and EUR on the Ethereum platform instead of Bitcoin's Omni. Ethereum's value at the time of writing ranges from $1055.
Ethereum maintains its uptrend (Coinmarketcap)
Overall, AMarkets analyst Nikolai Korzhenevsky's forecast that some altcoins remain promising for trading remains correct. At the beginning of the year in his Trading Ideas, he concluded:
"As we expected, the focus in the cryptoinstruments section has shifted from bitcoin to less "promoted" names. Thus, the best growth rate in 2017 was ether (ETH)."
Effective cryptocurrency trading with AMarkets
In order to effectively work on the cryptocurrency market in the field of trading and investing you need to choose your personal online broker, such as AMarkets. It is a regulated broker, whose reliability has been confirmed by official controllers and auditors, as well as by ordinary users.
Regulators include The Financial Commission (site) (International Finance Commission), and one of the world's largest accounting firms, a member of the "Big Four" - Ernst & Young. E&Y officially concluded that the total amount in the company's accounts exceeds the amount of liabilities to AMarkets' clients, which guarantees instant withdrawal of funds by the client on the first request.
There are three simple steps to starting crypto trading with AMarkets:
- account opening for AMarkets.com in one click
- deposit amount from $100
- install the MT4 trading platform and you can start trading.
And by the way, for those who will open an account right now there is 20% discount on the company's services.
Traditionally, we should warn you that cryptocurrency is a highly volatile trading instrument and any transaction with it involves risk. To minimize your losses and increase your earning potential, we advise you to study the market thoroughly with the help of educational materials, conferences and webinars, which are freely available at AMarkets.
Have a successful investment!