Cryptocurrency Prices: 6 Facts You Didn’t Know
Cryptocurrencies have become one of the most popular investment avenues in recent years. In fact, the current boom in cryptocurrency values has made it easy for anyone to buy in without even knowing what they’re investing in. All one needs is money and the right information to find the perfect match. In this blog post, you will find some interesting facts about cryptocurrency prices. Let’s take a look…
Fact 1: The price of Bitcoin has increased year on year
Bitcoin has been the most popular cryptocurrency for quite some time now. As of mid-October, Bitcoin’s market capitalization was worth more than $100 billion. Furthermore, the price of Bitcoin to USDT has increased exponentially year after year. It had a spectacular rise in January 2017 when it reached $960. At the end of June, it was trading at almost triple that amount. Five years on, Bitcoin’s value surpassed$20k. This increase reflects the positive sentiment in the market despite its price volatility.
Fact 2: The price of Ethereum has more than doubled this year.
A close runner-up in terms of market value is Ethereum. Unlike Bitcoin, the price of Ethereum has been increasing steadily over time. In fact, since June 2022, the Ethereum to USDT price has increased by almost 50%. You can attribute this increase to the growing popularity of ICOs (Initial Coin Offerings) and smart contracts.
Fact 3: Bitcoin has had the highest percentage rise in value
During the pandemic, when many businesses were being forced to close or were reporting losses, Bitcoin on the other hand experienced a remarkable increase. In the first 6 months of 2020 alone, Bitcoin went from $7,347 to almost $9,000. Although the price of Bitcoin has dropped since the start of this year, it has been steadily increasing and is now valued at $20,870 (November 2022). This is a clear sign that investors are interested in investing in Bitcoin again.
Fact 4: Ripple (XRP) has one of the highest long-term price potentials out of any crypto asset
Ripple is a blockchain-based financial solution company that has already worked with over 100 banks and financial institutions. Ripple’s price is determined predominantly by demand and supply. Analysts and experts predict that the price of Ripple can be as much as $12 dollars. This will make it one of the most sought-after cryptocurrency coins. Also, companies that are looking to use blockchain technology as a tool for faster payments and transfers will be turning to Ripple. And when the demand increases, the general rule is that the price of a coin also increases.
Fact 5: Tether is pegged to the US dollar.
Tether is a decentralized cryptocurrency that is pegged to the USD dollar, which means that it is not affected by market volatility as much as some of the other coins. The idea behind Tether is that it can be used to make transactions between users who do not have access to traditional foreign currency. Unlike fiat currencies, which are backed by a government, Tether is backed by real-world assets like the US dollar or gold. The main benefit of using Tether is that it can help people who do not have access to traditional foreign currency get access to it without having to pay exorbitant fees.
Fact 6: Cardano is almost back to what it was 5 years ago
From its all-time high of $3.10 (Sept 2021), Cardano has dropped to a mere $0.42, the price it was at almost 5 years ago. While this may put off many people, savvy investors may see this as the perfect time to invest in the coin. Cardano is developing its own cryptocurrency called ADA and a Blockchain-based ecosystem to enable peer-to-peer financial transactions that remove middlemen and have provable authenticity. It aims to become the next-generation blockchain technology that can compete with Ethereum and other leading cryptocurrencies. With many upcoming projects and developments, Cardano’s price is expected to increase.
With excitement at a peak, investors have been scrambling to get in on the action, regardless of the price fluctuations. Cryptocurrencies are digital currencies that use encryption techniques for security, authentication and payment processing. They can be transferred between users without the central bank oversight of a traditional currency. It is important to know about cryptocurrency prices and how these coins are changing our world today. Be sure to make an informed investment decision before investing in cryptocurrency.