Cryptocurrencies are on the move more than ever. Bitcoin alone surpasses year-on-year returns from leading players in the S&P 500, which includes famous FAANG shares (Facebook, Amazon, Apple, Netflix and Google).
Let’s take a look at what is behind this movement.
The reason behind the latest price increase in comparison even with FAANG stocks is the entry of large institutional investors, like PayPal. Millions of people, who use PayPal, will be able to purchase cryptocurrencies right in the app.
This is the cornerstone of several other events that caused cryptocurrencies to move. Some may think that we are approaching a FOMO run similar to the one from 2017, when the price of BTC reached 20,000 USD. But it doesn’t have to be that way. There is one big difference. The price has not changed as quickly and is rather gradually rising. The number of active cryptocurrency users has also increased and overall the network is very healthy. Therefore, optimism prevails.
Not just Bitcoin
The rising price trend can also be found in other cryptocurrencies. The same trend can be observed for Ethereum, Litecoin and Bitcoin Cash.
These were not the only cryptoassets that experienced great movement and price growth. Other cryptoassets tend to follow this trend, and it is happening now as well. Usually, the price of an asset rises when it joins an exchange. An example is our Platoncoin (PLTC), which was recently listed on the Changelly Platform.
Investment in cryptocurrencies can be very profitable. But you need to know where to invest and which cryptocurrencies are not scams. You can study this yourself, or you can consult someone who understands the area. Although cryptocurrencies are available for everybody, you need to be careful and research everything carefully before investing your money. At the same time, don’t forget the golden rule of investing: invest only as much as you can afford to lose.