If you have been following cryptocurrency news after mid-December last year, you may have seen bearish trends on many digital currencies. In fact, Bitcoin once again slid down below $10,000 after South Korea regulation announcements and Facebook’s announcement that it is banning crypto ads as part of its updated policy. Given this bad news for cryptocurrencies, you might be wondering which altcoin has been able to weather the storm?
There are some altcoins that have been getting a bullish forecast over the last two to three weeks or so. In fact, there are some digital currencies that have been able to grow by as much as five to ten times. For instance, you have Tron and Verge that have increased by 20 and 30 times respectively.
If you have invested one Bitcoin on the Verge when it initially was priced at 50 Satoshi in early December of 2017, you may already have the opportunity to sell one Verge at 1,500 Satoshi each giving you 30 times your capital.
All you need to do is to register in any of the three major exchanges such as Bittrex, Binance, and Bitfinex in order to be able to get your hands on any of these cryptocurrencies.
There are also digital currencies that have somewhat stabilized. You have Ethereum that increased in terms of market capitalization. And since the increase has grown alongside BTC price, it is safe to assume that generated profits were made not only in US dollars but also in bitcoins.
Good News from South Korea
Of course, perhaps, there is a chance that Bitcoin and more altcoins are going to have a comeback for the coming months. South Korea denied that they have plans of banning crypto trading completely. This means that you could already relax especially if you’ve been nervous from rumors from the last few weeks. South Korea’s finance minister Kim Dong-yeon mention on Wednesday that “There is no intention to ban or suppress cryptocurrency”.
Also, Samsung was reported to be selling chips that will help crypto miners. Samsung has been reported to be moving towards the ASIC making business. This means that these are special chips that can help power computers in order to mine Bitcoin and other altcoins. This is good news since this can definitely make mining easier for miners which mean faster transactions as well.
Most Coins Are Still Down
If you will look at the big picture, you can see that most cryptocurrencies are still down. In fact, most cryptocurrencies are down anywhere from 3% to 13%. In fact, Ripple, Bitcoin Cash, and Ethereum are still not on an upward trend recently. However, it is a good idea to ask yourself whether or not this will last given the fact that South Korea isn’t banning cryptocurrencies.
Should investors celebrate that January’s bloodbath was actually prevented by recent news? Is the market finally going to swing back up just like how it was during the early part of January? And is there an altcoin that could be the next big thing?