The bear market is not over yet, but some cryptocurrencies remain positive despite the current downtrend. Altcoins are attempting a recovery rally but are coming under selling pressure at resistance levels. Let us discuss some of the cryptocurrencies that have performed the best.
During a presentation at Talent Land Jalisco, Mexico, the philanthropist, Apple co-founder and electronics engineer, Stephen Wozniak praised Bitcoin (BTC) and said that the world's oldest cryptocurrency is better than gold. His statement caused excitement throughout the cryptocurrency market and drove the price of Bitcoin up.
India is leading the way in cryptocurrency investment over the past 12 months, despite tough regulatory threats in the country. Investment in digital currencies began to rise in the middle of last year (2020) as the Kovid 19 pandemic spread at a rapid pace.
Ever since Bitcoin experienced one of its largest pullbacks in May this year, critics have once again used this volatility to attack Bitcoin, saying it is not a good store of value because its price can fall 40% in a week. While that argument sounds logical at first, my own deeper analysis delivers a rather alarming result.
Millennials are turning to alternative investment options such as gold as a safe haven after their money was screwed by deep drops of the stock market in 2020. However, cryptocurrency is still their number one choice.
The past 12 months have not been a bullish trading period in the market of cryptocurrency. Most popular cryptocurrencies including Bitcoin Cash, Stellar, 0x, Enjin Coin, Algorand, Zcash, Bitcoin Gold, Dash, and many others, were not favored during this Covid-19 pandemic period.