NEW YORK, June 6 (FintechZoom) – Monday started with the rise of Bitcoin. As of today, Bitcoin is worth US$31,234.63 – that’s a 5.05% increase from yesterday.
Experts are still divided on where Bitcoin’s price will go next, but one thing is for sure: the trend looks positive for now.
Whether you’re a longtime investor or just getting started in the world of cryptocurrency, it’s definitely worth keeping an eye on Bitcoin’s progress in the coming days and weeks.
Ethereum (ETH) is currently trading at $1,880.13, up by 4.95%. This makes Ethereum the second most valuable cryptocurrency after Bitcoin.
Binance Coin (BNB) is up 3.35% today and is currently sitting at $307.08 USD.
Cardano’s ADA token is up 10.38% today, trading at $0.621. Rumors say that it now seems real that ADA might reach 1$.
This marks a significant increase from recent lows, and suggests that investor confidence is beginning to return to the project.
It will be interesting to see where ADA price goes from here, and whether the positive momentum can be maintained in the coming days and weeks.
The value of XRP (XRP) is currently at US$0.4034, which is a 3.04% increase from before.
Solana is up 9.22%, trading at $41.76. The project has seen strong momentum lately, with a string of partnerships and announcements.
Most notably, Solana recently partnered with Chainlink to provide access to high-quality data feeds.
CoinMarketCap reports that the global crypto-market cap is US$1.28T.
FintechZoom talked with some Crypto experts:
Felix Honigwachs, CEO of Xchange Monster, says:
“Even though crypto is famously volatile, sudden changes in price (like May’s 25% BTC drop) can be harrowing — especially if it’s your first time experiencing a significant selloff. But as veteran traders will tell you, it’s a lot easier to stay calm and make smart moves if you have a plan. Here are some helpful tips to keep in mind:
“Keep your emotions out of it. It’s okay to feel anxious, but don’t let anxiety dictate financial choices. Emotional trading can lead to badly-timed trades, like selling when prices are lowest or buying at a peak due to FOMO.
“Think ahead. Buying and holding isn’t right for every asset, but during a market downturn, consider your long-term goals. Did you buy with the intention of selling many years in the future? If so, it’s probably ok to stop refreshing that tab and take a deep breath.
“Look into dollar-cost averaging. Dollar-cost averaging is a popular strategy for reducing the sting of volatility — it involves buying a smaller amount of crypto every week or month no matter what the market is doing.
“Trade within your limits. Are you planning to “buy the dip?” Remember: No matter how confident you are about a particular asset, you should never put in more than you can afford to lose.
“Why it matters… If you bought BTC at the peak of the 2017 bull run (around $20,000), you saw a decline of 80% over the following year. But if you continued to hold, you’d be up nearly 60% right now — even after the crypto market’s most recent decline from all-time highs last November. The lesson here? Don’t let short-term emotions impact your long term plans. And when in doubt, speak to a trusted and certified financial advisor.”
Mark Basa, director at HOKK Finance, says:
“Take scenario A, Bitcoin will rise over the next few months and people will assume that the bear market has bottomed out and this is an opportunity right now for many people to get in. You’ll have large institutions looking forward to getting into crypto adoption – regulators and everything – and for example, the federal reserve does not increase interest rates. Maybe spending is paused, and this could move bitcoin up. Scenario B) Bitcoin will actually go a lot lower because a recession hits harder than people ever imagined.
“We’re all living in this crypto fantasy, and we’re living a damn good life, besides the fact that the cost of living has never been higher in so many years and the real estate market is capped all around the world – what will people do? They will sell their highly volatile risky assets to ensure that they can put food on their table for their families.
“This is a game, you could say, that is being led by the elites to squeeze out the middle class in a great reset, and get less and less money out of riskier assets, back into fiat, and then it’s prime time for them to buy up. It’s cyclical, and happens all throughout history. Even Buffet knows this: When people are fearful, it’s a time to be greedy. And that’s why I say Bitcoin goes further and further down when more people actually want to cash out and keep themselves a float for the next few years of some hard times.”
Lars Seier Christensen, chairman of the Concordium Foundation and founder of Saxo Bank, says:
“The whole crypto market is clearly shaky at the moment, and the general mood is not constructive. This typically hits altcoins and use case fundraising the most, but there is also some pressure on Bitcoin.
“As Bitcoin is currently rather correlated with the stocks markets and other traditional assets, the developments there will have significant impact, but the general feeling is that investors are now in a risk-off mode.
“Personally, I don’t really invest in short-term moves, but most of the smarter crypto investors I talk to are moderately negative in their outlook and 26,000, maybe even 22,000 is being mentioned. But from there, a renewed, strong rally is expected.”
