The current downtrend in the market has lasted longer than most people thought it would. Prices have continued to plummet, with an infusion of negative Bitcoin news not helping at all. All the top cryptocurrencies are trending in the red. Many in the market hold that the next Bitcoin boom will see it hit figures above its All-time high.
If it does, altcoins too could follow suit and record huge returns. Yet we ask whether it’s the right time to buy any of Bitcoin (BTC), NEO (NEO) or Cardano (ADA).
Are the good days over for Bitcoin? Will it reach $20,000 again? The answers to the two questions are “No” and “Yes”.
For a long-term investor, it’s always a good time to buy some BTC. For any other investor, the current bearish market could be providing a perfect opportunity for those who missed out. But as it is with all other cryptocurrencies, investing in Bitcoin has its own disadvantages, chiefly among them sudden price fluctuations.
Bitcoin currently trades at $7235 to the US dollar, down 15% over the last 7 days. Since it hit its all-time high, Bitcoin has lost more than 50% of its price value. However, this hasn’t put off analysts and experts who believe the coin could still hit new highs in 2018.
There’s a belief that the top crypto is slowly becoming institutionalized and an increase in use means well for its future. Banks and other institutions are slowly warming up to Bitcoin and it could soon be accepted globally. Such events mean that even if the value of Bitcoin were to go as low as of April’s lows of $6,500, it could still rise spectacularly to hit prices above $10,000 in 2018.
The regulatory investigation around BTC price manipulation can plunge prices further, but overall, the coin’s resilience should see it recover.
NEO’s hype as a possible Ethereum competitor may have cooled off a little, but the truth is that this coin has all the potential to be better. Like with any other crypto, a downtrend provides the best opportunity to buy.
NEO coins are currently trading at $49.48 against the USD and have lost value by 22%. On April 30, NEO traded at over $90, reaching a high of $94.46 according to stats on Coinmarketcap.com. However, the coins value has since taken a plunge. The current bearish market threatens to see it drop below $40 if sentiment does reverse in the short term.
Even with the strong bears circling, NEO’s strong platform has enough support to bounce again. Top on that list is the partnership it has with OnChain, the company that has the capacity to see more use cases brought to the NEO platform. Then there’s the not so hidden involvement of the Chinese Government that could provide a very strong base for NEO adoption in the vast region. All these strengths are aided by NEO’s extremely high transactions speeds, ease of use with numerous coding languages, and quantum-ready security. It definitely puts NEO among the top coins to recover their prices.
Should you buy ADA or wait? Cardano (ADA) has been overtaken in the market rankings by Stellar (XLM) to currently sit in 8th position. Its price has also tanked in the on-going bear market to slump from $0.38 early May to the current $0.19. This might be worrying to Cardano holders, especially the weak hands who wish to get out now.
But there’s a lot backing up a potential recovery and rally to a value higher than the $0.38 mentioned above. The main point that holds supporters of this crypto has to do with its platform. A combination of factors including the Ouroboros proof of stake algorithm, the Haskell programming language, and the Daedulus wallet put it ahead of many other cryptocurrencies.
It means the smart contracts capability on Cardano is technically superior to any other in the market. The continued popularity of the platform could see it capture a whole market of dApps, thus helping the value of ADA.
Adoption is also another factor that could see Cardano bounce back from the current downtrend. It’s already on that path with a number of partnerships. If you are a short-term investor, keep off ADA. However, if you believe in its superior platform, then now is the right time to buy, when the value is nearly on the floor?