The month of February and March has not been a handsome one for the cryptocurrency world, with series of biffs troubles plaguing the value of the altcoins.
The turbulence in February was said to have come from various angles, with the pokes being attached to causes like, regulation, ban, heist, and more, leaving investors with lesser tranquility on the potency of cryptocurrencies, and all that could be done which they regarded as the needful is to monitor the crypto market with the hope of getting newsflash like an appealing increment in the value of altcoin which will eventually put them amused and keep their mind at bay.
A recent survey done amongst 1000 Americans has proved that majority of the crypto enthusiast are the millennials. The survey disclosed that 9.19% of Millennials (18-34) would invest their $10,000 in cryptocurrencies, 4.04% of Generation Xers (35-54) while only 3.08% of Baby Boomers (55+) would invest their $10, 000.
The small number of over 35 investors is due to their confidence level in cryptocurrency with is based on their belief that they could lose their toil earned wealth within a twinkle of an eye to the market volatility of the currency. The Xers and Baby Boomers derive more tranquility investing in “tangible commodities and assets”.
62 years old American business executive, Jamie Dimonlabeled digital currencies a “fraud,” and a “tulip bulb,” while another 62 years old American business magnate, William Henry Bill Gates in a Reddit post said, “the main feature of cryptocurrencies is their anonymity. I don’t think this is a good thing,” adding that Cryptocurrency “causes death in a fairly direct way”.
Contrarily, the millennials are ready to place their bet on the digital currencies, in the belief that the volatility could make them acquire sudden wealth.
One significant thing I have noticed over time is that, in the crypto verse, there is an interdependent relationship between the values of altcoin especially when one of the big coins is poked the others must be affected, especially when the biff is caused by an external factor.
Towards the end of last week, the recent downslide in Bitcoin’s value which most other altcoins also experienced has ushered variety of side talks and views from users, trader, analyst, and observers.
While an analyst said the recent swings “are fuelled by speculation”, an American market maker, Brian Stutland told CNBC that the value of Bitcoin is tied to Dollars.
“There is more to it than bitcoin just selling off because of government regulation or being upset about things.
“Bitcoin is trending with the US dollar, for whatever reason that is.
“As the dollar has weakened, we’ve seen bitcoin weaken as well, I think we’ve seen that trend continue,” the CNBC contributor added.
