Cryptocurrency markets remain flat this Sunday as Bitcoin and Ethereum hold support levels. Bitcoin is trading at $23k while Ethereum prices stay in the high $1,600 and low $1,700 range. The global cryptocurrency market cap holds above $1.1 trillion, suggesting good short-term sentiment; however, the lack of market activity brings out the bears.
Cryptocurrency Markets Remain Flat, Interest in Crypto at an All-Time Low
The past two months have been underwhelming for Bitcoin, Ethereum, and other major cryptocurrencies. Trading sideways for most of June and July, August continues to show little price action for crypto markets.
Moreover, Google Trends data reveals the interest in cryptocurrency and search volume is at a yearly low, signaling that the market will likely continue to trade sideways for the rest of the year.
The good news is that even with the declining interest, Bitcoin and Ethereum hold current prices relatively well, and volatility is starting to decline. A decrease in market volatility could spark newfound interest for retail and institutional investors to open positions in crypto.
Moreover, with the recent partnership announcement between Coinbase and BlackRock, and the launch of the upcoming derivatives for Bitcoin and Ether by CME Group, crypto could be gearing up for a spectacular performance in Q4 2022 or Q1 2023. If the global economy can show signs of recovery and the Fed can ease up monetary policy, we could see a significant change in sentiment for cryptocurrency.
With earning season, stocks are showing signs of life, but with the star market conditions over the past several months, most markets are still underperforming.
Long-Term Potential Is Still Bullish
Following every bear market comes a bull phase. The key to making gains in a bull market is to hold through the tough times, dollar-cost average down your investments, and invest in mission-based projects that show long-term potential.
With Ethereum’s upcoming network merge in September, we could also see a small bull run in a few weeks, making Ethereum a must-watch in August 2022.
Moreover, with low cryptocurrency prices, now could be an excellent option to look at niche projects like Metaverse crypto coins, NFT projects, DeFi ecosystems, and Web3 tokens that could explode in value during the next bull run.
Virtual real estate in the Metaverse is at an all-time low, and if you’ve been thinking about investing in digital plots of land, some great projects to consider include ApeCoin’s Otherside Meta, The Sandbox, Wilder Worlds, Decentraland, Axie Infinity.
Moreover, Chromia projects like Mines of Dalarnia and My Neighbor Alice have tremendous long-term potential. They are still in the early stages of development for those interested in hopping early on a Metaverse crypto game.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any projects.
Follow us on Twitter @thevrsoldier to stay updated with the latest Metaverse, NFT, AI, Cybersecurity, Supercomputer, and Cryptocurrency news!
Image Source: thomaseder/123RF