Over the past few weeks, bitcoin and several altcoins have been in a bearish trend. The price of most altcoins experienced a rapid decline following the crash of Bitcoin price.
It is very difficult to select one crypto that didn’t follow the trend. The bearish trend is the best time to buy bitcoin in Nigeria and any other part of the world.
However, before buying any crypto asset at the moment, it is important to make proper research about the asset.
Find out about the crypto investment strategies that you can use to reverse some of your bad trading decisions.
Let’s discuss the performance of Bitcoin and the top altcoin in the past few months.
Bitcoin, the pioneer crypto, was created in 2009 to rival the traditional fiat money and since then the performance of the digital asset has been very impressive.
Although there have been a lot of negatives along the line to date, bitcoin has always risen from every price crash.
This has made a lot of traders and investors believe in the digital asset and the adoption keeps growing day by day with many people looking to buy bitcoin in Nigeria and other parts of the world no matter the situation.
The leading digital asset reached a new all-time-high (ATH) in 2021 trading above $60k between February 2021 and April 2021. However, May was disappointing as bitcoin experienced a rapid price crash reaching as low as $30k.
Following the crash there was a slight positive movement with bitcoin trading above $40k, however, the response wasn’t as expected by many investors.
After the slight upward movement, the price even went back to trade close to $30k again and now consolidating between $30,000 and $40,000. At the time of this writing, bitcoin is currently trading around $34,000.
All the price actions show that bitcoin is still in a bearish market. Regardless, crypto experts are expecting it to start a bullish run soon. So this might be the right time to buy bitcoin in Nigeria before the price begins to rise.
Ethereum is the second leading cryptocurrency by market capitalization with a value of over $200,000,000,000. Ethereum was launched in 2015 and since then, it has grown to be the face of the Defi (Decentralized Finance) revolution.
It is the first major project to integrate smart contracts that enable developers to create decentralized applications. This has aided the adoption of Ethereum.
Over the years, the native token for the Ethereum blockchain, Ether, has always been a choice for traders that don’t want to buy bitcoin. It is an asset that has done well over the years. In just five years, the price grew from about $11 to over $2,500 which is an increase of over 22,000%.
Although there were ups and downs during this period which is quite inevitable in cryptocurrency. Following the recent crash in cryptocurrency, Ether which recently reached an ATH of over $4,000 in May 2021 also entered a bearish market with the price of the asset falling by over 55% trading below $2,000.
Although just like bitcoin, there was a slight correction for a few days, however, the price dropped to trade close to $1,800.
The price of ETH at the time of this writing is around $2,100. So you can still take advantage of the current price dip and add to your Ethereum holdings.
Binance coin (BNB)
Binance coin is the native token of the Binance exchange with a market cap of close to $50,000,000,000 at the time of this writing. Before the recent crypto crash, BNB performed wonderfully well and experienced an outstanding run clocking an ATH of $690 with experts expecting the price to trade close to $1000 before the year runs out.
However, the crypto also followed the bear trend that started in May and the price crashed to a low of close to $200. Although the crypto showed positive movement after the crash, trading between $255 and $427, however, there was a further dip in price in June and the price went close to the previous low. Now consolidating upwards, BNB is trading above $300 at the time of this writing.
ADA is the token of the Cardano blockchain developed to aid peer-to-peer transactions and Dapps (Decentralised Applications) development. It was launched in 2017 and since then, ADA has shown a lot of potentials. With a market cap of about $45,000,000,000, it is the fifth-largest crypto in terms of market cap. ADA just like other crypto was making a lot of waves before the bearish trend.
In 2021, ADA went from a low of $0.181 to reach an all-time high of $2.46 on May 16. After three days of reaching the ATH, ADA crashed down to a low of close to $1.00 which is a decline of about 57%.
Following similar trends like the others, ADA started consolidating upwards till the end of May. However, the price started declining again from the third of July and went beyond the previous low. Although, over the past few days, it has been recouping losses and currently trading above $1.30.
Dogecoin is a joke coin that was developed for laughs. It began as a joke but is now one of the top cryptos with a market cap of about $25,000,000,000.
The adoption grew when Elon Musk tweeted about the crypto followed by a tweet by Snoop dog as well. After a bullish rally from about $0.18 to an ATH of $0.7376 on the 8th of May, the price of dogecoin went down to trade as low as $0.22.
It however started consolidating upwards by the end of May before another bearish trend that saw the digital asset trading at a low of about $0.16. The crypto is gradually consolidating upwards but at a very slow pace just like other top cryptos. It is currently trading above $0.2.
In conclusion, it is quite obvious that we are still in a bear market, although most cryptos are striving very hard to pick up from the crash. This might be the right time to buy bitcoin or any other crypto of your choice as most coins have dumped over 50% of their prices.
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