The coronavirus situation has brought the whole world to a stop. The economic situation of every country, including the U.S., is uncertain. If the global economic uncertainty and slowdown continue to be the same in the coming days, the U.S. will likely go into recession, and the US-China trade will also be affected. According to many crypto experts, a U.S. recession could result in a new crypto boom and bust. But although this shift may offer temporary safe heaven to investors, it’s likely to cause financial ruin to many.
The global economic uncertainty is fueling the rumor mill, and everyone seems to have something to predict about the cryptocurrencies. Though people say mixed things about the current situation and the crypto market, they all have a shared belief that cryptocurrencies have a bright future ahead.
According to crypto experts, a recession-linked cryptocurrency rush would crash in the end. When we look at the last bust, it’s clear that gains not involving the adoption from real-world users don’t last. Though the underlying digital technology seems to be promising and effective, it has yet to attract a significant user base aside from enthusiastic techies.
The new crash would hurt risk-tolerant investors and tech nerds, but it would hit novice retail investors. We saw an example of this back in 2017 when the resulting fall caused damage worth billions of dollars to novice investors. So irrespective of what crypto enthusiasts and rumor mill say, bear this in mind – if your strategy is to learn from the past, then a crypto bull run is the worst time to invest in cryptocurrencies.
However, for many crypto gurus, now is the time to invest in any of the following cryptocurrencies;
Bitcoin continues to rank as the top cryptocurrencies and still has the potential to grow many folds in the future. Since its inception in 2009, it has come a long way. Currently, it makes up around 65-percent of the global crypto market capitalization. It has opposed some gains over the last few days; however, volatility should continue in the short term.
Ethereum comes at the second number when it comes to cryptocurrencies with the largest market capitalization. It’s a distributed, open-source computing platform widely recognized for its smart contract functionality. It provides developers with an option to program their decentralized apps within the network. For instance, both Augur and Tether are powered by the Ethereum network. It also falls within those cryptocurrencies that are considered safe for short term investment.
EOS is another digital currency designed to support and simplify smart contracts. Dan Larimer is the mind behind EOS, which is also the founder and co-founder of BitShares and Steem blockchain, respectively. Like Ethereum, EOS also provides developers with a platform to build decentralized apps. It’s another cryptocurrency considered safe for investment.
Companies like Seaquake Are Playing their Role to Stabilize the Crypto Market
Although currently things are not going well in the crypto market, there’re some companies like Seaquake that are playing their role to oppose the instability in the crypto industry. They have developed an all-inclusive, institutional-grade infrastructure and data processing engine in a bid to add stability to the fragmented cryptocurrency market. The team at Seaquake is very committed to solving the issue of unfulfilled orders on crypto exchanges through the next-gen Crypto Market Making and Liquidity Services. They aim to provide institutions with a single point of access to liquidity pools, data and market analysis through their partnered exchanges.
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