Cryptocurrencies took massive hits in December of 2021 and many reported the lowest prices in the year. With China and Russia banning all cryptocurrencies and crypto-related activities in their territories the panic selling brought down the price of many stable coins.
Bitcoin hit a low of $38k when it had just hit a $69k all-time high in August itself. Many experts believed that by the end of 2021 BTC would have crossed the $100k mark and ETH would be priced at $5k. But some of the largest countries outright banning these new-age DeFi techs hindered that dream.
But as we speak crypto has been recovering slowly and surely. With many people adopting crypto and whales buying on the dip it won’t be wrong to say that people believe in it. Dubbed as millennials’ gold, these cryptocurrencies have seen a constant influx in the last 7 weeks. People are buying more and more crypto on the dip.
With many institutional investors also buying right now, it is safe to say that experts and people believe in crypto as a long term investment. Coinshares Data suggests that there has been an influx of $127 million in the first week of March itself. Bitcoin alone reported a $95 million inflow while Ethereum showed $25 million.
This is the best time to add more crypto to your portfolio or start your crypto journey. With the prices being down, it is the best time to get into this DeFi tech and be an early adopter.