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The cryptocurrency market is gradually recovering after a massive fall in March. The main cryptocurrency Bitcoin has already won back almost 40% of its value. Following it, the value of the main altcoins began to increase. What will happen next with the main cryptocurrencies and is it worth investing in altcoins from the top 10 today, Maria Stankevich, director of business development of the EXMO cryptocurrency exchange, says in an exclusive interview with BeInCrypto.
– Mary, hello! What is happening to the altcoin market today during the so-called “perfect economic storm”? What will happen to the cryptocurrency market in the future? Following the recent Bitcoin crash, the value of major altcoins has also dropped. Was it due to the coronavirus, the fall in oil prices, or were there some other reasons?
Bitcoin usable on Mastercard….focus on THESE AltCoins!
M.S .: I note right away that the decline was throughout the cryptocurrency market, not only in altcoins and bitcoin. And, above all, this was due to the panic that gripped the entire financial market, including those associated with the coronavirus. The global economic situation that we are seeing today is more related to panic. The crypto market, unlike all others, is more resistant to panic. Let me explain. The capital on the cryptocurrency market is still not large enough, not strong enough. You cannot, for example, compare the cryptocurrency market and the stock market. Naturally, during a crisis, all investors try to sell cryptocurrency first. She is like a convertible, in a crisis it is the first to be sold. Or, if you have a yacht, the yacht is sold first, i.e. luxury item. But the cryptocurrency market, unlike the stock market, is recovering quickly, much faster than the financial markets..
Now about altcoins. Today there are few projects where we can say with confidence that they will grow or they have some kind of future. They most often depend on the value of bitcoin and when it falls, they will follow..
– Indeed, after the fall of Bitcoin, the first blow fell on the ether. The whole decentralized finance market collapsed behind it. What is happening in this market now?
THESE 5 ALTCOINS ARE MAJORLY UNDERVALUED (BITCOIN PAIRS)
M.S .: I want to point out that Ethereum blockchain is not the only one that DeFi is based on Decentralized Finance (DeFi) is financial services built on the blockchain technology that offer users access to an open, efficient and … More. Main Token As the use of cryptocurrencies increases, new types of tokens appear. They can represent value or something intangible like voices. Two … More of this market are DAI stablecoins. Last week there was “Black Thursday”, in the conditions of the crisis, DeFi could not provide its value. The network was overloaded and we even “buried” it a little, but everything worked out and today everything is in order. We, the DeFi devotees, believe in him, even though he suffered the worst of the market crash. DeFi security and security is being raised very seriously. We believe in the prospects of DeFi, we believe in the seriousness of projects. Investors are ready to come and invest in a DeFi project.
– Question about the Ripple token. The founder of the project says that it is necessary to develop the market for electronic payments, they are actively doing it. Is XRP token growing today and will it really grow??
M.S .: If we are talking about Ripple, then it looks very successful. She is actively developing a network of cross-border payments – this is our future. And the capitalization of the token is more than $ 5 billion, which is very decent for a cryptocurrency company. We only read that Ripple has entered into an agreement with one or another bank. But – it is very important to distinguish between XRP and Ripple tokens. Recently, they even removed the word Ripple from the name of the token in order to differentiate the products that they have on the blockchain. And we believe that in the event of an IPO, the value of the token will decrease. After all, the US may file further claims against Ripple. In this case, the SEC may treat the token as a share. Everyone knows such examples with other projects..
The token is now trading at the bottom, this is partly due to the unlocking processes: Ripple unlocks a new batch of tokens every month – this is about 200 million (This sounds scary, in fact, the total volume is about 400 billion) – and selling them on the market.
– What will happen to the DASH token, Cardano? Is it worth investing in them?
M.S .: In my opinion, after the active implementation of the fifth EU directive, anonymous cryptocurrencies are no longer legitimate in the market. We have both Monero and Dash on the exchange. So far, the regulators have not sent any recommendations regarding delisting, so they are traded with us. And for them, this directive will become a stumbling block. From my own experience, I know that we look at our older friends – Coinbase and Kraken – and they claim that the token is not bad, but there is a problem with anonymity. For decentralized exchanges, maybe this is not bad, but for centralized exchanges, this is a problem.
As for Cardano, I will say right away that we love this project. I like to read the news about them, I like it when this combination occurs – cryptocurrency and fiat money. They recently partnered with PricewaterhouseCoopers and received EU funding. They are as close to us as an exchange, they are very cool. Their plans are Napoleonic, but so far the crypto wallet and the transition to POS have just been launched. What will happen next is not very clear, but I think there will be some growth on this news..
– Would you like to ask about Elon Max’s favorite tokens – Dogecoin? He promotes it very much. Does he have any prospects in Russia or is he still unclaimed??
M.S .: I have not yet found any positive about this crypt, reputable analysts have not yet spoken about it. This is a definite fun for the community. We conducted analytics on EXMO, who buys it, studied a specific strategy of traders. And it turned out that 70 -80% buy dogecoin on EXMO, and it remains in their portfolio, they don’t do anything with it, they don’t trade it, it is such a collecting tool. I don’t see any prospects for its growth.
– You are constantly working with traders, you see the situation. Your advice is whether to invest in altcoins, as many say that the future of cryptocurrency is bitcoin, well, at most, ether. All other altcoins will die, leave the market, etc..
M.S .: I have been working in the cryptocurrency market for over 3 years and came at the time of the ICO boom, when a lot of altcoins, new crypts, new tokens appeared. When people wanted to make money quickly without investing a lot of money. And of course they were left with nothing. There were few investors who invested money and made a profit. And therefore, my recommendations are as follows: you should not invest money if the investor is not ready to lose it. 100% confidence in this market cannot be.
Secondly, I would look at exchange tokens, in addition to key altcoins, since first and foremost, they can be used. That is, in addition to investment instruments, they also have a monetary function..
And thirdly, if you trust the exchange, then the exchange will work with what is. And here we are not talking about fake volumes or deception, here there is interest, partnership. So pay attention to exchange tokens. If we talk about altcoins, then, in addition to the named ones, there are interesting tokens that we did not talk about.
If you are investing in a new project, it is very important to remember that there are a million ideas, but there are very few people who can bring this project to life. Therefore, I would not advise investing in any project in the early stages, but go there when the project has already begun..
In general, analyzing what is happening on the market now, I can say: the time has come to buy coins into an investment portfolio.
– And what coins to buy?
M.S .: Bitcoins. Although many experts rightly believe that bitcoin is not worth the money for which it is traded. It is not an investment instrument, but as an accumulation. But due to the fact that this first cryptocurrency, it is somehow hype, there are many trading pairs with it with cryptocurrencies and fiat currencies. I would still recommend buying bitcoin, especially when a person just came to the market and just wants to invest money.
– Thanks for the conversation.
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