Cryptocurrency investors who poured their hard-earned investment funds into Terra and its Luna token felt astonished with the latest virtual currency market turmoil. The embattled virtual asset is one out of all the cryptocurrencies that have grabbed eyeballs lately due to its dramatic plummet in trading price.
We want to help our readers who are new and seasoned cryptocurrency investors to stay vigilant. We believe this informative article will be helpful to them in staying cautious in their virtual currency investing journey.
They will be able to select promising and high-yielding crypto-assets. Based on the report posted online by media platform Analytics Insight, which delivers the latest cryptocurrency news and information, the ongoing cryptocurrency market bloodbath is brutal.
This unsettling event for cryptocurrency investors has sent shockwaves worldwide. Hence, many crypto-asset aficionados believe this time is not the market’s best phase.
Cryptocurrency investors can cut their losses and be safe in their investments by learning about the potential virtual currencies that can follow Terra’s demise. They will know which cryptocurrencies they should be wary of.
Cryptocurrency investors should keep an eye on the following three digital assets:
ApeCoin with the shorthand $APE is a cryptocurrency that empowers a decentralized community and is building for Web3. This crypto-token is useful for utility, governance, and incentivization in the Ape ecosystem.
Cryptocurrency investors should not pour their investment funds too much into ApeCoin. After all, this virtual asset, which trades at exactly US$6.20 at the time of writing this update, per Coinmarketcap.com, has witnessed a drastic fall in its trading value lately, similar to Terra’s Luna token.
Bitcoin is evidently the largest crypto-asset in terms of market capitalization. Cryptocurrency investors who are Bitcoin permabulls may not believe it, but the flagship cryptocurrency may also follow Terra’s demise.
After all, there has been a considerable decrease in Bitcoin’s trading value over the past couple of days. Bitcoin or $BTC trades at exactly US$29,399.70 at the time of writing this news, based on the trading value data on Coinmarketcap.com.
Although this crypto-asset is well-known for fetching favorable returns for investors and capable of bouncing back to normal, investors should be careful. Cryptocurrency analysts warned that it might take quite a long time for Bitcoin to rebound once its trading value drops dramatically like Terra’s Luna token.
C) USD Coin
Cryptocurrency investors should be wary when investing in the USD Coin. After all, this stablecoin has also seen a conspicuous downfall lately similar to Terra’s Luna coin.
Cryptocurrency investors use the USD Coin in purchasing other virtual assets and converting US dollars into cryptocurrency similar to Terra. Additionally, the $USDC token serves as a safe haven asset investors employ to avoid fluctuations in other tokens.
The USD Coin or $USDC trades at precisely US$1.00 at the time of writing this report, per Coinmarketcap.com. Cryptocurrency investors should remember the ongoing cryptocurrency market meltdown has led to this stablecoin’s drop in the cryptocurrency rankings as well.
We feel dismal with the ongoing cryptocurrency market crash. We understand that Terra’s downfall together with its Luna token commenced the unwanted bloodbath in the virtual currency domain.
If investors took risks on ApeCoin, Bitcoin, and USD Coin, we suggest they do not let their guard down. We recommend new and experienced investors take the investment guidelines they had learned seriously.
In this manner, they will not lose considerably as they await the cryptocurrency market to bounce back and return to normal.