It came as quite the shock and a huge dip in price when it was announced that China would crackdown and ban all crypto mining as the biggest mining market in the world sending many looking for a new home – whilst crypto has long been hoped to find itself as a major player in the payment market as online sites have expanded their own payment offerings like these in the online wagering space, the ban has certainly thrown a big hiccup into the mix. But how is other crypto fairing amidst the change, and is it still a good investment choice despite this set back?
As the biggest market, bitcoin will always receive the most attention from investors particularly as the price has remained relatively high in comparison to the competition but there are some other great coins out there – Ethereum being the second biggest is the blockchain home of NFT’s which have suffered from environmental concerns, but there are many others including SOL, LUNA, XRP and Tether which have bigger market caps which still do provide fantastic investment opportunities for those who are looking for something a bit more affordable without the same attention that the larger coins garner.
(Image from qz.com)
There are still a lot of unknowns within the market though, environmental concerns are quickly rising amongst all things crypto given the larger energy costs being associated with it, with the suggestion that there could be crackdowns in many countries against crypto miners in particular it could slow the growth seen by some up and coming coins and see some stalling from the largest too. There are also the potential legislation changes as suggested across Europe with efforts being made to ensure that the grey area is a bit less grey and to avoid any issues with fraudulent activity and similar too.
Knowledge will continue to be a huge part of the crypto market too as for many its still a bit of an unknown, whilst many will claim to understand exactly what the purposes and uses are, without anything more mainstream to attach itself on to it is currently just a commodity for trading back and forth and until something more material can be found, there will be those who look at its investment merits and don’t see the same opportunity that it once had as well as being concerned about whether there is a more mainstream future too.
Crypto is likely to go through a lot of change yet, and whether or not it’s a good investment is up to the individual looking to purchase, but the potential changes do need to be considered with a longer-term eye for what could change still to be seen.