The price of Bitcoin continues to soar despite the increased volatility of crypto markets amid the COVID-19 pandemic – the currency reached a high of $7,491 before closing at $7,429 on 23 April. On the same day, the price of Etherum also spiked and reached $189.09 before closing at $185.03. The recent surge in cryptocurrency values show that major cryptocurrencies are close to reaching their pre-crash prices thereby giving hope to crypto supporters, holders and investors. Even well-known crypto investors believe that the fallout from the COVID-19 crisis will benefit cryptocurrencies.
“This is looking to be especially important over the next few years as central banks globally add many trillions to their balance sheets. If they’re successful in preventing further asset price declines, the new liquidity may very well seek out scarce assets such as Bitcoin. In an environment where people begin to question the monetary system, alternatives such as Bitcoin can draw a lot of attention,” Messari co-founder Dan McArdle expressed. Bitcoin is about to get even more scarce as it nears halving – hodlers may even hold on tighter to benefit from potentially large gains (i.e., higher prices) in the months following the halving.
But not everyone has the financial capacity to invest in Bitcoin, especially at its current trading prices. New investors, however, may look to altcoins that are currently trade at lower price – after all, Bitcoin prices were next to nothing when it launched before even touching $0.0008 in July 2010. There are many altcoins that currently trade below $50, $10, and even $1 that may follow the path of Bitcoin in the past 10 years – all investors need to do is choose a coin backed by stable assets or projects geared for success. For instance, the metaverse dApp Decentraland has Mana and Decenternet has Spyce, the native cryptocurrency of its web 3.0 browser, Osiris. Both currencies are currently trading below $1 but both are backed by projects that have been receiving a lot of support from the public, which gives them the potential to become the next Bitcoin.