Cryptocurrency market: What cryptocurrencies are profitable to invest in?

It is unrecommended to think about long-term investments with volatile prices in the cryptocurrency market, data analyst Nizami Alishan, told Report in a comment on the current situation with cryptocurrencies.

The analyst gave advice to those wishing to invest in the crypto market: "Interest in cryptocurrency in the country has grown dramatically over the past year. Many crypto traders have insufficient knowledge in their field. People start investing, thinking that it is easy money, and in most cases, they fail shortly. In order to be successful in the stock market, I would advise investors to first learn the basics of the forex market, then I recommend to learn step by step meta trading, technical analytics, currency exchange rates and oil and gold price interdependencies before they can go to Tradingview platform and further improve their knowledge."

The data analyst stressed that the situation on the crypto exchange is currently uncertain: “Our citizens do not understand many issues. They perceive each crisis as the one in May [bitcoin price dropped by 35% - up to $37,000 dollars], since they have not previously participated in operations on a crypto exchange. Another fall in the bitcoin rate in September from $52,000 to $40,000 has formed the conviction among our traders that bitcoin should be bought when its price `hits the bottom’. But this is a dangerous trend, because with a correction or a collapse of the stock market, the rate can fall to any limit. Therefore, it is necessary to buy bitcoins only after the price reaches a certain threshold for buying. Bitcoin is currently trading at $50,000 and I advise against buying it. It is not yet clear whether this is `bottom’, but there is a possibility of Bitcoin falling to $29,000. Therefore, it is worth waiting for bitcoin to consolidate at the level of $56,000. One needs to think about long-term investments only after the bitcoin rate stabilizes."

N. Alishan said that bitcoin is the main dominant cryptocurrency on the market, and its state must be stable so that altcoins can easily grow in price: (according to Coinmarketcap) would grow in price when bitcoin gets cheaper. Therefore, it is not worth risking. Since the beginning of November, when bitcoin was still worth $64,000-$66,000, I hardly conduct any operations in anticipation of a correction in the bitcoin rate. Bitcoin cannot keep low marks for many years. Because cryptocurrencies are developing rapidly. In this regard, the future belongs to the cryptocurrency metaverse."