There is little doubt that crypto has transformed the world of finance. The conversations around these altcoins on Reddit certainly paint a rosier picture for these coins in the near-term future. Market analysts, including hedge fund billionaires, see the pullback as a buying opportunity, arguing that altcoins can use the lull around crypto to catch up to Bitcoin and Ethereum. Ethereum, the second most popular coin, has also dropped from an all-time high of around $4,000 in the past few weeks. In addition to giants like Bitcoin and Ethereum, which account for more than two-thirds of the total market capitalization of the crypto market, altcoins are becoming more popular, especially through Reddit forums where retail investors often lead the conversations on the future of finance.īitcoin, the most popular coin, has tanked from an all-time high of $64,000 to around $30,000 in recent days. (NASDAQ: GOOG) lends much hope for the future of blockchain. However, despite the gloomy short-term outlook, the long-term bullish view on crypto by big technology firms like NVIDIA Corporation (NASDAQ: NVDA) and Alphabet Inc. Investors are hesitant to jump on the crypto bandwagon where price volatility can pummel entire portfolios without much warning. Since cryptocurrencies are still finding it hard to get more mainstream recognition, an observation lend credence by the recent drop in the prices of cryptocurrencies on the back of campaigns on forums like Reddit and Twitter, as well as lobbying by big finance and governments that see crypto as a threat to the existing system, the Dogecoin saga has increased the skepticism surrounding the new technology. The episode highlighted the volatile nature of the crypto market. Following the appearance, the value of Dogecoin, which had increased ten-fold in the leadup to the Musk skit on television, buoyed by users on internet platform Reddit, dropped by about 40% within hours. (NASDAQ: TSLA) chief Elon Musk made an appearance on popular television entertainment show Saturday Night Live and joked about Dogecoin, a cryptocurrency that began as an elaborate joke back in 2013 but had since crossed over $50 billion in market capitalization. If you want to skip our detailed analysis of these cryptourrencies, go directly to the 5 Best Cryptocurrencies to Invest in According to Reddit. In this article, we discuss the 10 best cryptocurrencies to invest in according to Reddit.
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