November was definitely quite rough month for the cryptocurrencies including Altcoins. The father of crypto, BTC Bitcoin has reached all-time high in the month. It is just to tumble usually 20% in following weeks. Predictably, various other cryptos also followed the suit.
Reasons for Pulling down of Market of Crypto and Altcoins
Various factors pulled down the market down. It includes new rules for tax reporting, news of other COVID variant, and different kind of the regulatory moves around the world. Additionally, Altcoins is also disreputably volatile, and also new highs are usually followed by some of the corrective lows.
We might still expect more volatility with drops in price possibly in the month of December. Particularly when there are some changes in the regulatory or regulations of crypto. It is still important to be cautious for decentralized finance tokens in short term. You should understand the impact of new regulation.
It’s a good time to buy Altcoins!
Yes, it is well said that prices drop is a good time when you can buy crypto or coins. You can choose to pick up the Altcoins such as Solana (SOL), Cosmos (ATOM) and Avalanche (AVAX) which have already made some huge jumps. Few others may also wish to simply top up on the old favorites such as Bitcoin, Cardano (ADA) and also Ethereum (ETH). However, for many more, this is simply a matter of holding through such dips and also avoiding any kind of the panic sales.
Various blockchains works in the fashion of closed-loop, with high level of security being the topmost priority. Nevertheless, this is not great when you want blockchains to simply talk to each another.
Key points to note
Not only Crypto, but every digital currency including Altcoins had a rocky November because COVID and tax reporting regulations had pulled down the prices. We now have got the Web3, metaverse, smart contracts, along with sports tokens that are on our radar.