MUMBAI: As an asset class, cryptocurrencies have seen an exponential increase in global investor interest over the past year and had peaked in April this year.
“There has been a barrage of news that has been influencing increased price volatility in most cryptocurrencies, which has deterred many crypto traders from taking on incremental risk.
In the past, even if there was a big drop in prices, there was a surge in trading, as many investors looked at value buying.
I feel that the market will remain in the consolidation phase during the quarter, and from the next quarter mid, we should see market movement happening.
The key reason is the large number of projects being developed using blockchain technology that are now catering to many industries and driving significant operational improvements.
However, we always recommend investing in crypto assets using rupee cost averaging for the long term to get rid of the short-term volatility and get a better average price of entry into the market,” said Avinash Shekhar, co-CEO, ZebPay.