Cryptocurrencies are traded on 520 crypto exchanges, according to CoinMarketCap. Cryptocurrencies have a market capitalization of around $1.04 trillion at the moment. In terms of cryptocurrency market capitalization, the top 10 coins include Bitcoin, Ethereum, Tether, USD Coin, BNB, Binance USD, XRP, Cardano, Solana, and DogeCoin.
In spite of volatile market conditions, demand for cryptocurrencies seems to be on the rise. Currently, there are over 20,700 cryptocurrencies available for investment on the crypto market, worth over $1 trillion. Cryptocurrencies such as Bitcoin and Ethereum have the largest market capitalizations.
While cryptocurrencies are sensitive in nature, they are widely used as investment tools by teens and adults worldwide. The blockchain industry has a wide-scale approach, and experts believe the industry is in a booming stage. There are now many different instruments to trade, like metaverse, nonfungible tokens, Web3, Defi, stablecoins, and decentralization. Are cryptocurrencies a good place to stash your retirement funds considering the vast variety of unique investment options available?
Investing in retirement means achieving a specific income goal for the future, which will allow you to become financially independent in the future. Selecting the right investment vehicle is crucial to maintaining your lifestyle and meeting your retirement needs. When you reach your golden years, it is imperative that you have a solid investment plan in place.
As a result of internal and external factors, cryptocurrency prices are susceptible to market-related risks. Trading in stocks has a similar pattern to them. One disadvantage of cryptocurrencies is the lack of regulatory reform, unlike stocks. In addition to being less transparent, cryptocurrencies are more vulnerable than stocks.
Cryptocurrencies are traded on 520 crypto exchanges, according to CoinMarketCap. There is currently an estimated $1.04 trillion market cap for cryptocurrencies. The top 10 cryptocurrencies are Bitcoin, Ethereum, Tether, USD Coin, BNB, Binance USD, XRP, Cardano, Solana, and DogeCoin.
Should you choose cryptocurrencies for retirement planning?
Ayushwani Kumar, CEO and Founder of HelperWorld, stated, “Despite the skepticism about cryptocurrencies as assets, they have been widely adopted globally, resulting in legalization, and many other countries are considering cryptocurrencies as investments as well.
A number of wealth management firms are adding cryptos to their retirement kitties, but Kumar emphasized that before one considers cryptos for retirement, one should take into account some crucial factors – one’s age, disposable income, and risk appetite.
“Though cryptocurrency is risky for mainstream investors, it has grown to become one of the most popular alternative asset classes of the 21st century,” said Abhijit Shukla, CEO and Director of Tarality.
A small part of retirement planning can include investing in cryptocurrencies, according to Tarality’s CEO.
As a volatile market, crypto should not play a big part in one’s financial strategy, even though it can be a small part of one’s retirement planning. Since the price of this asset class tends to not move in accordance with the rest of the market, it can act as a diversification tool. Additionally, inflation can be hedged by using it.
The value of Bitcoin has generally trended upward over the past few years, according to Shukla. Crypto investments may be a good option for retirement plan investors as part of buy-and-hold strategies.”
Regarding investments in cryptos for retirement, Kumar advised investing about 10% of a well-balanced retirement portfolio in cryptocurrencies with long-term potential. It is also recommended to keep crypto in an offline or hardware wallet to prevent hackers and malware from gaining access to private keys.”
The cryptocurrency market today consists of:
In the past day, CoinMarketCap has reported that the global cryptocurrency market cap has increased by 0.57% to $1.04 trillion. It is worth noting, however, that the total crypto market volume over the last 24 hours has decreased by 5.96% to $66.54 billion. A total of $4.88 billion worth of crypto is currently traded through DeFi, constituting 7.33% of the total 24-hour volume in the crypto market. A total of $60.57 billion has been traded over the last 24 hours across all stablecoins, which represents 91.03% of the entire cryptocurrency market.
The price of Bitcoin has risen by 1.2% over the past 24 hours to $21,700. During the past 24 hours, Ethereum has surged nearly 3%, trading around $1,685. In the last seven trading sessions, however, Bitcoin and Ethereum have declined over 7% and 8%, respectively.
A market capitalization of $413 billion is attributed to Bitcoin, while $204 billion is attributed to Ethereum. In terms of market share, Bitcoin holds 39.75%.
There are ten other cryptocurrencies in the top ten – Tether, USD Coin, BNB, Binance USD, XRP, Cardano, Solana, and Dogecoin. The market cap for USD Coin is $52.33 billion, BNB $48.06 billion, Binance USD, $19.04 billion, XRP, $15.67 billion, Solana, $12.54 billion, and XRP, $17.11 billion.
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