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A German crypto community called CryptoMonday researched and found that since the beginning of 2022, the number of tweets about Ethereum has dropped by more than 65%. This study was just made public last month. Searching for a reliable cryptocurrency trading platform to make Bitcoin investments? Check out bitcodes if you're interested.
There were 670,31 thousand tweets in the week that ended on January 23, so it seems like that was their peak. On the other hand, this number dropped to 232,33 thousand on July 31.
Jonathan Merry, the company's CEO, thinks the drop could mean fewer people are interested in the crypto asset.
He noticed that the price of Ethereum has been trying to get out of its slump, which has made more people worry about the state of the Ethereum ecosystem. In the next merge upgrade, the "Ethereum mainnet" will be merged with the "beacon chain proof-of-stake system." One reason the price of Ethereum has changed a lot in the last month is this.
Without getting too specific, it seems like the "proof-of-stake" method will work better than the "proof-of-work" method used now. Also, it can cut the amount of energy the network needs by about 99.5%. Traders are trying to figure out what will happen to the cryptocurrency market after the merger.
Not as well as some other digital currencies.
On Monday, August 29, it was reported that Bitcoin's price had dropped by 7.3% in the last week to less than $20,000. The prices of the top two altcoins, Cardano and Litecoin, also went down by 5% and 15.7%, respectively (Solana). Alternate cryptocurrencies, also called "altcoins," are supposed to be "better" versions of the original cryptocurrency they were made from. Altcoins do this because they "try to fix things people think are wrong."
Consider why you want to buy digital currencies.
Why are you putting money into cryptocurrencies to begin with? You should ask yourself this before you spend any money on cryptocurrencies. There are many other ways to invest your money, and many of them are safer and less risky than digital currencies.
Investors, especially those new to the world of digital currencies, should do their best to understand how it works before putting money into it. Spend some time learning about the different types of money. Other than Bitcoin, Ether, and Ripple, hundreds of other coins and tokens are now in circulation, so it's essential to look at more than just the most well-known ones.
Learn about blockchain technology to understand how this part of the bitcoin world works.
If you don't know much about computer science or coding, some parts of blockchain technology may be hard to break down and understand. People who don't know much about technology can learn about blockchain in several ways.
Join a group of people online who are interested in cryptocurrencies.
Digital money is a very popular topic, so things change quickly and improve. One reason is that people who invest in and like digital currencies have a strong community and always talk to each other. This group is always doing something.
If you join our group, you'll find out what's happening in the world of cryptocurrencies. People who like talking about digital currencies can now do so on Reddit.
Read white papers about cryptocurrencies to learn more about them.
But how a digital currency works is more important than what people say about it. You should find the white paper if you want to invest in the project. Every cryptocurrency project should have one and be easy to find.
Timing Is Key
On the one hand, investors might be more likely to act quickly if they buy a popular new currency before it becomes very popular and gains a lot of value. In reality, your chances of success will increase if you watch the market before you do anything. Most of the time, you can guess what will happen to cryptocurrency prices. Bitcoin is the basis for many other digital currencies, and most tend to move in the same general direction.
Also, remember that it's hard to tell how much digital currencies will be worth. A lot of people have lost money that they put into virtual tokens. Many investors did the same thing as those who bought bitcoin and became a billionaire overnight. There are some risks involved in putting money into this market. You can give yourself the best chance of success with an investment by learning as much as possible and preparing well.
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.