The price of Matic is inching towards the 15, 20 & 25 moving averages The yellow lines represent the range between which Matic has been trading since July The expectation is for the price of Matic to drop to 0.76 in the next few days Note: Trading decisions should not be based on the opinion in this article, investors should conduct their own due diligence before buying the cryptocurrency. This article is purely based on my own research and understanding of the cryptocurrency in the article.
MARKET HIGHLIGHTS
Currency in circulation: 293 Million
Market Capitalization: $797 Million
Price per USD: $2.72 (26th April 2021)
Cryptocurrencies have been gaining popularity and traction around the world. In just a matter of 12 months, the crypto world has grown exponentially from a market capitalization of $223 billion in May 2020 to $1.9 Trillion in April 2021, that's an increase of 794% in a year.
It can be rightly agreed so that the boom in cryptocurrencies was led by the major economies of the world. As per Statista's (a business data platform) 2020 report, United States & Russia were said to have traded the highest amounts of Bitcoin. When major economies of the world adopts an ongoing revolutionary change it usually results in a high influx of capital investment into that asset.
United States has widely accepted the idea of cryptocurrencies, China on the other hand is developing its own digital currency and is partnering up with one of the upcoming cryptocurrency VeChain to develop health platform to fight COVID-19 (to learn about VeChain click here).
What about India? a $2.9 trillion dollar economy?
Reuters published an article in March 2021 with the headlines 'India to propose cryptocurrency ban, penalizing miners, trader'. This casts doubts on the future prospects of cryptocurrency in India. However, India has been on a technological growth trajectory for a few years now, being left out of the cryptocurrency market might be a blow to the technological advancement of the giant economy.
That being said, the ban is not currently in effect and is something being proposed. One of the cryptocurrency operating in India's growing market is WazirX. Launched in 2018, WazirX claims to be India's fastest growing cryptocurrency exchange with over 400,000 users. WazirX and Binance launched a US$50 million 'Blockchain for India' fund. This shows an interest of Binance in one of the largest untapped markets in relation to cryptocurrency.
WazirX's native token WRX has seens its price increase from US$0.06 in January 2021 to a high of US$4 in April, an exponential growth of 6,567% in matter of four months.
DigitalCoin predicts the price of WazirX to reach $4.66 at the end of 2022 and $12.08 at the end of 2028
Wallet Investor on the other hand forecast the price of WazirX to end 2021 at $3.9 and predicts the price to each $9.3 in 5 years time
WazirX given the Indian economy size and the technology acceptance in the nation as a whole might certainly be a good investment option that could return decent profits as the number of users on the WazirX platform increases. However this all depends on the route that the Indian government takes in regards to cryptocurrencies.
Note: Price forecast are predicted using mathematical models and shouldn't be used for investment decisions. Trading decisions should not be based on the opinion in the article, investors should conduct their own due diligence before buying the cryptocurrency. This article is purely based on my own research and understanding of the cryptocurrency in the article.
If you liked my explanation of WazirX, let me know in the comment which currency would you like to know about next.
HOW TO BUY CRYPTOCURRENCY/TOKEN
Buying a cryptocurrency/token has gotten really accessible to the general public. Its as simple as downloading the application on your phone, selecting the coin/token you are looking buy and place a buy order.
Binance is a the world's largest cryptocurrency trading application with a wide variety of cryptocurrencies to choose from.
It is compatible with multiple devices and safe and convenient to trade using Binance.
Start your journey of being a cryptocurrency investor by registering with Binance today using the link below
Click Here to register with Binance
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