Cryptocurrencies experienced jaw-dropping gains earlier this year, but they’ve taken a beating over the past couple of months.
The price of Bitcoin (CRYPTO:BTC), for example, fell by more than 50% between mid-April and late July. Ethereum (CRYPTO:ETH) has plummeted by around 57% since its peak in May, and Dogecoin (CRYPTO:DOGE) dropped by nearly 70% since reaching its record high.
Recently, however, crypto prices have started to bounce back. Bitcoin, for instance, is up by more than 33% since July 21. Ethereum’s price has increased by 28% in that period, and Dogecoin is up by 20%.
Now that cryptocurrency prices seem to be back on an upward trajectory, does that mean it’s time to invest? Here’s what you need to know.
Will crypto see phenomenal gains once again?
If you missed out on the last crypto craze, it may be tempting to invest in cryptocurrency now to take advantage of this rebound. But there’s no guarantee that prices will return to their record-shattering highs.
Before you invest, think about why you’re interested in buying cryptocurrency. If it’s solely to get rich overnight, that can be