Benzinga - Tesla investor Ross Gerber took to X, formerly Twitter, to caution the younger generation about the pitfalls of investing in lesser-known cryptocurrencies, commonly referred to as “sh*tcoins.”
What Happened: On Monday, Gerber took to X and urged them to focus on established cryptocurrencies like Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH), referring to them as the king and queen of the crypto world.
Gerber wrote, “Please kids. Avoid the sh*tcoins. Do not make this mistake again. Stick to the king, Bitcoin. Or queen, ETH. But please not this again. Avoid sh*tcoins! #BTC.” This statement comes amid a backdrop of a significant rally in major cryptocurrencies and a resurgence of interest in the crypto market.
Please kids. Avoid the shitcoins. Do not make this mistake again. Stick to the king, Bitcoin. Or queen, ETH. But please not this again. Avoid shitcoins! #BTC— Ross Gerber (@GerberKawasaki) March 11, 2024
See Also: Meme Coins – Jackpots and Gambles In the Wild World Of Crypto
The tweet was posted on Monday, March 12, 2024, a day when the cryptocurrency market has been experiencing notable gains and increased investor attention.
Why It Matters: The cryptocurrency market has witnessed a surge, with Bitcoin, Ethereum, and Dogecoin leading the charge. The total crypto market cap has reached a staggering $2.5 trillion. Bitcoin’s valuation alone has soared to $1.42 trillion, surpassing silver and marking it as the world’s eighth most valuable asset.
Recently, Wrapped Bitcoin’s price increased by more than 4% within 24 hours, continuing its positive trend. Analysts from Bernstein have even predicted that Bitcoin could hit $150,000 by 2025, as the cryptocurrency continues its upward trajectory.
Despite the optimism surrounding major cryptocurrencies, the market has seen a significant number of altcoin projects fail. A report revealed that 72% of crypto projects launched since 2020 have died out. Nonetheless, the recent Bitcoin rally has sparked hope for an altcoin revival, indicating a possible correlation between Bitcoin’s performance and the broader crypto market’s health.
Read Next: From Bitcoin’s Sudden Slump To ‘Dogecoin Killer’ Shiba Inu’s Lead Developer Hinting New Era For SHIB And More: Top Crypto Updates This Week
Photo by DUSAN ZIDAR on Shutterstock
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