Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) are both trading right at their levels of 24 hours ago.
At the time of writing, one Bitcoin is worth US$36,529 (AU$51,382), according to data from CoinMarketCap.
Bitcoin, the world's top token by market cap, staged a brief rally over the past 24 hours, reaching as high as US$38,825, but that 6% price gain proved unsustainable. At least for now.
Ethereum, trading at US$2,443, also saw prices spike over the 24 hours, reaching US$2,706 while most Aussies slept. It's now down 9% from that level.
At the current prices, Bitcoin remains down 47% from its 10 November all-time highs of US$68,790. Ethereum is down 50% from its own record high, which it hit on 16 November.
Is it a good time to buy Bitcoin and Ethereum?
You have to go back some 6 months to find either token trading significantly lower than today's prices.
That, as you'd expect, has many crypto investors wondering if now is the time to buy the dip… or if both Bitcoin and Ethereum could have far further to fall.
While the jury remains out on the definitive answer to that question, Crypto.com general manager Asia Pacific, Karl Mohan, remains decidedly bullish on the outlook for cryptocurrencies.
As The Australian reports, Mohan says the year-on-year trendline is up "both in terms of the crypto total market cap, and total number of crypto users".
Indeed, go back a year and you'd find Bitcoin trading around US$30,400 and Ethereum in the range of US$1,250 — both well below today's levels.
Crypto.com's own statistics indicate the total number of crypto users increased from 106 million at the beginning of 2021 to end last year at 295 million. And Mohan believes those numbers will continue to charge higher.
According to Mohan (quoted by The Australian):
It was a remarkable growth rate, and we're expecting crypto will reach 1 billion users by the end of the year. We also saw record growth in terms of people working in the crypto industry too. Our staff headcount grew more than 4-times in 2021, and we're now at over 3,000 employees globally.
Foolish takeaway
If Mohan is right and crypto adoption continues to skyrocket, it should provide some strong tailwinds to leading tokens like Ethereum and Bitcoin.
But you need only look at the past few years' price charts to know that even if these cryptos return to an upward trend, it's likely to remain a wild ride.
Invest with care.
