The cryptocurrency sector traded mostly in the red on Monday while Bitcoin and Ethereum officially entered into a bear market. A bear market is defined as a decline of at least 20% from the all-time highs.
On Monday, Bitcoin price (BTC/USD) was trading near $42,000 which represents a one-week drop of 26%. The price of Ethereum (ETH/USD) was also down around 24% at around $3,150. Among the few cryptocurrencies trading in the green on Monday was Cardano (ADA/USD) which was up around 13%.
The fall in Bitcoin, Ethereum, and multiple other cryptocurrencies prompted many new investors to take a second look at the space. If you are among the new investors looking to buy cryptocurrency for the first time amid the recent weakness, this guide is for you.
How & where to buy cryptocurrencies right now
Buying cryptocurrencies for the first time is a straightforward task as many reputable brokers started offering clients the ability to buy Bitcoin, Ethereum, and dozens of other coins. If you want to hold a cryptocurrency or multiple cryptocurrencies as part of a diversified portfolio, you will need to open an account with a crypto broker.
Our team of financial experts can safely recommend two cryptocurrency brokers that are best known for its ease-of-use, low fees, and outstanding support.
eToro
Fintech company eToro was founded in 2007 and evolved to become one of the top cryptocurrency brokers in the industry. The platform includes a social element to trading where users can follow the portfolio of expert traders.
Buying cryptocurrency on eToro’s platform is very secure. The company itself was valued at $10 billion as part of a deal to evolve into a
