This is how cryptocurrency market moves--> Sentiment shift like ocean tides
Past performances does not guarantee future performance but it often serves as a reminder for those with the appetite to take risk. 2017 was one hell of a year for cryptocurrency and 2018 story is still in play. There are different opinions on the likely outcome but no one knows the story until it unfolds. As a reminder we hit rock back 3 weeks ago many in the "Bear" were calling 3K, and market sentiment shifted in anticipation of possible Bitcoin ETF's approval, the market quickly blow through 6K right unto 8K in a matter of days. The market sold off following ETF's decisions and we currently building the narratives and watching the charts as the market tides unfolds.
Here a snapshot of a few cryptocurrency and the timeline of their performance
#BitcoinCash #BCH
10/22/17: $312
12/19/17: $3,715
Its important to take note of the velocity of these moves, how little of a time it took for these coins to move into a different gear. These are only a few of the projects, there was a sentiment shift, a different mood, the narrative was different and market participants were fearless. Of particular interest coins like Ripple (XRP) and Stellar Lumens (XLM) experience explosive growth within 2 weeks, jumping more than 400% during that timeframe. The tide has since change and the sentiment is no longer there but one thing is for certain, surfers are waiting to see how high the tides get and how much of a ride they can get from it.
How to prepare
Start looking at the projects and the team behind them. Look at the changes they have implemented and the progress that have been made. Look at the funds talking about them and what traders are saying about the projects on Reddit, Telegram and Bitcointalk channels and the general sentiment. There are lots of great project not all would get off the ground if sentiment has soured. Look at the coins under consideration for Coinbase Custody and projects addressing tokens metrics concerns of traders. Good signs are projects addressing token metrics, those doing burns like Binance Coin and curbing supply. Coins getting exposure to fiat pairs on major exchanges with good trading volume are good signs.
Opportunity favors the brave, a couple bold and calculated moves now could turn out quite well. It also important to not get to attach and understand your own timeline and enthusiasm for given project.
Good points here. The greatest investors of all time accumulated cash, found companies and projects that they understood and believed in, then threw down all that hard earned cash they had been hoarding and road those investments through their high and lows. Patience is key in the market.
Uncomplicated article. I learned a lot of new things. I signed up and voted. I will be glad to mutual subscription))))
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