Steep rises and unexpected dives in the price of cryptocurrencies are relatively common. As the market stabilises, the volatility has slowly decreased, but irrationality will always be part of the trading game.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice. Cryptos feed Dogecoin price provides perfect buy opportunity for a 50% breakout
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Bitcoin’s price has taken a wild ride so far in 2021, and in November set another new all-time high price when it went over $68,000. This latest record high follows previous high points over $60,000 in April and October, as well as a summer drop to less than $30,000 in July. This volatility is a big part of why experts recommend keeping your crypto investments to less than 5% of your portfolio to begin with.
Bitcoin had rallied 220% in 4Q 2017 and if history repeats itself, Bitcoin could reach $96,355, which could potentially be this cycle’s top.
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And, importantly, just because cryptocurrency is secure does not make it safe. As much as some of the recent popularity of cryptocurrency is driven by investors’ belief in its value, that value is still based on speculation. For those who invest in crypto, it will be among the riskiest investments they make.
Bitcoin’s surge to $69,000 took bears by surprise and cemented bulls expected $400 million profit at Friday’s $1.2 billion options expiry.
Dogecoin (DOGE) turned down from $0.29 on Nov. 8, indicating selling on rallies. The price has dipped back to the 20-day EMA ($0.26), which is an important support to keep an eye on.
That’s the same crowd that has pumped up the prices this year for other crypto like Shiba Inu and Dogecoin.
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Regulatory announcements can also affect the price of cryptocurrency in already volatile markets. Market volatility is why investing experts recommend keeping any cryptocurrency investments to less than 5% of your total portfolio and never invest anything you’re not OK with losing.
As its name suggests, you can use cryptocurrency to make purchases. But your purchasing power is limited; crypto isn’t yet widely accepted among retailers and other businesses.
There has also been a big debate on Safemoon tokenomics. Most of the competing coins have more appealing and innovative tokenomics than Safemoon. Whereas the Bitrise coin has an automated buyback and burning process, Safemoon is burning manually. This means the regulation of the Safemoon token liquidity is less transparent.
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The price of the SAFE Network is projected to reach its previous high later, with a predicted average value set at $0.00000251 by 2022 – up from an expected 2021 rate of around 0.00000162 dollars per token.