Very generously our tweeter credits another crypto fanatic for the remarkable analysis, who had drawn up his own chart just days earlier:
When new cryptocurrencies enter the market, often there isn’t much information about what they do or who their development team are. Thus, investors must read between the lines to determine whether the crypto is a viable investment or not. With that in mind, let’s dive into what SafeMoon is and its price history.
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Given the hype and ironic humor around its release, the currency attracted a cult following among cryptocurrency enthusiasts. Undaunted, West’s legal team filed suit, compelling the creators to sell their holdings and shut down Coinye’s website.
Even though the current downside move is sure to shock some investors, slight corrections after reaching new all-time highs are a customary practice for Bitcoin.
Discrepancy in price of token on spot and futures markets opens opportunities for arbitrageurs
For many people, crypto is a type of alternative investment. Just as you can buy and trade stock in public companies, you can buy cryptocurrency with the hope that it will increase in value over time, allowing you to cash out for a profit at a later date. Some people invest in crypto less for the belief that it will become a popular currency and more as a bet on the blockchain technology behind it.
Danial says there have been plenty of huge spikes followed by pullbacks in Bitcoin’s price since 2011. “What I expect from Bitcoin is volatility short-term and growth long-term.”
He added: "You’re simply reliant on someone further down the line being willing to pay more than you did to turn a profit, which is a risky bet indeed."
It might be time to remind the millennials that all that glitters is not gold. At least some cryptocurrencies — the new-age investment asset class — are on the verge of extinction. After all, not all tokens are created equal.
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Bitcoin–and the cryptocurrency industry as a whole–plunged this year, after a gravity-defying surge in recent years. The price of the digital coin hit nearly $20,000 late last year. And then in early 2018, it began to fall. Though it hit a few plateaus, the price has still tumbled; today it hovers at a little over $3,000.
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Despite the concerning news and slight pullback in traditional markets, BTC and ETH prices rose, a dynamic that analysts such as Anthony Pompliano refer to as “asymmetric price action” where investors see a red hot stock market and unsustainable central bank monetary policymaking risk-on assets like Bitcoin as attractive investments and hedges against gold, the dollar and inflation.
Unlike other cryptocurrencies, SafeMoon claims it will reward people who buy its token and hold on to it rather than trade - for which there are penalties in place.
Cryptocurrency investor discusses bitcoin back in 2011, before it earned him a life of luxury
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