Good Afternoon!
I collected data this morning and here are the results:
Looks like the cryptocurrency market is struggling to hang onto yesterday's impressive comeback.
• 30 day rolling average of cryptocurrency market cap = decrease of $1.4 Billion per day.
Don't forget to follow @socky for updated charts
What is your strategy?
Please remember to VOTE and ReSteem
Oh ! Yes crypto is gradually recovering from bullish trend since last week.if am to say, wait for some time again before you sell your bitcoin to get steem.bitcoin will appreciate better this coming week if you critically look at it.thanks for this costly chart you brought to us free of charge.
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can you educate some of us new investors as to what the market cap is and what role it plays when picking a crypto currency to back and invest in. I hear ppl at work talking about well "whats the market cap"? or "whats the volume?" when all I see is a stock like XRP going from .54 to 1.61... and saying I should have bought at .54 lol... any inside knowledge to how you evaluate an ICO id love your take on this. Thanks @theUXyeti
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Great question. Market cap is the number of coins multiplied by the cost per coin. The cryptocurrency market cap is all the individual market caps all summed together. It really shows the health of cryptocurrency in general. Bitcoin takes a dominate share of the cryptocurrency market. Whatever bitcoin does, it usually has an affect on other currencies. For instance, when bitcoin is going up or down at a normal pace, the altcoins usually follow. When bitcoin is climbing at a fast pace, it can sometimes drain the altcoins due to liquidity. It is difficult to come up with currency fast during a pump of bitcoin. During a pump, some of the funds come from altcoins as people sell their altcoins for bitcoin.
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So hypothetically if Bitcoin dies... and the Alt coins would die? and crypto no more? or is there a chance for ETH or LTC to rise above the "myspace = bitcoin" where "Facebook = Etherium" could evolve as the median?
I guess my thought is when someone asks me the market cap on say XRP for instance which is at Vol 11,953.70 BTC or $1.52 what does that mean to me... what persuades me to want to buy into an ICO? can you assist me on that? I am curious some tell me if the market cap is really small then the value of a coin could be much more valuable as there are less available.
Can you give me a DUMMIES 101 answer so I understand how to research and find good ones. I will dig around after you response to see if you think I understand your response?
thanks
@theUXyeti
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Bitcoin won't die quickly... It has been loosing its dominance for quite a while. There are problems with it such as long transaction times and high fees and small block size. Altcoins are growing at a faster rate.
The Volume is the amount of trading usually in a 24 hour period on a particular exchange. The price is the equivalent US dollar value or the Bitcoin (BTC) value.
If a coin is available on exchanges, They have already ICO. An ICO (Initial Coin Offering) would generally be available on their individual website or in a private offering. They are risky and potentially highly profitable. Usually, the market cap is the primary source for ranking coins. During an ICO, you can get close to estimating what the ranking will be by multiplying the number of shares for sale by the cost per share. If it already ranks in the top 100 or even the top 50 by calculation, you should have a winner. Once they complete the ICO and publish the true market cap, then they magically appear on the ranking. This is when people suddenly see a new coin that they never heard about and start buying it up.
The market cap can be influenced by buying, selling (supply & demand). Another influence is the amount of new coin being "printed" (i.e. created). Some coins have a limit while others do not. Some will hit their limit in the future and some have already hit their limit.
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Great post! Does this mean you like these coins? Which coins of you had 1k to invest in today would you put it into if say by July 2018 6 months from now you’d consider taking it out? Same question based on December 2018,
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If you want to gamble, I think Litecoin is undervalued. Also, I like Cardano. My recommendation is to diversify my in many coins.
I think a more reliable coin is Steem but in the form of Steem Power. You can get 60% APR by delegating or more by blogging. the value is locked to Steem. If Steem goes up, your investment goes up. You will also have a head start over new users in the future when the price of Steem goes up.
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well id love a follow if able and potentially check out my posts. Ive posted a bunch and would love the assistance in followers and creating a great community here. As for the Steem part. IF I have $10 in savings in my account of Steem is that equivalent to $10 in steem or is it much more because a steem token is $4.78 etc... so in essence my steem savings is worth $10 x $4.78 ?
agreed I like cardano as well...
would love an add and any other people that may enjoy my posts encourage them to add too. :) thanks so much
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Savings and Steem are the same value because it is the same coin. Savings puts a 3 day hold on it for security. Steem theoretically has inflation. Think of it like US dollar. A dollar today is worth less than it was in 1970. If you buy Steem Power, it is like buying a US savings bond. You get just enough interest to protect from inflation. Steem Power comes with additional benefits such a share in the voting pool. You will earn additional Steem in the form of Steem dollar and Steem Power when you convert to Steem Power. I see you have savings. If you are holding that for long term, you should hold it in Steem Power. It will give you more security as it takes a period of 13 weeks to Power down. If you want to stay liquid and still want to have security, then keep it in savings.
Even though Steem has the potential to loose value due to inflation, this is insignificant compared to market demand.
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If the amount of coins is really high the price cant go very high, if there are less coins the price can go very high, this is because of the supply and demand,
Same demand but less supply = more expensive
Same demand but more supply= less expensive
The demand of a coin changes based on the team backing it up, or the news or just hivemind mentality, let me give u an example
TRX = tron has a 100 billion amount of coins while BTC= bitcoin has a 21 million supply, if the demand is the same btc price will be much higher then trx
XRP= Ripple has a 99 billion supply FYI.
What u should be doing is choose a coin that has a good team, good whitepaper(the place where the developer says what he wants to do with the coin) and good companies backing it up and HODL, because what really matters is the % of gains and not how expensive the coin can be, i will name a few:
XLM= has ibm
IOTA = bosch
XRP = The banks(i dont like banks so i dont buy this one)
Capps = Nvidea
TRX = Justin Sun (not a company but i trust this dude, even though he likes to tweet a lot)
VEN = Chinese gov
I might not be the best at explaining this since english is not my native language... but the core part is put the money in trustworthy coins, backed by companies and good whitepapers and hodl, dont daytrade just hodl
Cheers
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Can u list 5 goodcoins to hodl for for 6 months out and then 9-12months out say i have 1k to invest and diversify it what is everyone’s recommendations?
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NEO:ETH:XLM:XRB:VEN any of this coins will raise the price as the time goes on, just diversify between them and sell whenever u want, i would advise selling in december, the price usually starts going up around may and comes down in december january...
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ah ok. yea everyone gets past tax season and are ready to invest lol... I like NEO and XLM as well. VEN isn't that pricy for now or it doesn't matter bc the cap justifies the coin price
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An excellent market analysis, my strategy is to watch and buy the STEEM. Thank you @socky and ReSteem
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unimaginable news much obliged for sharing
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well i think market will take some days maybe one month or more to full recover so wait for this
good job for give this everyday
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We appreciate the data. With all of the news with South Korea and their crypto-ban rumor, there have definitely been a lot of weak hands that have folded. These weak hands also induced many of the panic selling we all witnessed.
Always remember:
Have a plan for what you are going to do when something like this past week happens.
There is no shame in taking early profits if it means you can reinvest when you are feeling comfortable.
Always do your own research. This helps on more levels than one. Plus, it's rewarding.
While you are doing your own research, that does not mean you should be alone in the process. Get a team of people who love to learn about this market, join a discord with people arguing back and forth. That's how you learn. That's how you succeed.
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those who hodl for another week can fly high..
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in the evening one may praise the day
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Astounding analniz showcase, my methodology is to watch and purchase the STEEM. Much obliged to you @socky
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You did a good analysis
I agree with you, the crypto money is trying to get it all right. But when it's fully ascending, I hope it will rise in the near future :)
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wonder if this new technology could be implemented to reduce data usage costs for cell phones.
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It's never been in any stable position. It's always changing. upvote&resteem @socky
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Good analysis ♥♥ following you ♥ keep it up
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Good work. My strategy is just watch what happens :) upvoted, resteemed.
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good afternoon to you sir ....and i want to ask you that when the market cap will increase and will up from its high, whats your review on it?
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Interesting position on the topic. We all deserve that crypto makes its big. Little guys like us, that got in early should be rewarded. Fingers crossed guys :)
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ahhh we wait its big increase and then we feel some cool fine @socky ...and good to share this report daily thats your good work
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Crypto was very low in the last few days. But now it will go up too much hopefully beating all the previous records :) always hope for the good
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It is most logical to attract the money in the account
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wow....you create a good post....Lot of thanks for Sharing this informative and valuable post....best of luck brother....
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Thanks for yout chart info but the best strategy is that crypticurrencies is always fluctuating and you can check on 3years statistics but just that this time around the drop us drastic but best believe when it gets a boom;it will be massive and hard to come by for those trading their at a cheap rate so its best you watch daily statistics and be optimistic for a growth in future .
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yes sir, steem returned from the dead that good weekend, let's see if this trend is maintained next week I hope that if , as always thanks for the info @socky every time you deserve more followers.
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