As increased interest in cryptocurrencies generates a huge inflow of money into cryptocurrencies, everybody wants to buy the cryptocurrency that pumps next. After Steem sees its price nearly 15 times what it was few days ago, what will come next?
Market movement (empirical analysis)
We see that nearly every coin is booming, not necessarily in the same day, and it is easy to see similar coins having similar movements. For instance, Ripple soared, and after that we saw Stellar Lumens soaring. Nobody seems to understand why Stellar Lumens went so high. The only apparent reason was trying to catch up with Ripple's previous day rise, as these coins should be positively correlated.
Next in line
When Steem is considered too expensive to buy more, what will investors be looking into? My guess is probably Synereo. I know this coin is involved in a lot of issues, but its main feature is scheduled to go live in June, and investors would probably want to take a shot there, considering that social coins should be positively correlated.
I mean, if every social coin is meant to be worth 6 to 15 times its last month price, why would Synereo be an exception? Unless we assume it was very overpriced last month, there is a good probability we will see it reaching much higher prices soon. Technically, there is a resistance level to be crossed first, but there is much room to grow.
Bytecoin BCN - it will soon parallel monero XMR
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Is anything left?
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I've been wondering this same thing after watching Gnosis on sideline and buying into Ripple around $0.06. I'll have to do some dd on Synereo
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Same here
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