Cryptocurrency has attracted more and more people as the time is passing by. This is due to the influence of many incentives that are thriving the Crypto trade and investments. The bitcoin and Ethereum had some really good turn outs as well as market did dip too. There are man factors that are contributing to the change in the cryptocurrency scenery. The more exposure to cryptocurrencies is attracting more and more people towards it. Elon Musk has been actively supporting and voicing Cryptocurrency on twitter and asking people to invest in it. Elon Musk’s participation is on of the factors that has people really breaking their shells and entering cryptocurrency trading and investment. Cryptocurrency has to be understood well before it is tried by anyone. There is a thorough procedure to follow to gain, invest, or trade Cryptocurrency.
Involvement of Elon Musk into Bitcoin and Dogecoin is very interesting and causing a lot of people to consider cryptocurrency seriously. More and more people are now investing in many cryptocurrencies like Ripple’s XRP, Binance, BTC, Ether and Altcoins of other sorts. Elon Musk’s involvement in Bitcoin was his investment of $1.5 Billion Dollars that he invested in January and was expecting to accept it as a payment in near future. Not only will this investment be beneficial for increasing his assets but also increase the value of Bitcoin in General. The Bitcoin’s all time high value peaked at $52,000 plus in February as soon as Elon Musk announced he had invested in the Bitcoin. Due to this many other cryptocurrency values spiked higher and reached new values. This caused a lot of activity in cryptocurrency trading and investment.
The cryptocurrency value went downhill shortly after that by 10% when a Whale withdrew its bitcoin from the wallet in return for cash. Now what is a whale? One might ask. Whale is an individual entity, an institution, or a company investor or trader who invests a lot of money on Bitcoin or a cryptocurrency. To become a whale in cryptocurrency world, Cryptocurrency equivalent to 1000 Bitcoin should be in a wallet of the holder of Bitcoins which is around 50 million dollars more or less. Whales are very important in the cryptocurrency world as they have the power to manipulate the balance of cryptocurrencies. Just by selling or buying cryptocurrency the whale can manipulate the entire capital of Bitcoin and can easily increase or decrease the value of Bitcoin. Many people affiliated with Bitcoin fear whales because of their positions and power to change the outcome of Bitcoin. A whale investor saw an opportunity to withdraw cryptocurrency when it hit all time high and gain maximum profit off of it causing the whale to gain profit and Bitcoin to crash. Due to Bitcoin Crash the investors lost 10% of their investments. This crash caused other cryptocurrencies to crash to causing a big market downgrade of about $400 Billion Dollars in Total. Analysts are hoping that this is just temporary and they are predicting that the values might go up in near future again and will peak higher than it is right now. It might reach $100,000 shortly and will be the valuable digital gold. It is important to see how bitcoin actually is profitable in many ways for many businesses and investors. Not only Bitcoin but the altcoins are also just as important as bitcoin in this time and age where profit is inevitable. It is important to go material less and digital for safe a secure transaction of money from person to person. The blockchain technology can help in secure transfers of money and no scams can be done to one another like double spending.
Ether has been also very emphasized recently as its value soared almost $300 dollars and reached $1500 and has been stable throughout the whole cryptocurrency market downfall fiasco. The bitcoin downfall didn’t affect ether value as much as it did to other cryptocurrencies. Although it did fell from $1400 to $1256 but it regained its overall value in no time. Ether has been doing well and is on a good track for quite some time now and trading in ether for many is not that easy right now, but it can be stable and can help gain profit, a lot.
Dogecoin has been a constant highlight by Elon Musk and has been tweeting about it a lot Elon Musk has been a fan of Doge Memes as well as cryptocurrency which is why he has been supporting and promoting it. It is important that such public figures promote cryptocurrencies because such people are leaders of the market right now and represent a lot than it looks like. Many companies right now are slowly transitioning towards Cryptocurrencies for their trade and payment methods.
Now, here are some tips for how people should actually invest in cryptocurrency as well as make a wallet. Select apps that interests you and try to get the overview of the apps as some wallets support certain types of cryptocurrencies. Sign up for the wallet and enter information like identification, basic info., and face ID for security reasons. Trade in some cryptocurrencies through the apps. Important suggestion. Try to invest money in smaller cryptocurrencies and get an idea of how trading works. There are many Cryptocurrency tutorials and lectures that help people in understanding cryptocurrency trading and how to trade in cryptocurrency. Traders should study candlestick charts to see price patters and opening and closing trading prices for to see loss and profit and value increase in cryptocurrency. Trader should always invest in crypto when a certain cryptocurrency goes down in price that’s when the price is low and the crypto buying is easy. Try to sell the crypto as soon as the value of cryptocurrency is increased. This allows maximum profit to be earned. It is important to keep up with the updates of cryptocurrency on regular basis to understand trading. Gradually go for higher cryptocurrencies for trading and investing when you have a good amount of knowledge about cryptocurrencies trading.