Amidst the ongoing bear market, only a few cryptocurrencies have been able to show green lights. The current bear market and selling off of the majority of cryptocurrencies is alleged to be due to the cropping up of regulations across the world, reduction of investor’s confidence in several projects such as ICO’s, as well as the skepticism portrayed by the public, in general, largely fed by FUD.
During the past week, these were one of the only few cryptocurrencies that showed a generally positive sign: Bitcoin SV, NEM, Tron, Binance Coin, Bitcoin. Several other cryptocurrencies posed double-digit losses, reducing their market volumes by billions of dollars.
1. Bitcoin SV (BSV)
Bitcoin SV is a cryptocurrency. The declared goal of the project is to realize the alleged vision of the creator of Bitcoin known as Satoshi Nakamoto by restoring the features of the original Bitcoin protocol and by enabling unlimited sized blocks. During December 7, it overtook Bitcoin Cash in its market capitalization, which was indicative of its great performance, even if for just a short period of time.
2. NEM (XEM)
NEM is a peer-to-peer cryptocurrency and blockchain platform launched on March 31, 2015. Written in Java, with a C++ version in the works, NEM has a stated goal of a wide distribution model and has introduced new features to blockchain technology such as its proof-of-importance (POI) algorithm, multisignature accounts, encrypted messaging, and an Eigentrust++ reputation system.
3. Tron (TRX)
Tron is a company based on blockchain-based decentralized content protocols. Its Tron Protocol is one of the world’s largest blockchain-based decentralized application operating system.
4. Binance Coin (BNB)
Binance coin (BNB) is an Ethereum based (ERC20) cryptocurrency that you can use on the Binance platform which offers traders discounts when holding the BNB coins on the Binance exchange. Currently, BNB serves as a utility token that enables its owners to pay lower trading fees on Binance. But, Binance has bigger ambitions for the coin that will allow margin interest to be paid with BNB once margin trading launches.
5. Bitcoin (BTC)
Bitcoin is a cryptocurrency, a form of electronic cash. It is a decentralized digital currency without a central bank or single administrator that can be sent from user-to-user on the peer-to-peer Bitcoin network without the need for intermediaries. However, Bitcoin has still been seeing all-time lows, so we can never be so sure.
Verdict
A lot of these cryptocurrencies are experiencing widespread volatility and fluctuations in their day-to-day values. As noticed in the blockchain market, short-term movements can never be accurately used to predict or determine long-term prices. There are a plethora of factors that influence price volatility in the cryptocurrency market. A majority of cryptocurrency investors consist of those having the ‘HODL’ sentiment, whereby, they believe in the long-term potential of the market, and hence, ‘Hold’ their cryptocurrencies till the very end, in anticipation of a steady year-over-year growth in prices.
On the other hand, there are several day traders and ‘swing traders’, looking to make a quick buck out of daily speculative market events. This is also significantly riskier and more regulations within exchanges make it harder for such day traders without the presence of an established framework. Hence, make sure you understand which end of the trading spectrum you are placed in, in order to maximize your potential profitability and return.
Descriptions cited from Wikipedia.org
As always, CryptoTicker doesn’t endorse or advertise any of the mentioned cryptocurrencies. Do not invest more than you can afford to lose in Cryptocurrencies. Be aware of the risks involved and the price volatility.
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