Steemit Crypto Academy Season 2 Week 6 Homework Task By @abdulhalim100: Penny Cryptocurrencies
I am satisfied to have taken an interest in this week's crypto foundation lessons; in truth, you have got been helping us along with your week by week lessons to way better get it the concept of crypto cash; this week, I will be clarifying all the questions postured by professor @pelon53 in my possess way so that any tenderfoot who opens this post can effortlessly examined and get it.
Question 1
The title of these cryptocurrencies gives a clear definition; in english, the word penny alludes to a littler sum of cash (or things) that produces a dollar or pounds; on that note, i will say penny cryptocurrencies are coins with a esteem less than one dollar ($1), and they are known to be exceptionally cheap. Using coinmarketcap, one can effectively recognize penny cryptocurrencies by looking at the value of the coins recorded. Within the picture underneath, i was browsing through my phone utilizing coinmarketcap to recognize penny coins, and the ones i recognized are highlighted.
I Screenshot This From Coinmarketcap
Most dealers I have met accept that any coins between $ 0.02 and $ 0.0004 are all penny coins, which they are a distinctive sort of speculation that gives tall and fast benefits notwithstanding of the chance involved.These coins are more unstable than any other sort of cryptocurrency, and they can be effectively controlled through the pump and dump plot.
Below Are some of the merits of Penny Cryptocurrencies;
1. They are moderately low esteem coins which does not require much of bigger resource speculations to urge volumes of its coins in your portfolio. Usually not at all like what is reachable in tall profile coins like BTC, ETH and BNBs.
2. They offer more hazardous rewards in a sense that, these coins are greatly unstable and they can increment by as much as 1000 percent in a single day, but in case appropriate examination is taken after, an financial specialist can make a fortune with little speculations.
3. Large amounts of these coins gotten can translate to better profits in future which were acquired with little fiat investments.
4. It reduces the risk of people losing money in trading; potential traders do not need a large sum of money to begin trading if they want to experiment with penny coins; there is a key piece of advice to follow before investing in penny coins; use money that will not affect your budget.
1. There are high chances of contributing into the off-base penny coins due to the uncontrolled accessibility of these penny cryptocurrencies. Typically so since of the moo esteem of these coins.
2. They sometimes record a low liquidity rate, which may make it troublesome to offer due to a need of buyers within the showcase.
3. In bearish and high market volatility, these coins may be lost due to market activities and low value already with coin.
4. They can effortlessly turn you into a bug holder, so we do not contribute as much cash in it as we do in coins with a great notoriety in terms of showcase cap and esteem, since most penny coins can turn into shit coins at any time.
Question 2
My best Penny to contribute in this 2021 is the DOGECOIN. This has as of now been actualized and obtained given to all the prospects related with this coin. This doubtlessly passed all my desires given to all the elemental and technical examination carried out.
I Screenshot This From Coinmarketcap
These are a few of the highlights seen that impelled my selecting the Dogecoin.
1. The Dogecoin is on 839,552 watchlist with contracts in Binance Exchange. It is seen in almost all of the exchange platforms.
2. With its trending volume and market capitalization, Dogecoin is seen to rank number 6.
3. The current esteem of the Dogecoin as at 18th May 2021 is $0.48. In less than 6months it has go to a tall esteem of $0.60 some time recently this bearish drift seen at its current status. This bearish drift seen within the advertise ought to be associated to the Pioneer coin _Bitcoin seen to be loosing esteem within the showcase over Telsa-Ellon Musk's comments and the China boycott on cryptocurrency exchanges with its money related teach.
4. Dogecoin daily trading volume is seen to be at $4,802,902,841, which is far above the threshold given for Penny cryptocurrency.
Once you see at the current state of affairs for this penny coin, you'll be able see that it has more potential because more speculators are coming in, and the foremost well known news that's making the grounds exceptionally solid is Elon Musk's association in Doge coin.
I Screenshot This From Coinmarketcap
Question 3
The Ripple was outlined to acts as both a cryptocurrency and a computerized installment organize for all monetary exchanges. It was live in 2012 with one Chris Larsen and Jed McCaleb as co-founders. A bit like the Quick within the conventional centralized framework, so is Swell in its functionalities where it's focuses on Installment settlement and settlements.
For clarity purpose, Ripple could be a company/Network and XRP is the local coin or Token utilized in Ripple. It may be a decentralized blockchain arrange but amusingly employments a permissioned agreement mechanism(Usually snare to bank servers to confirm exchanges). A few would call it a decentralized arrange that acts in a centralized way.
In the chart above the support level is at $ 0.9975 represented by a yellow line. And the resistance level at $1.6540 represented by a red line.
As we all know it is hard for a coin to break the support line , so did XRP bounce back after testing the support I set.
The super trend is also indicating a buy signal. The M.A is still above the price indicating sell but this because of the setting it will change after 7 margin different to give a third confirmation to invest in this coin.
From what i have seen and per my research about this penny cryptcurrency I will invest in it because all of my analyses show an uptrend movement, the price failed to break the support line, and my technical indicators also show an uptrend movement, so investing in XRP at this time is the best decision to make, and I will study the chart and take profit whenever possible.
Questions 4
Based on the lessons I learned at Crypto Foundation final season, I was able to target a few penny coins that I was able to contribute in nowadays with the small cash I had, since I am still learning how to exchange, so investigating the showcase with five of the penny coins was a leading choice.
The Five Coins On My Portfolio
The Dogecoin: As already expressed, this coin may be a hot cake right presently. I contributed in it at 0.2453 and pulled back a few when the cost shot up right now the cost is 0.3606. I am really clinging to my position, anticipating it to surge higher. The activity of the Doge coin can too be ascribed to Elon Musk, the very rich person who habitually talks about this coin on Twitter.
Tron ( TRX ): this coin is known to be running on the dynamic blockchain within the showcase right presently, it run on square chain that can handle around 2000 TRX per moment not at all like BTC that handles as it were six per moment, and it for the most part utilize presently to construct DApps by numerous engineers.
TRX is generally utilized within the amusement industry conjointly give a chance for substance makers to put through with their audience straight without center men, this token is one of a kind and has much possibilities within the future, as of now it encompasses a showcase cap of $5.982Bn and a 24hours volume of $4.839 Bn, due to instability it has been down this week and I see to be an opportunity to contribute more.
Stellar (XLM): This coin since its propelled in 2014 has done so much well at the starting of this year it was at $0.2 an nowadays it contains a multiplied it esteem, I contributed in this coin taking after it related news almost a few modern bargain that they are setting out which I accept will have a awesome affect on them in January 2021 stellar takes off 40% after the ducking relationship the charges against Swell influenced this as well but at that point it started to appear a few positive development, so I took advantage of the showcase I am presently in a twofold up capital lead , right presently the cost is down but it is prudent to purchase it presently and hold up.
Question 5
1. First of all go to wallet then click on spot wallet.
2.You from the above you can see the tokens I am holding on Binance.
3.The penny coins I want to invest in is Doge coin so I will have to search for it.
4. Select the pair DOGE/USDT and now fill in the order form.
5. Kindly enter the amount you can purchase.
6. Then click buy.
7. The order will be created wait for a while to confirm you transaction , go to your wallet and check in the spot you will see the Doge coin listed.
In conclusion, penny cryptocurrency are long term speculation that we ought to not be anticipating a fast returns given to its microscopic values. Due to the moo esteem and tall volume of this resources obtained, it is continuously prudent to contribute with monies we do not have prompt utilize for and monies ready to let go in-case of any projections.
Thank You!!
Gracias por participar en Steemit Crypto Academy:
Buen trabajo. No analizaste las 5 penny, solo 3 de la pregunta 4. Al final te faltaron colocar el nombre de usuario a las captures de pantalla.
Espero seguir leyendo tus publicaciones.
Calificación: 7.8