Steemit Crypto Academy Season 2: Week6 | CRYPTOCURRENCY PENNY, by @doctor23

Question 1

Explain Penny cryptocurrencies in your own words. Advantages and disadvantages.

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In definition, Penny Currencies are crypto currencies or tokens with a value less than $1. In bid to explain this with more grounds, i will be using a screenshot from #Coingecko. Coingecko actually ranks its coins according to the market capitalization, meaning you could have some penny currencies located at the top of the site and others at the bottom, because this is solely based on market capitalization. A good number of coins out of the 7000+ coins are penny currencies, because most of them are just newly founded coins. It is always quite advantageous to trade Penny currencies because they do fluctuate a lot, with very high volatility. Coins with values between 0.00001 and 0.01 are often the best in trading, because investors are keeping an eye on it hoping its value get to a dollar.
Example of penny currencies include:

• Dogecoin
• Safemoon
• Dent
• Ripple
• BitTorrent

Amongst others. An example here is the BTT, with a value of $0.00439, market capatilization of 2, 897050615 and trading volume of 1, 205, 885, 385 making it a rank of 50. With all this it is a good penny currency to invest in, as one could make up to 15X money invested in bullish markets, when properly analysed.

Advantages and Disadvantages of Penny Currencies

Advantages

• Penny crypto currencies do not necessarily needs huge investments. Investing to say Bitcoin, in order to see a better profit, you will need a very high capital. Lets say u invested $200 in btc a change from its price from $50, 000 to $60, 000 won't make a profit up to $50, where as the prices of pennies always doubles it selve in a short period.

• Penny currencies have been noticed to save portfolio. Meaning a good increase in penny currencies allows you to profit, as lose money from other crypto. Creating of 6 above portfolio indicates the professionalism in your trading skills.

Disadvantages

• Some coins often turn out to be fake outs, and scams. This is mostly determine by the rapid increase from its time of release as well, meaning proper research should be done before investing, and also making sure they are located in the Exchanges.

• In Bear periods, huge losses are often noticed due to the high percentage decrease. Meaning traders should properly analyse the market before trading. This can be explain as of now with the high percentage falls of many currencies, due to the dorminance of Bitcoin.

Question 2

What will be the best Penny to invest in, this 2021? Explain showing evidence.

Bit Torrent

I will be choosing Bit Torrent as the best crypto to invest in this 2021.
Introducing the btt, i will be begin showing criteria which is to be noted before investing in a crypto.
They include:

• It should be listed in the popular exchanges
• It should be rank in the first 300 in market value.
• It should have been in the market for time.
• It should have a good project based on its launch.
• have a high volatility.

With all the listed factors, i am choosing Bit Torrent to fit in my match.
Btt is ranked 51 with a market capatilization of $2, 897, 050, 615 and volume of $1, 205, 885, 385.
As of today 21st may, it has a 24h high of 0.0047 and low of 0.0037 showing its high volatility.
It has a total supply of 990 billion with 659 billion available.
Its exxhanges include:

• Upbit: BTT/KRW
• Huobi Global: BTB/USDT
• Hitbtc: BTT/BTC
  Among others, showing it meets the criterial amongst being listed in the exchanges.

^{screenshot from binance}

BitTorrent was initially launched in 2004, although it was launch on the Tron Blockchain in 2019 by the BitTorrent foundation, making it meeting the criteria of been stayed long in the market.
Btt is been described by investors as one the must promising penny currencies, as it improves it's platform performance.
One of the main reasons for choosing this BitTorrent is due to the fact that, Coinpedia (www.coinpedia.com) has predicted the price of btt to reach 10 cents in 2022, meaning it will hit hit at least 2 cent by the and of 2021.
As of today, btt has an increase of 7% increase despite the falls of other currencies.

Question 3

Do a Ripple(XRP) Analysis. Showing screenshots, would you invest right now?.

The simple answer is YES.
XRP is been ranked among the first Six crypto currencies in terms of markey capatilization making it suitable to invest in.
It has a current high of $1.26 and low of 0.9

Fundamental analysis on Ripple

In bid to predict the trend of Ripple in order to check its suitability in investing on it,
On may 19, from source www.fxstreets.com it was noted in the crypto news that,

XRP price rebounds traingle lower trend to be exceptional moving forward.

With these, it is evident that the prices of xrp is to increase in weeks ahead, which i will explain in details using technical analysis.
Another fundamental analysis on it is the present ongoing court regarding ripple which seems to end up its favor. In the senario that this ends positively, they will be a high percentage increase on Ripple for up to a 100% and above.

Technical analysis on Ripple

It is noticed that xrp is around a support zone and looking forward forward to a resistance at 1.93 level.

^{Analysis done with binance}

Also, using the RSI indicator, we can notice the section of oversold indicating a reversal in the days ahead.

Question 4

Present in details a possible investment of 5 penny crypto assets. Explain and present data confirming your choice.

I will be presenting the following penny currencies.

• Monero: XMR
• Shiba Inu: SHIB
• Dogecoin:
• XRP: Ripple
• Vechain: VET,

Monero

^{Analysis done with binance}

Monero has a far back period, which was launch in 2014 by an open source protocol based on crypto note application.

^{Analysis done with binance} With its very high volatility and percentage increase, it makes it suitable for investment this 2021.

Shiba Inu

^{Analysis done with binance}

The Shiba is a decentralise coin that was created in 2020: well it was modelled after the dogecoin coin and has a capitalization of over 6 billion.

^{Analysis done with binance}

It is among the first 50 cryto currency in market value. Another advantage is that it is listed among popular exchanges and gains ground from Elon Musk.

Dogecoin

^{Analysis done with binance}

Popular Dogecoin by Elon Musk. This should be no doubt Investing on Dogecoin right now. Added advantage of investing on dogecoin is due to the fact that it is currently experience a bear trend, and is domed to turn around and follow the reversal pattern.

^{Analysis done with binance}

Dogecoin is been spoted in a traigular spot pending break out, which is quite certain from other indicators to be a bullish trend.
Best time to invest in crypto is when they are experiencing a dip, which is a principal situation of Dogecoin now.

Vechain

^{Analysis done with binance}

The Vechain blockcain actually has two currency in its supply, with VET being one.

^{Analysis done with binance}

Its high volatility makes its suitability in it's investment this 2021. It supplies business processes and chain management. With is an unending idea.

Ripple

^{Analysis done with binance} Almighty Ripple can never be forgotten in the investment plan of 2021. With is rank amongst the first 6 currencies based on market capitalisation, so many investors are posing a close look on it.

Question 5

Show an Investment( Starting at $5) that you have made this week in penny cryptocurrencies. List the steps you took.

Trading Steem

Steem has a current value of $0.75
I actually trading steem, my trading was in exchange for a SBD, as the price were 6.5Steem for 1 SBD. I actually took upon this dip on my steemit wallet, used 61 Steem to buy 9SBD.

In less than a week, which was 2days ago, the prices of SBD rose. 1SBD now cost about 11Steem, which i sold back and had a total of 111steem. With a profit of about 50 steem.

I actually made a post explaining my procedure on the #Steem-cameroon community to create awareness that other users of #steemit can use this advantage to make more steem or SBD during dip on each of them. Here is the post link.. ^{How to trade Steem and SBD on Steemit.}

conclusion

With all this knowledge on penny crypto currencies i will say it is a very good idea to invest on them, especially the properly analysed ones. Plus
Always invest money you can afford to loose.

CC: @pelon53
@imagen