On 2nd of April everybody went crazy on Ripple’s 220% growth in one day. A lot of people won from it, a lot of people lost because of Poloniex – or so they say. The mistake here was that all of this people saw the opportunity, take a shot at this and failed or won. But this is not a long term strategy and this kind of thinking will not make you rich overnight.
The Ripple effect drove people crazy and cryptocurrency traders worldwide started buying and selling it to get a profit. The ones who bought Ripple on 0.003 or 0.009 probably got a good profit and if they didn’t – there’s still time as Ripple has a decent value of 0.029, enough for an x3-x10 profit. As you can see, the ones who won big on Ripple were the people who understood what Ripple is and saw the opportunity as soon as it was available to buy, as this fellow redditor. Basically, the only thing special that he did was think in perspective and risk, that’s it. You can do the same thing, think of an altcoin who’s value its too low for what it brings and invest in it a budget that you’re not afraid to loose.
One thing is certain however, the crash of Poloniex made a lot of traders loose money and also the trust in Poloniex platform. According to newsbtc, during the panic the Ripple crashed hard and also Ethereum lost about $1BN in market cap, which can also be observed on the Ethereum price for today, being 10% lower than yesterday – which is not good news for the #2 on the list. However, Ethereum’s community is worth more than the coin itself.
A small advice that a friend told me when I was trading was : Never use just one platform. I think this is one of the best advice that I can give to all of the cryptocurrency traders right now. I don’t personally think Poloniex did it on purpose, but they didn’t expected such a high number of transactions is such a short time. If this happens again, Poloniex should really change something about their business model. Until then, find an alternative and use them both with the same amount of money. You can find here a list of exchanges for you to buy Ripple and other coins here.
While all the people were focused today on the Ripple and Ethereum dropping hard, Bitcoin is going all the way up. With the today’s news about the Mexico’s New Bill and the one about the Japan’s Bitcoin Law, I’m not even surprised. After the value drop from 24-25 March ($903), it was about time for bitcoin to reach the $1100 value again and also slowly going for a new all time high.
Also, even the US works on the bitcoin legislation for 2017. It seems that even with all the popularity that all the other cryptocurrencies got, Bitcoin is and will be a power in the cryptocurrency industry and his price will grow within years as more and more countries starts recognizing it.
At least I hope so, there’s always the possibility of this to happened.