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Crypto Jump Against USD

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Avatar for Joyouscoyote
Written by   12
1 year ago

Today is the day, when i decided to login to my Poloniex account to transfer the little pennies I have made in @Read.Cash. This would have been my first transfer ever from here to some other wallet/exchange.

I have always had a bad luck when it comes to investment in cryptocurrencies. So, before transferring, I wanted to see if I could see any dumps or bubbles in the exchange market. I was quite surprised to see the jump a specific crypto made against USDT.

The currency that surprised me is YFI.As you can see above, this is a single more than 100% jump I've seen in a long time and there I was wondering why did i not follow it earlier lol. I have never heard of this currency before but to see anything jump that high in a single day is very astonishing.

So what does it mean for other monsters in the crypto world? Could it be a change in the power shift from @bitcoin to other some other newbies.

Here's another snippet from the list of currencies that went up in the last 24 hours in Poloniex. One can easily tell that most of the names in here are relatively new.

And here's another one. Both of these pictures show alot of new names in them. One of it is all the currencies against USD and the other one against BTC.

The market as per my opinion is getting very volatile. The experts have been talking about a shift from paper money to cryptos in the near future as well. The instability in the values put a massive question mark over the credibility of these because noone would be happy to deal with a trillion dollars businesses when they aren't sure about them.

Cheers

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Avatar for Joyouscoyote
Written by   12
1 year ago
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Comments

DeFi (decentralized finance) is the latest trend in the crypto world. So any coin that relates to that is jumping and YFI is one of them. It is expected that to reach $5000 . But I cannot invest as any Defi project as their tokens make money using the interest mechanism which is not legitimate in my religion

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1 year ago

Ooo didn't know that. I thought this coin has its own blockchain and method of mining.

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1 year ago

It has and the use case is Defi. But I am not sure it is mineable. Not all the coins can be mined

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1 year ago

Aren't the coins that exceed 1000usd mark are generally mined? Or have the ability to do so?

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1 year ago

No, nothing like that, it depends on what algorithm the coins use. There are two type. Proof of work ( they require you to mine) and proof of stake ( they require you to buy their token and stake them for rewards)

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1 year ago

Very well said. Well speaking of tokens, there's a terminology for a coin thats not in market yet but its coins are up for grab? Have you got any idea what's it called?

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1 year ago

They call it ICO (initial coins offering) it is similar concept to stocks that lauch IPO( initial public offering)

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1 year ago

Are there any new ones you are following currently that will be beneficial in the long run?

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1 year ago

Not really. I am staking TRX on poloneix and have my eye on ADA. Other than that I don’t trade much

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1 year ago

Did you transfer money from read.cash to Poloniex through TRX?

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1 year ago

No I transfer bitcoin cash to my bittrex account for holding and further trading,

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1 year ago

I didn't have an account in bittrex before. Niw when im trying to create one, its asking for a passport verification, which i don't want to do atm. Do you know whether there are some other means of creating one?

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1 year ago

Any good exchange will ask you to verify your identity as you will be depositing and withdrawing crypto

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1 year ago