Time To Trade Crypto-Volatility Like A Pro

The cryptocurrency market continues to grow despite a slowdown in the number of new cryptos launched this year. Over the last twelve months, new cryptocurrency launches have been restricted to a few projects from gigantic tech players and disruptive startups targeting specific markets.

Furthermore, the “coin cemetery” has expanded with more dead coins joining the graveyard of obsolescence. As such, some cryptocurrencies are being knocked out of the market as soon as they are launched. Some even don’t make it passed the ICO (Initial coin offering) stage.

Cryptocurrency trading has experienced increased volatility in the last few months

This in and out movement amid growing uncertainty on government views and regulation makes the cryptocurrency market even more volatile. Facebook’s Libra continues to face obstacles months after it was announced.

Facebook CEO, Mark Zuckerberg has been grilled and questioned by the US Congress on the decision to launch Libra cryptocurrency under Facebook. This has caused more shockwaves in the cryptocurrency market.

This year alone we have witnessed the price of pioneer cryptocurrency Bitcoin (BTC) hit a new 18-month high of just under the $14,000 mark in July before plunging to bottom at around $7,300 last month.

On the other hand, Ripple (XRP) topped $0.50 in late June this year before plunging more than 90% to trade at about $0.24 three months later while Litecoin (LTC) hit a high of $146.00 this year but is now down to about $61.00.

Bitcoin, Ethereum and Litecoin Chart via eToro

This level of volatility makes it harder to profit from the market for those without expertise and experience in trading cryptocurrencies. As such, alternative methods of profiting from the market would appeal to a select group of traders that are not prepared to tangle with the intricacies of trading in a market that is becoming highly dynamic.

Copy-trading cryptocurrencies

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Disclosure: The material appearing on this article is based on data and information from sources I believe to be accurate and reliable. However, the material is not guaranteed as to accuracy nor does ...

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