Is Dogecoin A Fad Of Short-Term Crypto Trading Fashion?

If you are a true cryptocurrency enthusiast, I bet we both know that the industry can be pretty lucrative. However, that doesn’t mean anyone can hop in, invest, and make huge chunks of money. The returns are never guaranteed, and success isn’t that easy. Seasoned traders use different trading strategies, including software, to help them choose the right coins and detect the correct entry and exit times.

Nevertheless, everyone must start somewhere. It’s so easy right now to get tempted to join in the current Dogecoin (DOGE-X) craze. But is it worth it? Well, Dogecoin is a cryptocurrency, just like Bitcoin (BITCOMP). The internet is currently a buzz over the coin, although this could be a fad of short-term trading. Let’s dig a little deeper into Dogecoin and short-term cryptocurrency trading.

Short-Term Crypto Trading

Hourly trading, day trading, or weekly trading are all short-term trading options. Short-term trading is where an investor acquires some crypto coins but only intends to keep them for a short period. It’s usually meant to make a quick profit when you anticipate that the coin’s price will increase in the short-term.

Short-term crypto trading provides investors with an opportunity to make huge profits that are otherwise not realizable in the fiat currency markets. The high volatility of cryptocurrencies makes it possible for a coin to triple in value overnight. Fiat currency markets, on the other hand, barely move 1% in a day.

On the downside, crypto prices can move in the opposite direction with as much percentage as they can rise. The volatility is two-way, so investors must spend much time analyzing the markets. While crypto trading can be your full-time job and make you huge profits, it’s always good to hold on to the adage and invest only what you can afford to lose.

So, Is Dogecoin a Fad of Short-Term Trading?

Well, for a coin that has been in the cryptocurrency industry since 2013 and is yet to hit a $1 value, including it in your long-term portfolio doesn’t sound quite promising. Dogecoin came to be a joke but quickly found a purpose: to be a friendlier and more approachable alternative to the crypto giant, Bitcoin, and altcoins like Litecoin (LTC-X).

1 2 3
View single page >> |

Disclaimer: All content provided herein our article, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general ...

more
How did you like this article? Let us know so we can better customize your reading experience.

Comments

Leave a comment to automatically be entered into our contest to win a free Echo Show.