💰❔What can affect the price of a coin?❔💰
đź”»Here is what you need to be aware of when you trade cryptocurrencies. đź”»
âś…Exchange Listing
When Coinbase added Litecoin to their list of cryptocurrencies, they made it easily accessible to the average person. Soon after the Coinbase launch the price of Litecoin started to skyrocket and it has never looked back. So, when a large exchange announces that they will start listing a cryptocurrency that you are trading, take notice.
âś…Software Upgrades
For example, upgrading the speed of btc transaction has been hotly debated and finally led to the creation of Bitcoin Cash. After the split of Bitcoin Cash, Bitcoin has taken off to new highs.
âś…Public Hype
Before you dismiss something as just hype, remember that hype moves markets too. But if you do trade hype, be sure to close your trade out long before the hype has a chance to cool off!
âś…Wallet Improvements
If a cryptocurrency doesn't have a good wallet yet, that will prevent less technical investors from buying the currency. But as soon as one is available, then it makes the currency much more accessible to the masses. And thus, more valuable.
âś…Platform Applications
Some cryptocurrency platforms, like Ethereum, host other applications. These applications, in turn, can have their own currencies or tokens. If one of these DApps (or Decentralized Apps) does very well, this can have a positive effect on the underlying platform currency.
âś…Government Regulation
Be aware of current trends in government regulation and steer clear of currencies that could get red flagged by government agencies.
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