Volatility is the strength to cryptocurrencies and they will continue because people are continuously trooping in to invest in different Crypto currencies.
The coin is on the rise and it made a significant increase from $50k to $56k in a very short time without any resistance, may be the next resistance will be in $60k to $70k.
I have always been defensive of this volatility with crypto because I didn't just understand it but now that I do I think it good it is here though I don't really want it very high
Bitcoin and other Crypto currencies are just like any other commodities such that as the demand for them increases their price also increases.
The more they are Investing money the more the coin is becoming volatile because increase in buying pressure of the coin. The volatility for bitcoin is increasing.
That's the whole idea and the theory behind it. The more demands the higher the price and this lead to more fluctuations in the price of the coin
you absolutely right people I've been used to being physical commodities online otherwise there are lots of volatile offline commodities that are also volatile.
People that doesnt understand the concept of cryptocurreency will always see it that way but people with foresight knows how to make money.
The rate at which the price rose was quite surprising to me. One minute it was on $51k and the next, it already jumped to $56k and even tested $57k.
Yeah . I regret only investing small on it . How I wish I have all the money I need , I could have invested more than I did .
If you have investments on other coins that are still doing very fine in the coinmarket you are still fine. try out BnB coin also.
My investment in other coins are actually doing very fine . The thing here is that one needs to diversify his cryptocurrency investment , so that he won't lose out
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