|Ethereum Is Taking Off! 🤑|
Ethereum is having its day reaching new all-time highs a month after Bitcoin shot past $40,000 USD. The price is currently sitting just under $1700, which if we were to compare Ethereum against Bitcoin (which is nearly 2x above it’s previous all time high), Ethereum should be able to move up to $2,500 without any problem.
While this is all very exciting for ETH holders, it may be confusing or frustrating for traders/investors that didn’t buy Ethereum when it was lower. This is not the time to buy Ethereum as a brand new investor. If you are wanting to invest in a coin/token in this bull market, it’s better to wait for a “red” day when prices are “pulling back.”
It may seem counterintuitive to new traders, but buying a coin/token when the price has fallen after a rise is the correct thing to do as a trader. This is called “buying the dip,” and expect there to be many more dips for many coins as we continue moving up to higher highs. What’s the Forecast for February?
This month things are looking very green for the crypto market!
Kiwi Crypto’s Market Outlook 🤦♂️
WallStreetBets has been the talk of the town with their power move against Wall Street by creating a short squeeze setup of GME (GameStop’s stock ticker). They also manipulated the price of DOGE and XRP this week, causing both coins to pump to ridiculous highs.
I have a few things to share with you about all of this:
— I like the idea behind what WSB did to Wall Street. It was a smart bet against Wall Street that caused some big hedge funds to bleed some serious cash, giving it back to the “little guy.”
— I don’t like how WSB has turned into a pump and dump group- especially where that’s already an issue in crypto.
— Whether or not you think DOGE or XRP has a future in crypto, there is nothing wrong with following the money and trading where the volatility is.
The last thing I want to say is this: expect more volatility in crypto due to these recent events. There’s nothing wrong with volatility. It’s a trader’s best friend. Just make sure you’re on the right side of the volatility 😉