With the new week, Crypto market is also showing new figures adding impressive sentiments around. With Bitcoin price hovering over $11700 after surging by 9.22 percent within the past 24 hours, other cryptocurrencies are also trading with quite impressive values today.
Is it a New Bull Run?
At the time of reporting, Bitcoin trades at $11,764.84 against US Dollar with 9.97 percent for the past 24 hours. Nevertheless, it’s market cap has already touched $210 billion marks on August 5, 2019.
It’s worth to note that the BTC dominance counts at 67.7 percent with Ethereum (ETH) lifting its value by 6.38 percent. Subsequently, XRP is up by 2.83 percent, Litecoin (LTC) 9.22 percent, and Bitcoin Cash (BCH) stands in the green by 5.33 percent today.
While the market is moving upwards, prominent crypto figure Anthony Pompliano shares a quick checklist of best practices to apply. He believes, it’s the next bitcoin bull market and hints following tips;
- BTC is ‘very’ volatile
- You can lose all the money
- Only invest what you can afford to lose
- Twitter should not be considered as investment advice
- Don’t buy BTC or any other cryptocurrency with credit cards
- Keep low (as much as you can) time preference
- Do your very own research
Checklist to Follow in Bitcoin Bull Market
Pomp’s quick checklist is likely the best help or advice for newbies in the crypto market. As bitcoin is the world’s most tremendous crypto asset, it is becoming the major attraction for traders, enthusiasts, and investors across the globe. Newbies and those who’re dealing with bitcoin must understand that BTC is very volatile.
Its price may fluctuate any time; sometimes reasons can quickly be determined whereas it may not be rapidly analyzed in other cases. However, for those who’re dealing with Bitcoin and decide to buy/sell based on the current price must know that the price may vary/fluctuate anytime. If they see the price is falling short and act quickly, they may lose their money.
Important message as we enter the next Bitcoin bull market:
– BTC is very volatile
– You can lose all of your money
– Only invest what is ok to lose
– Twitter is not investment advice
– Don't buy BTC with credit cards
– Keep low time preference
– Do your own research
— Pomp 🌪 (@APompliano) August 5, 2019
Many analyst/traders and enthusiasts talk about BTC, its next possible move in terms of price but that shouldn’t have to consider as the trading advice. However, you can check out the market sentiment with the statements by analysts/ other crypto community members, but it is not the definite advice one should act upon over their money in the crypto industry.
Also, you’re likely to come across with several news announcements or rumors claiming the big future of particular cryptocurrency thus to encourage you to invest/trade. Always “DO YOUR OWN RESEARCH” to ensure you’re making a sound decision and not relying on any rumor.
As the price of bitcoin and other cryptocurrencies fluctuate quite often, one should start trading/investment with the small amount because if the price starts declining, he/she may lose the money invested.
But of course, yes, if the market started soaring, the same amount might turn into a profitable and potential approach – and it all depends on the price of crypto-asset at a particular period.
Moreover, pomp suggests not to buy crypto with credit cards – this is quite true because buying crypto with credit card is quite trickier. Besides, it is a more expensive option than buying BTC from local bank transfers.
Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.