Cryptocurrency trading has become increasingly popular not just because the price of Bitcoin skyrocketed in 2017. Now that people have gotten cryptocurrency explained, they have felt confident in their ability to trade Bitcoin and the hundreds of other Altcoins.
Did You Know?
The word Altcoins is a cumulative name for every other cryptocurrency out there that is not Bitcoin. Of course, you might know some of them by name, like the extremely popular Ethereum, Litecoin, Ripple, and Bitcoin Cash. To make it easier, instead of namely mentioning every other of the hundreds of coins out there, the cryptocurrency community has come up with the name Altcoin. It is a combination of “alt” and “coin”, where alt is short for “alternative”.
Everything started in 2009 with the decentralization of Bitcoin. Ever since then, many have followed in the footsteps of Satoshi Nakamoto. People have developed their own blockchain networks or have used the existing infrastructure to issue their own cryptocurrencies. Start-up tech companies have carried out successful crowdfunding initiatives through the so-called ICOs.
The cryptocurrency theme has been widely discussed in the past couple of years. Things were not like that back in the early days when we first heard of this phenomenon. There were too many skeptics of the currency and fewer people were interested in this asset. Given that the price of Bitcoin rose slowly, having taken 8 years to break the $1,000 mark, it is only natural that people did not pay much attention to the newsfeeds about cryptocurrency.
The Cryptocurrency Media Craze
At the start of 2017, the price of the Bitcoin peaked and the coin’s value rapidly increased. That is when media outlets and people from all over the world turned their attention to the cryptocurrency industry as a whole. Everyone everywhere talked about cryptocurrency, it was on the news, in the magazines, Internet was bustling with everything crypto.
The Bitcoin had hit the $20k mark causing the whole industry to erupt. But this was not the only name mentioned in news reports. Altcoin news was everywhere. There are a couple of reasons for that:
- All cryptocurrencies are interconnected – as everything that exists in the same system, Bitcoin, and the Altcoins are dependent on one another, they are defined by each other and the values of Altcoins has been tied to the value of the Bitcoin. So when something major happened with the BTC, it affected all other cryptocurrencies and people immediately started commenting them too.
- Altcoins are cheaper – the buzz around all cryptocurrencies is born of the fact that today the Bitcoin is very expensive and very hard to mine. Alternative currencies are easier to mine and cost significantly less than Bitcoin.
- Some Altcoins run on innovative networks – the biggest threat in reality to the popularity of Bitcoin is the fact that many of the cryptocurrencies released after it have more innovative networks, require less time to verify transactions, and offer additional benefits to applying their blockchain technology.
There are a lot more reasons that can be listed here but the fact is one – Altcoin news are everywhere because the industry is constantly evolving nowadays and we haven’t heard the last of it yet.
Why Are Altcoin News Important?
Not just Altcoin but news, in general, are of great importance, especially if you are interested in trading in the industry. It is true that supply and demand are the two factors that have the greatest effect on the value of cryptocurrencies. When supply surpasses demand, the price will drop, and vice versa. But supply and demand are two factors that can be influenced by others.
Here are some examples how news can influence the value of Altcoins:
- Even though they are decentralized digital goods, governments and financial authorities can indirectly affect supply and demand; this often happens by banning these assets or by offering relief to some laws to accept cryptocurrencies on a wider scale
- Big corporations have started to implement the technology of the crypto networks in their operational processes; this greatly increases the perceived value of the assets and their environment
- News can create a vacuum of popularity – the attention is paid to this phenomenon, the more people get interested and involved in the industry.
The information stream is free, constant, and unregulated. Everyone has access to news today and the global society we live in is a driving force itself. To be successful in the cryptocurrency industry means you should keep up to date with the latest developments and future prognoses.
Using Altcoin News to Your Advantage
There are numerous media outlets you can follow to acquire your fair share of Altcoin news and use them your advantage. Of course, don’t choose random websites, always make sure your sources are reliable. This guarantees that your information will be reliable.
News about Altcoins will also feature detailed cryptocurrency charts. They can give you a better idea of how news has influenced the value of different cryptocurrencies. You can monitor the price movements either in real time or for longer periods, 24-hour ones for example.
Crypto News, Forecasts, and Success
Altcoin news hides the key to becoming a cryptocurrency professional, either in mining or trading them. When you start following such news, you will gradually become capable of recognizing the important information from the unnecessary news.
Most authentic and useful platforms have the so-called economic calendars with major events to come that might influence the price of Altcoins. People are urged to follow and monitor these events in order to keep track of the industry’s developments.
Altcoin news could be crucial to your results as an investor. They can give you an idea of what is going to happen with the value of the assets. You can make your own independent forecasts and analyses when you become more knowledgeable.
Even the most basic way of researching and for example, just checking the daily cryptocurrency chart for a given asset, can make a huge difference in your decisions and results. Your average performance will be much better if you are aware of the conditions in which these assets exist. Mainly because of the volatile nature they have due to being decentralized. The slightest shift in one of the factors that influence cryptocurrency value can cause a huge rise or decline in the price.
If you stay well informed about what is happening in the crypto world, you are sure to significantly increase your chances of having a successful experience in the industry.
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