In April-May, the leading cryptocurrencies reached record highs, after which they were under serious pressure. In mid-April, bitcoin was worth more than $65,500, and by the end of last week it had dropped below $42,000. As for the ether, it has fallen from its May peak of more than $4,400 to $2,850 (as of October 1).
Market gravity is a powerful force that has brought these cryptocurrencies back from their sky—high heights. However, it should be understood that those investors who bought BTC and ETH at the very beginning of the formation of these currencies still remain “in the black”, even despite recent corrections.
The stories of those who got fabulously rich on bitcoin, ether and other cryptocurrencies continue to stimulate the growth of the number of tokens entering the market every day. As of October 5, this asset class was represented by 12,350 currencies.
ForeverFOMO (FOREVERFOMO) and GravitX (GRX) are two trending cryptocurrencies that are actively fighting for a place in the sun. Their recent rally has attracted the attention of traders.
In search of a “gold mine”
As of October 5, the trend of bitcoin and ether remained “bullish”: the leading cryptocurrency was worth more than $51,000 per token, and ether was trading at almost $ 3,500 per token. At the time of writing, prices were even higher: $54,944 for BTC and $3,550 for ETH.
In 2010, one bitcoin was worth five cents. Then for one dollar it was possible to buy 20 tokens, which as of October 5 were already worth $ 1.02 million. As for the ether, the return on $ 100 invested in it in August 2015 is currently almost $495,000.
Everyone likes bull markets. The search for another “gold mine” pushes up the value of the entire asset class, attracting speculators.
Advantages of inexpensive tokens
A portfolio that includes many cheap currencies can equal the value of a position in one, but expensive currency. Nevertheless, from an emotional point of view, owning many assets looks more attractive.
Many traders of the precious metals market prefer silver to gold because they get more ounces for the same money. Considering that many participants in the cryptocurrency market are in a relentless search for a token that will bring profits similar to bitcoin and ether, diversified portfolios are a popular choice.
Invest no more than you are willing to lose
The main risk in the digital asset market is the threat of their complete depreciation. Most of the 12350 tokens are doomed to oblivion. Only a few currencies will survive and succeed, and there will be even fewer that will be able to challenge the success of bitcoin and ether.
In these circumstances, it is important to invest only the capital that you are willing to lose. The potential for incredible profits always coexists with the risks of huge losses.
In this context, we offer readers two inexpensive cryptocurrencies that have attracted the interest of market participants in recent weeks.
Strong percentage growth ForeverFOMO
ForeverFOMO appeared just a couple of weeks ago.
According to information from the project’s website, this is:
“One of the first unique tokens with a floating base and only a 10 percent tax.”
The number of tokens in circulation is adjusted (in one direction or another) in accordance with price fluctuations. ForeverFOMO debuted on September 24, 2021 at $0.0000021 per token.
As you can see, already on October 6, one token cost $ 0.6478.62 on October 6, but this rally is a mirage, since the number of tokens adapts to price changes.
As a result of the price jump, ForeverFOMO took the 3287th line of the cryptocurrency rating.
The Rise of GravitX
GravitX (GRX) is another cryptocurrency market debutant, located slightly below ForeverFOMO.
GRX developers call it an elastic supply token designed for continuous growth.
“This revolutionary technology is called Antigravity Contact. Calmly hold the position, as the price is guaranteed to grow every hour until it reaches 1,337,000. This is as true as the fact that E=mc2”.
The effect does not apply to the number of tokens, which decreases as the price increases.
GRX rose from $0.016 (as of September 24, 2021) to a recent high of $26.17. At the time of publication of the article, the cost was $24.17, as a result of which GravitX occupied the 3412th line of the digital currency chart.
Investors who want to buy tokens en masse in the expectation of capital growth are likely to be disappointed with ForeverFOMO and GRX, since they are fundamentally different from conventional currencies.
ForeverFOMO and GRX were able to strengthen even in the falling cryptocurrency market. Nevertheless, they are created for growth in any market conditions. The trick is to change the number of tokens in the possession of traders.
Working in the cryptocurrency market, it is important to prepare for every transaction and not invest more than you can afford to lose. Potential profit is inextricably linked with the risk of losing everything.