Soulja Boy, who is a famous rapper, has bought Bitcoin and revealed to his 5 million followers about altcoin funds. Additionally, he also tried purchasing XRP without success.
A news post on dailyhodl claimed Soulja Boy, who is a famous rapper, is now planning to get hitched with cryptocurrency. Boy had bought bitcoin, tried purchasing XRP, and has also revealed to his 5 million followers that he has altcoins.
Boy tweeted to his 5 million followers about how he can successfully purchase XRP. His tweet became a piece of instant news on the internet, with his followers saying that Ripple is now embroiled in a legal action from the U.S. Securities and Exchange Commission (SEC) accusing the San Francisco company of the XRP in the form of illegal security.
Bank XRP is an investor who is interested in software, blockchain, fintech, R3, Ripple, IPL, and Interledger had this to tweet on Soulja Boy purchasing Bitcoin and reveals altcoin connection to 5 million followers.
Last month in December 2020, Soulja Boy confirmed his love for Dogecoin (DOGE). He had tweeted followers saying the Dogecoin Army is going down, man. He felt that it is the future for the crypto market.
Coming to altcoins, Soulja Boy said that he now owns Binance Coin (BNB), Tron (TRX), DigiByte (DGB), ZelaaPayAE (ZPAE), Klever (KLV), and Firdaos (FDO). Soulja Boy had bought bitcoin, but he also is interested in other cryptocurrencies that can make him good money.
Soulja Boy is not the only artist to be excited about cryptocurrency or bitcoin. Several musicians, artists, and even athletes have expressed their desire to get paid in cryptocurrency. Last year saw Russell Okung of the Carolina Panthers wanting his half salary paid in cryptocurrency.
Through his social media platform Twitter, Russell Okung claimed that he was indeed going to be paid half of his season’s amount through bitcoin. This could not trigger a massive storm among other athletes in the US and other countries.
In the entertainment sector, too, many artists are trying their hands in massive investments in cryptocurrency like Soulja Boy. The rapper is generating more interest among his 5 million fans, which might give the bitcoin a try in the future, including XRP.
One of the most popular financial assets to invest in right now is cryptocurrency. These assets are created with blockchain technology that more or less serves the same purpose as traditional money including purchasing items. Like foreign exchange, crypto coins can also be traded for other currencies for profit.
While there are some critiques about its stability, there’s no doubt that many financial institutions are slowly warming up to the idea of trading crypto coins with security assets and regulations already in the works of various governments and financial institutions. Cryptocurrency investing is really something that traders all around the world are considering.
To start a probable career, here’s a guide on cryptocurrency investing for beginners:
What is Cryptocurrency?
Cryptocurrency or crypto coins are digital coins that serve the same function as traditional money which can be used to purchase items and other assets. However, unlike traditional coins, crypto coins don’t have a physical form and instead are run by blockchain technology.
Blockchain is like a digital ledger where it comprises of the coin’s entire history including its transactions from the very beginning.
When it comes to storing your cryptocurrency, you would also need a wallet much like your own local currency. However, crypto coins are different from traditional money because it’s decentralized, which means that no single authority is responsible for its circulation. Its unregulated and decentralized nature contributes to its volatile and fluctuating value, but it also means that it’s open for everyone to invest into.
What are the different kinds of cryptocurrency?
According to Coin Market Cap, there’s at least 2,125 crypto coins currently available in the market. However, not all crypto coins are the same since certain types are more in demand than others. To start, here’s a list of the most commonly traded crypto coins today:
1. Bitcoin (BTC)
Bitcoin or BTC is considered as the original cryptocurrency, Bitcoin uses blockchain technology to make transparent transactions between parties. While they’re easily accessible, their features are also secured by an added algorithm which prevents malicious hackers from destroying the blockchain feature.
Bitcoin is considered to be the predecessor of all other cryptocurrencies, which is why the other crypto coins are called altcoins or alternative coins. Basically, these are alternative currencies to Bitcoin; however, these altcoins aren’t inferior in terms of blockchain technology and usability or function.
2. Litecoin (LTC)
Litecoin or LTC is an alternative of BTC which includes starking differences in features. Some of which include:
Faster transaction speed
An 84 million limit
A different algorithm called scrypt
3. Ethereum (ETH)
Ethereum or ETH are digital coins primarily focusing on running and validating the programming code of any decentralized application, allowing it to be used in paying fees and other services on its own network. Ethereum is the most commonly used coin when dealing with ICOs or Initial Coin Offerings because its blockchain technology allows the use of smart contracts.
4. Ripple (XRP)
Ripple or XRP is a unique hybrid that is both a cryptocoin and a payment network for various institutions. They allow any currency to be exchanged which can range from USD, EUR, and even gold to connect to banks. However, unlike other crypto coins, Ripple doesn’t focus on peer-to-peer sharing but instead on moving sums of money to a larger institution.
Each of which share similar decentralized nature but have different components for several purposes.
How do I start investing in cryptocurrency?
After deciding on which cryptocurrency you should start dealing with as well as researching on the different investments you want to make. Here are the steps you need to start:
1. Start exchanging from platforms where you can buy crypto coins
Depending on the country you’re from, there are various sites that allow you to purchase Bitcoin, Ethereum, and other digital coins. Before starting, make sure it’s legal in your country since certain governments are still wary of trading crypto coins. If you can’t find sites that sell cryptocoins, consider peer-to-peer platforms like:
PayPal
Payza
Payoneer
Some Forex platforms also allow cryptocurrency trading so be on the lookout for those, as well.
2. Secure your coins in your cryptocurrency wallet
A cryptocurrency wallet is software that allows you to store your digital coins. Certain wallets also contain features like advanced security, key generation and easy transfer. Like cryptocurrency, digital coin wallets also come in different categories such as:
Software wallets – these are downloadable programs that are required to be installed in your computer or device.
Desktop – desktop wallets are software wallets that allow you to store your crypto coins in your laptop or computer. Certain wallets may contain online features although most desktop wallets don’t.
Online – online wallets are cloud software wallets that require internet connection so you can access your account as well as make various online transactions.
Mobile – these wallets are downloadable mobile apps that allow you to check your balance and other transactions on your phone everywhere you go.
Hardware wallets – unlike software wallets, hardware wallets are physical storage devices used to store some of your keys. They’re versatile and can be connected online although many are often used to keep investments away for a long time.
Paper wallets – are offline software that allows users to store their keys, generate copies, as well as store their cryptocurrency addresses on paper.
Each wallet serves a specific purpose depending on the investment you intend to do. The wallets also vary in price, functionality and security. The more you use your cryptocurrencies, the hotter your wallet should be. If you prioritize security and long-term use above all else, invest in a durable hardware wallet.
Conclusion
Cryptocurrencies are considered a hot investment item because they possess the convenience of today’s technological innovation. With so many options available, many investors can expand their portfolio by choosing more than one kind of coin. To avoid risks, investors should also invest in security items to keep their assets safe.
As a new year for cryptos begins, there has been a general Bull Run in the top twenty cryptos especially as well as across the board. The Bullish trend is perhaps the market’s attempts at correction after bearish wave that hit the markets since November 2018.
Throughout the first week of the year, most of the coins in the top twenty category according to market capitalization saw green on price analysis charts as investor confidence continued improving in the post fork period. The week was also punctuated with news that Ethereum was on its way to regaining its position as the second top crypto in terms of market capitalization after Bitcoin. This position had been taken by Ripple after ETH’s poor showing in the markets during the 4th Quarter of 2018.
BTC/USD
Bitcoin is selling at $4153 today, up from $3832 at which it was exchanging against the dollar at the turn of the year (January 1). This represents an 8% increase with the Bull Run expected to continue seeing that the 7 day EMA (marked C) is above the 21 day EMA (marked B) and the former is currently acting as the price determinant.
Throughout the week for Bitcoin, there was a robust Bull Run albeit with few Bearish moments. This saw the most popular digital coin hit a new high of $4218 on January 6. On the other hand, Bitcoin hit a low of $3788.
The good run experienced by Bitcoin in the markets was also reverberated in its Relative Strength Index as seen in point A. The RSI moved slightly into the ‘undersold’ area on January 6. This goes to show that investor sentiments are high in the coin which might have the effect of pushing its value further up.
ETH/USD
After a turmoil-filled 2018 for Ethereum, 2019 looks promising as ETH is being poised to overtake XRP crypto-rating. Throughout the first week of 2019, investor confidence grew tenfold as the RSI (marked A) kept pushing into the ‘undersold’ area (Beyond 70). This, coupled with a 16% gain it experienced throughout the week, pushed investor confidence upwards.
Also, the 7 day EMA (C) was above the 21 day EMA (B) for most parts of the week which signals a strong Bull Run. At the moment, ETH ($16.3 Million) has surpassed XRP ($15.9 Million) in capitalization.
XRP/USD
Throughout the week, Ripple was up by 3.7%, coming from $0.36131 on January 1 to $0.37467 today. Ripple’s Bull Run was however not enough to help it beat off competition from Ethereum in the markets as it was finally overtaken in market cap ratings as explained above.
As seen in point A, investor confidence tested the ‘oversold’ region but did not cross over. At the moment, the 7 day EMA (Marked B), is acting as the price support and was dominantly above the 21 day EMA (marked C). This signals that the Bullish trend might be here for longer. CRYPTO IS COMING!
A Bullish outlook dominated the various markets in the second week of December. The post fork and post schism of Bitcoin Cash was marked with a slow bearish momentum that was quickly taken over by a Bullish trend. The Bulls maintained that momentum throughout the week with most Altcoins seeing an upward rally meant at market correction as we head to the New Year.
The three largest coins by market capitalization performed as follows in the markets this week:
Bitcoin (BTC/USD)
Throughout the week, Bitcoin gained by 19%, starting off the week trading at $3633 against today’s rate of $4331 at which it is exchanging against the dollar. This is a massive boost, seeing that the coin had dropped from the $6000 mark to $3000 in November. The Bullish momentum has been as a result of improved investor confidence in the cryptocurrency markets.
The upward momentum may be here for longer seeing that the 7 day moving average (C) crossed over the 21 day EMA (B) and is currently above it. Also,both the 7 and the 21 day Moving averages are below the price range, perhaps a representation of the strong Bull run that has engulfed the markets.
In the markets, the pair was engrossed in a flurry of activities.The Relative Strength Index (A) also past the ‘oversold region as people moved to buy.
As we head to the end of the year, the Bull Run seems to have enough momentum to push prices to the $5000 mark.
Ripple (XRP/USD)
Since the mid-October period when most Altcoins started a downward trend, Ripple has put up a stellar performance that has seen its value go up rather than decline with that of Bitcoin. This upward rally saw it overtake Ethereum as the second top digital coin by market capitalization.
Ripple gained by 15% throughout the week. The upward trend saw demand for XRP push its Relative Strength Index (A) into the ‘oversold’ region – beyond 70. This represents improved sentiments by coin holders and investors. The upward outlook as seen in both moving averages (B and C), is likely to keep rising.
The Bull Run is in line with predictions by crypto-analysts that cryptos would hit higher highs towards the end of 2018.
Ethereum (ETH/USD)
As with all other coins this week, Ethereum put up a strong bull run to gain by 54%. It began off the week trading at $97.25 against today’s $150. Support was set at $97.40 and resistance at $158.09. On the upper side, Ethereum traded at $155 and $94.50 on the lower side.
The Bull Run is expected to continue if the Bullish momentum can be sustained.
The week starting November 26 and ending on December 3 was punctuated with attempts by most altcoins to regain stability. This is following a tumultuous BCH hard fork that had the effect of pushing prices down across the board. Most top cryptos were shaky throughout the week, with investors holding back on their investments as they await market stability.
Bitcoin (BTC)
Summary
Despite a bearish trend, prices have seen a rise.
Prices gained by 4.2% throughout the week, from $3936 on November 26 to today’s $4102.
Support was at $3800 and Resistance at $4400.
The leading cryptocurrency by market cap was punctuated with attempts at market correction over the course of last week. That was after it had lost close to 17% of its value to the BCH hard fork. For most of last week, it was trying to gain stability, with the 7 Day EMA setting the price as seen in the chart.
Throughout the week, prices hit a high of $4414 and a low of $3731, the lowest it has sunk in a long time. This goes to show how hard hit cryptocurrencies were hit by the fork. Throughout the week, support held at the $4000 mark despite Southside rallies that attempted to break the support into the $3000, mark. Also, selling activity decreased, albeit slowly as seen in point B (RSI) indicating improved investor confidence in the coin.
As the week progressed, the 21 day EMA crossed over the 7 day EMA, signaling a bearish momentum as seen in point A. today however, the 7 day EMA crossed over the 21 day EMA indicating that a bullish momentum could be in the offing.
Ethereum (ETH)
Summary
Dominated by a bearish trend.
Support was set at $105 and Resistance at $125 throughout the week.
Despite the bearish trend, the altcoin gained by 0.87%, moving from $114 last Monday to today’s $115.
Despite being engulfed by a bearish trend, Ethereum was able to gain albeit negligibly. It hit a high of $125 (Point A) and a low of $112 throughout the week. Additionally, investor confidence in the coin grew as seen in the Relative Strength Index (RSI) in point B. The RSI moved from the ‘oversold’ area where it was last week to clock above 30.
Throughout the week, the 21 day EMA was above the 7 day EMA, indicating the coin’s recent poor performance that saw Ripple (XRP) overtake it in market capitalization.
