Today was a great day for VOOT - let me explain why.Let me explain what happened here, because probably some people do not understand, especially those who are new to crypto and altcoins in particular.
(Excuse me any writing mistakes, since I am foreign investor.)
Recent price growth was due to two factors:1) coin being extremely innovative, one of it's kind, which usually provides slow and stable increase of value
2) anticipation of the coin being added to Mintpal exchange, which usually equals huge price increase (the price usually triples, sometimes only doubles, but at other times it even qadruples)
3) coin being promoted by one of the famous cryptocurrency manipulators. I won't write his nickname here, because I don't want to promote that person. His actions might be moraly discussable, however it is usually very smart to follow his tips, since he is pumping the coins in which he heavily invested, usually granting his followers 200%-400% income
What happened today?People expected VOOT to be added on Mintpal, which is the biggest exchange right now. In anticipation of this fact the prise rose to 2500. It would go even higher after being added to Mintpal, but it wasn't (URO coin was), so many people sold their VOOT coins, to buy URO coins, hoping for a quick profit and rebuying VOOT.
There are two issues that you have too be aware of.First issue to be aware of.
Why people where hoping for Mintpal adding VOOT today?Because Mintpal adds coins due to a pattern:
- new coin is added every 3-4 days (so today was expected to be the day of the new coin)
- new coin is usually added based on the volume (since Mintpal earns money on transaction fees, and greater the volume, the greater their revenue)
- new coin is usually a coin that has some interesting quality about them (technical thing or just marketing thing - as you can see, URO is some kind of fertilizer coin and that was enough for them)
All those things made people believe that VOOT will be added by Mintpal today.
However, people have forgotten about 2 other, less known rules regarding Mintpal.
- Mintpal usually does not instantly add coin that was recently added by Poloniex and it seems that Poloniex added us yesterday
- Mintpal recently tries to become more unpredictable (that's why they changed the hour at which they usually add a coin and that's wait twice they added a coin that had second volume instead of first)
Second issue to be aware of.
It's still happening in the next couple of days!VOOT will be added to Mintpal eventually. Probably in the next 3-4 days and in the worse scenario in the second slot (6-8 days).
In the meantime value of the coin will be growing because of factors 1) (innovation - we are expecting whitepaper and there are some other great things ahead, some of them really unique) and 3) (a coin being pumped by a well known price manipulator, who invested lots into it).
And you know what? VOOT being not added to Mintpal today might be actually a good thing. Why? because we got rid of so called weak hands - people, who sell their coins at small price fluctuations, and are slowing down the process of the price rising. Now we can grow even faster. Another good thing is that the price will rise anyway, because of thechnical innovation and a pump, and the greater initial price before Mintpal, the greater the price after the coin being added to Mintpal.
So no worries. People who know a thing or two about crypto will tell you that two best things that you could do now would be:
1. Not looking at the price, because you don't want to be stressed about it.
2. Buying more coins, if you have some spare BTC (unless you prefer to diversify your portfolio)
The one bad thing that you could do now would be:
1. Selling. When you sell (especially on a loss), more experienced traders usually take advantage of you.
Rule of a thumb is - never sell before Mintpal. And when a coin is innovative like VOOT, don't sell it too fast even after being added to Mintpal, since those are the coins that grow even further!
Good luck and trade smart!
Today was a great day for VOOT!
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