Crypto Academy ||Season-2 ||Week-6|| Homework Post for @pelon53|| Penny Cryptocurrecies.

abdulsabor (58)mutedin SteemitCryptoAcademy • 3 years ago

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Hi! Hope you are fine. In the previous lecture we learned about different types of tokens that are used in crypto transactions. Previous lecture is valuable for me. I attended previous lecture and completed my Homework. Unfortunately, I did not get vote on it, because my Steem Power is little bit down. But my SP is completed before the previous week expiry date. But I am still unable to get ratting and vote. But in this week, I happy due to achieving the Steem power goal. Now I am able to attending the Homework class. This Lecture is more valuable for us. In this lecture we learn all about Penny cryptocurrencies. Being an investor of crypto it in necessary to get information about penny cryptocurrency. *** ***

What is Penny Cryptocurrency?

The Cryptocurrency that has very low value in other currency even its value is less than a dollar is called penny cryptocurrency. In other word we can say that, the newest cryptocurrency is called penny. Penny Cryptocurrency values is increased by the passing the time and according to the crypto market capitalization.
In simple word we can say that, the token or coin whose market price value is less than One dollar. Every developed Crypto is penny when they get launched. Penny crypto is divided in to four types. I will be explained by one by one.

Plentiful Crypto8: This penny Crypto has large supply.
Newly Minted: These penny coins are not well known in market.
Fallen Crypto: It has lot of worth. But its price is dip due to highly volatility of market.
Stagnant crypto: It is type of crypto that is created long time ago. But its price does not increase.

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Advantages and Disadvantages of Penny Cryptocurrency

We will discuss the pros and cons that everyone feels about penny cryptocurrency. Penny crypto in under developing crypto this is because it has many drawback and benefits. We will discuss one by one.

Advantages

Its price is very low.
Everyone is able to invest in penny.
If we invest in correct penny, then it will make us Rich.
Some of penny crypto grow quickly, Not all. For example, the dogecoin grow up quickly.

Disadvantages

Quality of companies that offers penny is low.
Number of Investors lose their money, if penny goes wrong.
Investment in any new penny crypto is very risky.
Penny market is also volatile like other cryptos.

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For You: What will be the best Penny cryptocurrency in 2021? Explain the reasons.

It is important to check before investing in any cryptocurrency. Find out if this cryptocurrency is in line with the rules of the cryptocurrency market. It is important to get information about it in different places. We need to know all about it before we invest.

We need to know when it is launched and what is its volume and how much is its circulation supply and what is its rank in the market. This is the information we need to know about this party cooler currency. There should be in which we do not want to invest.

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In the current situation, the first thing I have decided to invest in cryptocurrency is DENT. This penny cryptocurrency has been in the market since 2017 and everyone knows it, and it meets all the requirements of the cryptocurrency market. The main purpose of crediting it is to improve mobile communication so that the cost of communication can be reduced.

In addition, its volume is very high. Its daily volume is 60 million US Dollars. This currency is very popular because it is very old so it is listed on very popular exchanges. These exchanges include Binance, FTX, and Bittrex. It ranks 115th in the market, well above the riskiest cryptocurrency. This cryptocurrency has been read more than fifty times this year compared to last year. And it has the potential to grow further. If we look at the 2018 record in the chart, its price had gone up a lot.

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Is it right decision at the current situation to invest in Ripple (XRP)? Do the Ripple analyses.

XRP is a centralized cryptocurrency. When it was launched in early 2017, its value skyrocketed a year later. This is due to the well-known investors who have invested heavily in it. Due to this, its value had increased to 3.85%. And this cryptocurrency has long been counted among the top five cryptocurrencies.
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There are two to three ways to analyze a cryptocurrency chart. These include Sentimental Analysis, Fundamental Analysis and Technical Analysis. Everyone uses these techniques to do price forecasting according to their understanding. But if we look at the 2018 lick of XRP, its price was very high, so we will do a fundamental analysis.

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If we look at the current chat, XRP is in the support zone. And this zone is useful for buying. We are eligible to buy at $1.317, because there is a resistance on $1.9789. XRP tried hard to break the resistance but failed. It is not difficult for his to reach the highest price.

Is it right to invest in XRP at the moment?

According to the Fundamental Analysis, Investment is right decision at the moment, because like 2018, it has a chance to increase its prize. According to a fundamental analysis, its chances of increasing its price are four to five times.

XRP has taken the case to court and if the case goes in its favor, the chances of its price going up are very high. This cryptocurrency comes in the top ten cryptocurrencies. It has a market capitalization of $3055302770448 and a trading volume of over ten million dollars.

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Give the details about investing the five penny crypto asset also explain the data with your own choice.

I don't have enough money in my wallet to invest so I have made an virtual investment. And the cryptocurrencies that I have selected for investment are: BitTorrent, DANT, WinkLink, SHIB INU and DogElon is aslo included. I have chosen these penny cryptocurrencies because they are very popular in the market.

I have invested $50 dollars in each cryptocurrency. I have done a lot of research while selecting these cryptocurrencies. I have tested the value of each in the market. I have looked at each one, what is its value in the market, what is its volume, what is its market capitalization. And what is the rank of their sisters in the cryptocurrency market? Only then have I invested in them.

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WinKLink
This old cryptocurrency is listed on all popular exchanges. These include Bianance, Bitrex and Poloniex. This currency has a lot of community support. Its price had gone up a lot in the last month and it is hoped that it will continue to do so in the future.

SHIB INU
This is a new cryptocurrency that has just been launched in the market. Its market video is very high which is counted among the top thirty currencies. BINANCE Exchange also supports it. In the last few days this price has gone up a lot when Binance announced that its price will go up. Elon Musk also supports it

DANT
It also has the support of a strong community. Its daily volume is very good. And it has been in the market for a long time so everyone knows it. It was created to improve mobile communication. And these currencies are also listed on popular exchanges.

DogElon
This cryptocurrency is prominent among all cryptocurrencies as its follower rating on Twitter is increasing tremendously. And it also has the support of a strong committee. So far it is listed on only two exchanges, but if it continues to grow in the same way, it may be listed on more exchanges.

BitTorrent
This currency is supported by the Tron Network. And it is one of the top fifty currencies. Its daily value is more than one billion dollars and its price is usually increasing. This cryptocurrency is listed on popular exchanges
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Show the steps of doing investment in penny starting at $5 in this week.

I have used Binance application for investment. Below are the investment steps that can be followed to make an investment.

Step:1

First, open your Binance Application.
Then click the Wallet button below.

Step 2:

Then click on spot.

Step 3:

After clicking on Spot you will see your support.
As you can see, I have 7 USDT.
Click on USDT.

Step 4:

Clicking on it will take you to the market.
Search the market for your asset you want. I searched for BitTorrent.
Click on BTT / USDT pair.

Step :5

For this trade the amount 10 and above USDT required. But I have 7 USDTs in my Spot wallet. To this issue I have transfer 4 more USDTs from my P2P wallet to Spot wallet then it is fully operational.

Then enter 11 USDT. In return for which 2696 BTTs have been purchased.
After entering the Value of USDT, then click on Buy button.

You can then see that our order is complete and if in history you can see that I bought 2696 in exchange for eleven USDT.
Here's how you can invest in any cryptocurrency.

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Conclusion

Every Cryptocurrency has importance even it is penny in worth. Every developed cryptocurrency was a penny. But as passing the time they developed and become successful. Most of the crypto investors becomes millionaires and Even Billionaires by investing in correct penny cryptocurrency. If any investor wants to becomes millionaires, then it is necessary to get complete knowledge about penny cryptocurrencies.
THANK YOU