What’s up with Altcoins

Here's my thought on the altcoin market

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Altcoins.  They’re a popular topic among anyone talking about cryptocurrency. But what are they?  Well, here’s the definition right from Investopedia, a resource I use a lot: Of course, these days, we’d probably consider Ethereum a “main” coin in addition to Bitcoin. But the point still stands. The term “altcoin” covers pretty much any cryptocurrency that isn’t one of the big dogs. They get a lot of attention because of their explosive growth potential, but are they smart, safe investments?  That all depends. Let’s talk about it a bit!  Learn an Incredible Apple Strategy on Tuesday A trader named Micah Lamar, who I’ve talked with in the past, has built a remarkable strategy for trading Apple stock. On Tuesday at 7:00 PM ET, he’ll share some insights on where Apple might go next during earnings season. Plus, he’ll share his remarkable strategy for trading the richest stock in the world. Click here to sign up for Micah’s event Here’s the dirty little secret about altcoins: they aren’t inherently bad or good. You know by now that I’m a technical trader. That means that I’m not usually too interested in the “story” behind a stock, crypto, or anything else. I’m interested in what the chart is telling me. And that’s largely true about altcoins, too. Look at this trade I identified on Harmony recently, and check out the breakdown on the chart… I found that trade not because I heard a cool story about Harmony, but because the chart told me it was time to get in. And that’s always going to be my #1 way to trade altcoins or any other “speculative” investment. But there is one broader narrative you should be thinking about with altcoins in general:  Think about whether the altcoin your analyzing has utility. How many use cases can you think of for altcoins? 20? 50? 100?  There are over 16,850 altcoins right now. Does that seem sustainable?  In the long run, some altcoins are going to find their place in the market and they’ll last. A very select few might even rise to the level of “main” coins. But the vast majority will stay worthless or disappear entirely. And blindly buying and hoping isn’t usually a smart way to try and play it. That’s just my two cents. If you’d like more info on how I trade cryptos, you should check out the replay of my class from Saturday night. Watch it here Hope you have a good holiday, Manage Your Email Preferences Unsubscribe This email was sent by: InvestPub 495 Town Plaza Avenue Ponte Vedra Beach, FL, 32081, US Update Profile We respect your right to privacy. View our policy. Jeffry Turnmire and InvestPub do not provide investment advice. Trading involves a substantial risk of loss and is not suitable for all investors. Many traders fail and you should not trade with money you cannot afford to lose. If you need personal financial advice, consult a financial advisor.