Well, would you look at that. For the first time since August, Bitcoin is not the top cryptocurrency in our Coins2HODL portfolio. This week that title belongs to ZRX, the native token of 0x protocol.
In case you don’t know about 0x project, we’ve discussed it several times in previous posts that you can check out to read up on it. The reason that 0x has pumped so high is, of course, the long-anticipated addition to Coinbase.
Being added to Coinbase has caused big pumps for coins in the past, so at this point it was almost to be expected. In fact, the addition of 0x caused a smaller surge for Basic Attention Token, another ERC-20 token that’s likely to be added to Coinbase in the coming weeks or months.
What’s important to understand if you’re an investor or trader is that it’s extremely difficult to predict the top of a pump like this, and it’s equally difficult to predict how far it might drop back down after the initial hype and FOMO. So, if you find yourself getting FOMO and thinking about buying after a 25% surge, please reconsider. FOMO is never a good reason to make an investment or trade!
Of course, if you want to see what would happen if you did trade ZRX right now, without actually risking your money to do it, you can always experiment on the Coins2Learn trading simulator! After all, that’s what it was built for.
Overall, our portfolio didn’t improve all that much despite the huge weeks from 0x and BAT. Most coins and tokens are down small amounts from last week, ultimately offsetting the gains. Even despite Fidelity jumping into crypto this week, general market sentiment is still pretty bearish.
But before we leave for the week, we have to share this gem of an ad from eToro that any Game of Thrones fans are sure to appreciate:
