Tonight’s top gainers look pretty weird—the top spots are taken up by a bunch of obscure small-cap coins:
TUT rose 17% in a day to 0.0205, but it’s up only 5% over the week;
BLUR jumped 15% in a day to 0.0084, but it’s still down 9% for the week;
GTC rose 14% in a day to 0.263, but it’s still down 11% for the week.
The key thing to look at is trading volume: these three coins only did 4–5 million U in a day, while Bitcoin did 1 billion.
My take: with coins this small, a few hundred thousand U can be enough to pump a huge green candle. They look exciting on the gainers list, but if you actually jump in, you might not even be able to sell smoothly. Bitcoin is up less than 2% today, at 81,400, and big money hasn’t come in.
Honestly, what’s the worst you’ve ever been burned by an obscure small-cap coin? Did you buy the top and get stuck holding the bag, or did it go straight to zero? Share in the comments and help everyone avoid the pitfalls.
#BLUR $TUT
$BLUR $GTC
TUT rose 17% in a day to 0.0205, but it’s up only 5% over the week;
BLUR jumped 15% in a day to 0.0084, but it’s still down 9% for the week;
GTC rose 14% in a day to 0.263, but it’s still down 11% for the week.
The key thing to look at is trading volume: these three coins only did 4–5 million U in a day, while Bitcoin did 1 billion.
My take: with coins this small, a few hundred thousand U can be enough to pump a huge green candle. They look exciting on the gainers list, but if you actually jump in, you might not even be able to sell smoothly. Bitcoin is up less than 2% today, at 81,400, and big money hasn’t come in.
Honestly, what’s the worst you’ve ever been burned by an obscure small-cap coin? Did you buy the top and get stuck holding the bag, or did it go straight to zero? Share in the comments and help everyone avoid the pitfalls.
#BLUR $TUT
$BLUR $GTC
