Altcoin Price Increases and How CryptoPing May Help Traders

Recently, we have seen large pumps in both Bitcoin and many of the altcoins. These increases make many cry with joy as their assets go up in value, and make many others cry out in anguish as they only see missed opportunities with 20/20 hindsight.

Too many times we have all have regretted buying or not buying into various alts. So what usually causes these pumps? Is there a way we can see predict these with greater accuracy? Though there is no way to guarantee success in any market -especially cryptos-, the telegram bot CryptoPing may be one way of hedging a bet.

What causes such Bullish pumps?

There are a torrent of factors which may significantly influence the price of any cryptocurrency, from news of its use in scandal(s) to uncertainty in more traditional markets driving the demand for alternative investments. However, three standout for in particular: news surrounding innovative projects and aspects of alts, the market cap growth witnessed in anticipation of such news, and the increased citation flow of a URL.

We’ve all seen how Litecoin’s recent implementation of segwit has done wonders for the coin. The price has gone up tremendously, and it even has been added to Coinbase as directly tradeable to USD. The news surrounding the implementation is what started the climb of the alt’s price, not the implementation itself, though its sustained price very well many have to do with segwit itself.

Another thing that may affect price is the growth rate of the market cap in response to news about new features for that alt. As market caps increase and decrease, this can influence how traders may act with various alts.

Finally, increases in URL citations could also be considered here. A URL citation flow essentially is a prediction of how influential that URL is based on how many other websites share (cite) it. If various projects and alts are receiving more traffic, then traders may assume that others are about to buy. It could be seen as a micro conversion (researching the coin) leading up to a macro conversion (buying the coin). Traders would not be out landing in assuming this as a good way to gauge a buy in window that maximizes their profits.

What does CryptoPing have to do with all of this?

The Merkle has noted before how CryptoPing could be useful in harnessing this kind of market data. CryptoPing’s overall aim is to help alt traders understand signal and trends in the market. It was to link news and data to signals from exchanges. It even boasts that it could return 13.5% daily profit.

Currently, this service is free to use, but will be changing that soon. Cryptoping is looking to launch its full -subscription based- service by the end of June, but did want to start its ICO earlier on May 25th, 2017 to speed up development. To subscribe to CryptoPing, you will need these tokens.

A disclaimer: this is not investment advice, but my opinion. The only investment advice that I am willing to give is: do not invest more than you are able/willing to lose.