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Reddcoin (RDD) is putting up shows to remain relevant. After its launch in January 20, 2014 as a Scrypt Proof of Work (PoW) digital currency, the altcoin has been witnessing tangible growth and popularity in the market until the 2018 bear attack, which saw different coins on the downward spiral.
As such, users are pessimistic on continuing with their hold on dear life (HODL). However, the past strides of crypto coins should not be the major basis of their future prospects.
Reddcoin (RDD), the social cryptocurrency that aims at rewarding content creators for their activities, is set to boom later. To this end, hodling the coin might be on of the best option but there are factors to consider that would likely help you avoid losing out to the whales.
Reddcoin (RDD): Consider the Popularity
Now, there are 2,080 cryptocurrencies with a current market capitalization of $111,169,185,181. This does not in any way imply that all of these coins have fiat adoptions. Except for Bitcoin (BTC) that dominates the market by 53.7%, Ethereum (ETH), the Tron (TRX)token, Ripple’s XRP, Vergecurrency (XVG), IOTA (MIOTA), there are other coins that do are yet to dominate the market in full.
Reddcoin (RDD) is popular in Telegram, Reddit and the launch of the Twitter Bot gave it the access to the platform. While hodling the coin, consider its widespread popularity on social media platforms. As you hold on to dear life (HODL) with your RDD coin always lookout for the whales.
Reddcoin (RDD): Low Market Cap
Ever since Satoshi Nakamoto popularized the concept of the blockchain technology that buoyed the move for the launch of the foremost cryptocurrency – Bitcoin (BTC), other alternative coins (altcoins) are struggling to come up the table. If you must sustain the tempo of hodling the RDD coin until 2022, always master analytics in the crypto market.
With a low market capitalization and low circulating supply, there is the tendency that the coin can still grow. The decrease in Bitcoin’s (BTC) value during the bearish trend and the growth within the last couple of months is an attestation to the fact that a low market cap might sometimes not means death.
Nevertheless, when a coin drifts too low that it trends towards the bottoms, one needs to wary of the next thing to do when Hodl such coin. At the moment, the market cap of Reddcoin (RDD) may look slightly low, but it is far from being unbearable, there are chances for a moon run in days to come.
What Says Its Value Against Bitcoin (BTC)
No gain saying, BTC is the market determiner. Although there are a number of coins like Reddcoin (RDD) that offer better robust services when compared to the crypto don, but one should always watch for the trend a coin is maintaining against BTC because the whole market relies on it.
For Reddcoin (RDD) as at the time of writing this article, the altcoin has lost about 1.5% of its value against BTC in the last 24 hours. Don’t get scared, it is very much bearable, but a wide margin around 50% loss for 2 consecutive weeks might be signalling death.
Take some Assets off the Table
As the bulls make a comeback, the price of Reddcoin (RDD) tends to increase. Consider taking off some of the assets and trade off at the market. This gives you some profit while awaiting more bullish races to trade the remnants.
Hodl with Caution
Disclaimer: The guide above is an opinion and should not be taken as a piece of financial advice. Always ascertain from a financial advisor before hodling.
However, with the right strategy and exercise of caution, you will pull off huge profits in the end.