Rose Finance: a promising newcomer to the cryptocurrency market
Volatility can be a real nightmare for investors, but it also creates attractive opportunities for enterprising traders who keep abreast of the sweeping markets.
At the same time, traders and investors are very fond of trend “bullish” movements. Bull markets appeal to our emotions (even greed). To buy shares, an investor may just need advice. When the media focuses on specific companies, the volume of trading in their securities is growing rapidly.
I have been investing and trading for four decades now, and never before have I seen anything like the growth that cryptocurrencies can offer. In 2010, twenty bitcoins could be bought for one dollar, and just eleven years later (October 20, 2021), people were willing to pay $67,680 for one token. One dollar invested in eleven years could turn into a fabulous $1,353,600. The growth reflects the decline in the value of fiat currencies, the development of a whole class of digital assets, which are alternative exchange instruments, as well as an unprecedented speculative frenzy.
Every day new tokens enter the market, hoping to repeat the success of bitcoin. Some will succeed, but most are doomed to failure. Rose Finance (ROF) is a promising debutant, the cost of which soared in October 2021 due to the hype demand from market participants.
The year 2021 turned out to be very volatile
Bitcoin has shown an impressive increase this year.
Trading on December 31, 2020, the leading cryptocurrency met at $28,986.74, and by November 2, it had added more than 118% and reached $63,370. In percentage terms, the rally of Ethereum (the second cryptocurrency by market capitalization) was even more impressive.
Ether met the New Year at $ 738.91, and on November 2, one token cost more than six times more expensive ($ 4,500).
Yes, the rallies were not straightforward, but the corrections did not knock these currencies off their “bullish” path, as evidenced by a series of rising highs and lows.
There were reasons for the growth to record highs
In recent years, the degree of recognition of digital assets has increased, and the market has expanded. In February, CME launched Ethereum futures trading, which led to an increase in prices. The April listing of the Coinbase (NASDAQ:COIN) cryptocurrency exchange on NASDAQ was another event that increased the awareness and trading volume of the entire asset class.
The most recent driver was the debut of the exchange-traded fund for bitcoin futures ProShares Bitcoin Strategy ETF (NYSE:BITO) on October 19. All three events pushed prices to new highs, which is typical for this market. For example, the launch of CME bitcoin futures in December 2017 allowed the leading cryptocurrency to take the $20,000 mark for the first time.
The number of currencies is growing every day
At the end of 2020, the market was represented by 8,153 cryptocurrencies, and by November 2, 2021, their number had increased by 65.7% (to 13,513). Moreover, at the end of last year, the market capitalization of digital currencies was $ 767.482 billion, and now it is equal to $ 2.728 trillion.
Bitcoin and Ethereum continue to be the leaders of their class, as they account for more than 63% of its market capitalization. Many currencies will eventually remain on the sidelines of the market, but there are also rough diamonds offering incredible growth potential.
The BTC and ETH rallies have attracted speculators, and now market participants are ready to invest in new currencies in search of riches unseen since the “gold rush” in the United States.
Rose Finance: a new representative of the digital currency class
According to information from the project’s website, Rose Finance (ROF) is “aimed at active growth through social networks.” The patented growth mechanism of Rose Finance aims to attract subscribers and “likes” with “optimal speed to increase engagement and retention.”
The token and its protocol are part of a four-stage deployment plan for the Rose Wallet, which will store ROF tokens.
As of November 2, ROF occupied the 5088th line of the digital currency rating, although it was launched no later than September 23, 2021.
Rise and correction of ROF
The initial investors and the ROF were able to ride an incredible wave that brought the currency to the highs on October 26.
On September 23, one token cost $ 0.0002687, and on October 26, its value was $ 15.94. Just one dollar invested on September 23 was worth more than $59,000 at the recent peak; very good for one month. By November 2, the currency had adjusted to $2.72.
At the time of writing this article, the ROF token cost $3,32567.
Rose Finance is another of the many examples of the speculative frenzy that has engulfed the digital asset class in 2021. This article is not an advertisement for the token, but rather an illustration of how fast and rapidly the entire market is growing.
Invest no more than you are willing to lose, because risk always goes hand in hand with profit. An asset that allows you to make millions out of a dollar can depreciate just as rapidly. Stay alert.