New Cryptocurrencies ForeverFOMO And GravitX Are Bucking The Trend
Andy Hecht | Oct 07, 2021 12:03
This article was written exclusively for Investing.com
- In search of the next big winners
- Inexpensive cryptos have a unique appeal
- Only invest what you can afford to lose
- ForeverFOMO experienced a huge percentage gain
- GravitX has soared
The leading cryptocurrencies had remained under pressure since reaching all-time highs in April and May. Bitcoin hit over $65,500 per token in mid-April. At the end of last week, the price was sitting below the $42,000 level. Ethereum traded at over $4,400 in May and was sitting at the $2,850 level as of Oct. 1.
Gravity is a powerful force, and it hit the parabolic rallies that took these cryptocurrencies to staggering heights over the past years. While early investors in Bitcoin and Ethereum may have suffered some opportunity losses, the profits remain unprecedented.
The magnet force of wealth created by those with the foresight to buy Bitcoin, Ethereum, and some of the other leading cryptocurrencies remains the reason the number of new tokens coming to market each day has been on a one-way path higher. As of Oct. 5, the total number of cryptos has grown from one in 2010 to 12,350.
ForeverFOMO (FOREVERFOMO) and GravitX (GRX) are two cryptos that are looking for their time in the spotlight. Last week, both were under the hot lights as their prices appreciated.
h2 In search of the next big winners/h2On Oct. 5, Bitcoin and Ethereum were back in bullish mode, with the leading crypto trading over the $51,000 level and Ethereum at nearly $3,500 per token. At time of publishing both tokens have climbed higher: BTC is trading at the $54,944 level while ETH is at $3,550.
In 2010, a Bitcoin went for the bargain-basement price of five cents. Investing $1 bought 20 tokens worth $1.02 million at $51,000 on Oct. 5. Ethereum was at $0.7084 in August 2015. A $100 investment in 2015 was worth nearly $495,000.
Everyone loves a bull market. Locating the next Bitcoin or Ethereum has lifted the prices of the 12,350 asset class members. The price appreciation has created magnetic speculative demand for the emerging tokens.
h2 Inexpensive cryptos have a unique appeal/h2Owning many tokens at a low price versus one at a high price is a six of one, and half-a-dozen of another proposition as all that matters is the total value of the investment. However, it is more emotionally satisfying to own the many.
Lots of precious metals devotees favor silver over gold because they can possess more ounces of silver for the same investment. A $10,000 investment in gold at the $1760 level on Oct. 5 bought 5.68 ounces. The same investment in silver at $22.65 purchased 441.5 ounces, satisfying the desire for a bulkier investment.
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As the addressable market for cryptocurrencies searches for the next big winner, cryptos with low per token prices enable a substantial holding.
h2 Only invest what you can afford to lose/h2The leading risk in the cryptocurrency asset class is the threat of the abyss. Most of the 12,350 tokens will become dust collectors in computer wallets. A select few will survive and thrive however, and some could offer Bitcoin and Ethereum-like returns over the coming months and years.
The one caution for all cryptos, from top to bottom, is to only invest capital that you are willing to lose. The potential for incredible rewards comes at a price—massive risk.
Two inexpensive cryptos attracting lots of interest over the past weeks are ForeverFOMO and GravitX.
h2 ForeverFOMO experienced a huge percentage gain/h2ForeverFOMO has only been around for a couple of weeks.
The attractive website states it is:
“One of the first unique rebase contracts with only 10% tax.”
A rebase contract is price-elastic, so the circulating token supply automatically adjusts (increasing or decreasing) according to a token’s price fluctuations. The number of tokens in a wallet increases or decreases with the per-token value.
ForeverFOMO burst on the scene on Sept. 24, 2021, at $0.0000021 per token.
Source, all charts:
As the chart shows, the price rose to a high of $0.6478.62 on Oct. 6, but the price appreciation is a mirage as the number of tokens adjusts to price changes.
With the price moves, ForeverFOMO rose to a position as the 3287th leading token out of 12,350, putting it in the top 26.6% of the asset class.
h2 GravitX has soared/h2GravitX (GRX) is another new crypto market entrant, ranked slightly below ForeverFOMO.
GRX’s website outlines that it is another elastic supply token designed to always move higher.
“This revolutionary technology is called Antigravity Contact. Hold with confidence as the price is guaranteed to rise each hour until we reach 1,337,000. It’s as sure as E=mc2.”
The antigravity contract does not apply to the number of tokens, which decline as the price rises.
The chart shows the antigravity contract rose from $0.016 on Sept. 24, 2021, to a high of $26.17 on Oct. 3. GRX was at the $23.32 level. At time of publication it was at $24.17. It was the 3412th leading token, in the top 27.6% of the asset class.
Those looking for bulk purchases and price appreciation will likely be disappointed with ForeverFOMO and GRX as they embody the principle that you can’t have it all.
ForeverFOMO and GRX bucked the trend in cryptos over the past weeks when Bitcoin, Ethereum, and many other token values fell. However, they were created to move higher in all market conditions, but the catch is the number of tokens in one's holdings—that's the critical variable.
Do your homework when approaching the novel cryptocurrency arena, and do not invest $1 of capital you are unwilling to lose. The potential for significant profits comes with the risk of total loss.
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