On Saturday, Expanse (EXP) took the cryptocurrency market by storm as it rose by 65.67%, outperforming the crypto market. This sudden rise has made Expanse one of the top performers of the day, sitting at a market cap of over $13 million.
Expanse is a cryptocurrency that aims to be a decentralized platform for smart contracts, dApps (decentralized applications) and DAOs (decentralized autonomous organizations). Unlike some other cryptocurrencies that focus on speed and efficiency, Expanse instead prioritizes flexibility and customizability, making it an attractive option for developers and businesses who want to tailor their blockchain solutions to their specific needs.
One reason for Expanse’s sudden surge may be attributed to the recent announcement of their partnership with HitBTC, a major cryptocurrency exchange. The partnership will allow users to easily trade Expanse on the HitBTC platform and access their range of tools and services.
Another factor that may have contributed to Expanse’s growth is its recent development of a new consensus algorithm called EXP-HODL. This algorithm is designed to improve security by ensuring that tokens are held for a certain period of time, discouraging short-term speculation and encouraging long-term investment. This approach may have resonated with investors looking for a more sustainable and secure investment option.
Expanse’s strong performance on Saturday is also part of a larger trend in the cryptocurrency market, which has seen significant growth over the past few months. The overall cryptocurrency market cap has grown from around $200 billion in late 2020 to over $2 trillion in May 2021. This suggests that investors are becoming increasingly interested in cryptocurrencies as a viable asset class.
However, despite the overall growth of the market, it is important to note that cryptocurrencies remain highly volatile and investors should exercise caution when investing. Price swings of 65% or more in a single day are not uncommon in the cryptocurrency market, and sudden drops can be just as unpredictable as sudden rises.
It is also worth noting that Expanse is a relatively small cryptocurrency and may not have the same liquidity or stability as larger cryptocurrencies like Bitcoin or Ethereum. This means that while Expanse may offer more flexibility and customizability, it may also be riskier for investors.
Despite these risks, the growth of Expanse on Saturday is a promising sign for the future of the cryptocurrency market. As more investors become interested in blockchain solutions and decentralized applications, cryptocurrencies like Expanse may become increasingly valuable and widely used.
Expanse (EXP) has recently caught the attention of investors thanks to its high volatility ranking of 86, according to a report by InvestorsObserver. While this indicates that the coin is more volatile compared to others in the crypto market, it should be noted that this ranking tracks daily price fluctuations and should not be seen as a measure of long-term stability.
Currently, Expanse is trading at $0.002435556237, up by 65.67% on Saturday. However, this sudden surge in price could be a sign of a potential bubble, and investors should be cautious.
The report also notes that Expanse’s high volatility comes with a low reading on the Risk/Reward Gauge, indicating that the coin is well protected from price manipulation.
Expanse’s price chart shows that the coin is trading above resistance and has support at around $0.00121207514845569 and resistance around $0.00198582516119618. This suggests that the coin may be in a volatile position if the rally burns out.
The current volatility of Expanse can be explained by its recent adoption by several online retailers, including computer hardware retailer Newegg. This move has increased the coin’s visibility and brought it to the attention of more investors.
However, it is important to remember that cryptocurrencies are highly speculative and prone to sudden price fluctuations. Investors should not rely solely on the volatility ranking or past performance when making investment decisions.
The best approach is to conduct thorough research on the coin’s fundamentals, market trends, and potential use cases. It is also advisable to diversify one’s crypto portfolio and not put all their eggs in one basket.
In conclusion, while Expanse’s recent high volatility ranking is noteworthy, investors should exercise caution and not rely solely on past performance when making investment decisions. It is essential to conduct thorough research and diversify one’s crypto portfolio to mitigate risk.