The cryptocurrency markets have turned into a casino and everyone is a winner, including perhaps the charismatic John McAfee. Following the dramatic bitcoin price rally to $19,891, and subsequent dump to $10,400 (GDAX), bitcoin is now in what is known as a consolidation phase where it will remain until it breaks out from that range. What characterizes consolidation is that the price movement is uncertain and pretty boring.
Trading Like John McAfee
Meanwhile that is happening, record-breaking amounts of new users are signing up to get a piece of the latest price action in crypto, and many of those users have little interest in waiting around for bitcoin. At the same time, the level of insane gains some traders make are warming up even the most conservative speculators to the idea of picking up some small cap coins just for the heck of it. Valuations have completely detached from reality, but nobody cares right now. The mentality is to make hay while the sun is shining — and it seems to be working.
I’ve decided to take a look at how you would have done if you would have instantly bought every coin John McAfee (old dude notorious for namedropping random coins with 0 research) has tweeted about since the beginning of 2017 (the first time he mentions a coin). While 13 out the 22 coins he mentioned aren’t currently tradeable, his performance with the coins that are is quite remarkable.
Now, it may be true McAfee’s price calls are self-fulfilling prophecies because the market has collectively agreed to pump everything McAfee Read More Here