To moon is to gain something like 50%, 2x, or 3x ithin a few days or even within 24 hrs. We can say that bitcoin $BTCUSD recently mooned from $10,000 to $17,000 within a week. Price has calmed down these past few days.
We also saw Bitcoin's siblings, Litecoin $LTCUSD moon from under $100 to almost $400 in a few days, while Ethereum $ETHUSD mooned from about $450 to $775 in just a couple of days.
All three are now stabilizing. However, we have a bunch of altcoins that are going berserk.
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- Ripple is an implementation-ready technology for bank transactions. It doesn't actually use a blockchain, and the crypto-world shuns it because it represents an attempt to compromise with banks and regulation.
- To wallstreet or retail investors that are not crypto-maximalists, ripple represents potential of mass adoption, which bitcoin is far from due to its transaction fees and speed.
- Just a few days ago, I thought Ripple is a good investment, but I don't know anymore. It has already mooned, so we might see it come back to earth in upcoming weeks.
- I think $1.00 will be a psychological resistance. For now I think it will hold. But if it doesn't, there is no law of gravity that says it can't moon to $1.50 or even $2.00.
- But let's not be so euphoric.
- There are tons of crypto assets that have potential, but the key word is potential.
- Only a handful will probably be implemented successfully. Ripple does have a good chance, but let's take a look at a rival: Stellar Lumen $XLMUSD
$XLMUSD Daily Chart
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- XLMUSD is not parabolic like XRPUSD's chart. It had interest earlier, in October, when IBM announced interest in working with Stellar on international financial transactions.
- It is a blockchain-based technology and is entering implementation phase, a little behind ripple, but still ahead of most crypto ICOs.
- In mid-October, after the announcement, there was a 2x moon.
- Then, i late November, we had another couple of 2x moons separately by a couple days of rest.
- We are on another swing here in mid-December, but it looks like XLM is struggling to reach $0.24 again.
- XLM is bullish, but will perhaps consolidate for some time between another mooning.
$EOSUSD Daily Chart
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- Here's another coin that is having a 2 month long mooning session.
- Yes from a low of $0.50 to a high of almost $8.75 and still going.
- EOS was created to address scalability issues that Ethereum is having.
- While Ethereum developers are working to improve its protocol, Dan Larimer decided to create a different protocol - EOS.
- Now, Larimer is someone who has created 2 blockchain apps, neither of which uses Bitcoin's or Ethereum's blockchains.
- These 2 projects, Bitshare and Steemit have been so successful, each of them surpass bitcoin in number transactions.
- As a successful app dev, Larimer might have the know-how to create a better Ethereum, which is essentially a platform for other blockchain apps.
- He is developing the EOS platform from the perspective of an app developer.
- I think there will be psychological resistance around $10.
A note on calling this a bubble:
So, remember when we had AOL, YAHOO, ASKJEEVES etc. It's kind of like that right now.
here are lots of "bubbles" within this crypto space.
But let's take the dot.com bubble. What happened after that? Did the internet go away? Did investors stop investing in internet companies? Just ask google, netflix, amazon etc.
Out of a bubble and subsequent crash, industry leaders and standards will emerge.
It's just that this is the very early part of this industry's life-cycle so there will be a lot of individual bubbles. But you are in denial or not taking the time to at least somewhat understand this technology to appreciate the crypto asset's disruptive potential.