I had a lucky day the other day with an altcoin called PINK.
Most of my cryptocurrency investments have been on coins that I believe have strong, sound fundamental qualities going for them and I'm investing for a more long term buy and hold strategy because I believe in these coins.
It's easier to invest this way and I don't have to be so concerned about daily fluctuations in price if I chose coins I believe will rise in price over time.
But the other day I woke up and took a gamble on a coin called PinkCoin (trades as PINK) and it really paid off. I have to stress that it was really a gamble and all I knew about the coin was that the price was rising quickly that day for the first time in it's history and that the coin is actually backed by colored diamonds.
I did some research to learn why its price was climbing so quickly but could not find any news on it other than it was backed by colored diamonds. Even when it traded at the second highest volume for the day on Bittrex, there was still no news written about it which is unusual.
I new I was going to be near my computer that day so I could watch the price closely and get out if it looked like it was going to drop and so I bought $75 worth, an amount I was comfortable losing.
Turning a $75 investment into $566 in about four hours. It only got to the .04 cent price for a few minutes and if I had not been staring at the charts at the time I would have missed it.
Would I do this again? As exciting as it was to see the profits grow so fast, I don't think I would do it again. It felt too much like gambling and could just as easily been a losing bet. But as luck would have it, I made a few bucks and got a better understanding of how charts work.
What I still don't understand is why the price spiked up like that. It had no history of climbing up and there is still no news that I can find that explains it. Anyone that may have some insight to why the price climbed I would be very interested in hearing what you have to say.
