The overall cryptocurrency market is lacklustre today. Most of the cryptocurrencies are trading flat. When you look at the mainstream cryptocurrencies like Bitcoin (BTC), it is trading down by just 0.78%. Similarly, Ripple (XRP) is also trading down by 1.34%. The same however cannot be said for TenX (PAY).
This is the best cryptocurrency performer today with 24% gains:
In the last one week however, it has moved down by nearly 8%. A week earlier, it was trading around $ 0.4547. Currently, it is trading around $ 0.4199. Thus, it has moved down by approximately 8% in one week. While today’s move might attract the attention of investors but it is important to take a holistic view rather than just a day to day view on cryptocurrencies. This is the reason why buying at these levels might not be a good idea.
It supports multiple cryptocurrencies which ensures that you will not have to worry about converting one cryptocurrency to another. If indeed, it is able to gain traction, the value of the cryptocurrency can rise even more. The same however cannot be said. There is very little fundamental news when it comes to Tenx (PAY). Only when it starts gaining traction, the actual fundamentals of the cryptocurrency will improve. In that case, it might be a good idea to think about buying this cryptocurrency for a longer period of time. Up until that point in time, you need to stay away from these impulsive moves it irrespective of the one-day gains which TenX (PAY) makes.
One-day gains might attract the investors but it is the long-term fundamentals which ultimately decide the value of the cryptocurrency.