Over the past few months, many people have been investing their money in the cryptocurrency market. Crypto enthusiasts have been advocates of Bitcoin, the first cryptocurrency to be a game-changer for the financial industry.
On the other hand, crypto socks are a new phenomenon. These socks operate through the Ethereum blockchain via redeemable ERC-20 tokens. This new digital investment market is attracting a lot of crypto users.
If you are willing to invest in one of these markets and still wonder whether cryptocurrency is a better investment or socks markets are more beneficial, keep reading this article to clarify your doubts.
You’ll learn about the investment-related information that will give you a better understanding of both markets.
Table of contents
- What is cryptocurrency investment?
- Market value and trends of cryptocurrency.
- What is a socks investment?
- Market value and trends of socks.
- Socks vs. Crypto investments. Which is better?
- Closing Thoughts
What is cryptocurrency investment?
Cryptocurrencies are digital currencies that the central Bank system or government does not control. Instead, transactions are regulated using distributed ledger technology. There are numerous cryptocurrencies in the market with varying values. It can likewise go high up to millions, and at the same time, drop in millions.
Moreover, cryptocurrency investors invest in low-price cryptocurrencies. This way, they get at a higher price when the value of those cryptocurrencies reaches its peak. This strategy has worked for some of the lucky crypto investors.
However, price stability is not possible in crypto as factors like the supply of cryptocurrencies, their market demand, cryptocurrency production cost, reward issued to crypto miners, market competitiveness, and many more affect its value.
Market value and trends of cryptocurrency
The market capitalization value is a financial measure of crypto trading. One can calculate it by multiplying the price of virtual cryptocurrencies by the number of coins present in the market. By calculating market value, investors get an idea of the total market size.
Looking at the rapid evolution of cryptocurrencies’ market value, we can see that the money flow withinside the market is enormous. As of 21st February 2021, the market capitalization of Bitcoin (the most famous and oldest cryptocurrency) was estimated to be 1072.1 billion dollars till the first quarter of 2021, and by 2023, the global blockchain market value on which cryptocurrency trading operates is estimated to be 23.3 billion dollars.
In the first quarter of 2021, Bitcoin had the highest global daily transactions of 367536 bitcoins per day.
What is a socks investment?
$SOCKS is a crypto token that entitles its owner to one real pair of limited edition digital socks. Owners can sell socks tokens quickly and ship them anywhere in the world. Currently, the value of one socks token is 12 dollars, and this value increases with each buy or sell. To receive a real pair, the buyer has to redeem a $SOCKS token.
Socks token trading follows a bonding curve; Meaning $SOCKS will gradually reach an equilibrium depending on its market demand. Buying or selling socks tokens functions using the Uniswap protocol, which accepts any token input as a way of payment.
In a unisawp pool or the pool of socks tokens, around 500 socks tokens were deposited with the initial value of Ether.
Furthermore, it would be best to acquire Bitcoin or Ethereum currencies to streamline the trading process to invest in socks tokens. Make sure you have all the details of cryptocurrency trading before taking part in digital trades.
Multiple big cryptocurrency exchange platforms can help you buy crypto tokens using your bank account or credit card. It would be best if you take the help of a cryptocurrency financial advisor.
Market value and trends of socks
The market capitalization value of 500 pairs of socks tokens is 20 million dollars. Recently the market value of unisocks ( a form of socks token) has hit its all-time high, with a worth exceeding 92000 dollars.
The decentralized exchange platform “Uniswap” issues the Unisocks. These socks are considered memeful crypto tokens, which are popular among crypto investors.
At present, socks tokens are trading at a value of 64,600 dollars. Though it has also seen a drop of 24.6%, soon it rosei in February and its market value experienced a remarkable peak with approximately 28 million dollars.
Socks vs. Crypto investments. Which is better?
From the above information, we can deem that both cryptocurrency investment and socks investment can help you grow your financial capital, and each of them comes with its own set of risks. Hence please do thorough research before investing in either option. Likewise, take guidance from a cryptocurrency auditor if you have decided to partake in the crypto trading world.
However, we recommend investing in Bitcoin first and then using it for socks trading to get the right amount.
The digital world has always been attractive to people, but its inclusion in the financial area has exploded its usage. Moreover, blockchain technology has already entered into the workings of various industries, and cryptocurrency is getting familiar with more and more people with progressive years.
In addition to this, the new and fresh crypto-based socks token is also making its way in the digital currency world at a fast pace!
Once you acquire all the needed knowledge, then there is no harm in taking a chance by investing in them. Learn more about cryptocurrency trading in detail at the BLOCKCHAIN COUNCIL; Also, check out the various certification courses on the platform.