Cryptocurrencies

Crypto Shopping Cart – 06 June

Prices went down, but the market is clearly moving along. That can only mean one thing: time to get the Shopping Cart into gear!

BTC has made some good gains this year, but for the most part, altcoin prices remain very low compared to BTC. The whole market may have climbed by about 150%, but the alts have been slow to gain any sat value. While we can’t be certain of this, it is likely that altcoins will eventually make significant gains against BTC. I believe in BTC, I really do, but I don’t believe that it should hold over 50% of the total market cap! Maybe 10-20% would be more realistic, it doesn’t make sense for an entire asset class to be completely dominated by one asset. 

After increasing the percentage of BTC in my portfolio earlier in the year, I am now more keen to stock up on promising altcoins than I am to continue adding to my BTC stack. If BTC does drop into the $6000s, I will likely buy it again with fiat, and then convert however much BTC I buy straight into altcoins. I actually keep a shopping list which I constantly update, depending on prices at the time and how much I already hold of each coin on the list.

Shall we take a look at what’s in my Shopping Cart?

Funding the buys

Today’s shopping trip is not a massive spending spree, I didn’t put any fiat into it. Everything today comes from my STEEM earnings. STEEM has not has a good year, the poor STEEM fans are walking around looking rather depressed. It’s sad, though not totally unforeseen – I have warned of the dangers of believing too much in a platform ( Crypto Tribalism ) and I have mentioned my reservations about STEEM specifically on multiple occasions. Still, it’s sad to see it suffer like this.

Realism is important in crypto. While I would have loved to have held onto all of my STEEM, I have had to accept that the wonderful turnaround may never happen. I therefore decided to limit the amount of STEEM Power I hold to about 500 and I’ve been powering down for the last few weeks (I held about 650 SP) in order to achieve that figure. When I reach 500 I will reassess the situation.

Selling STEEM now goes against “Buy Low, Sell High” principles, so I find it difficult to do. But having already seen many of my lesser and more risky investments go to zero, I’d rather not ride the STEEM train on that same trip.

90 days STEEM chart – not a pretty sight. From https://www.coingecko.com/en/coins/steem

Anyway, the crux of that tale of woe is that I sent my STEEM to Binance in order to buy altcoins. This is what I bought:

What’s in the Cart?

Looking at my shopping list, I narrowed it down to five coins. Having limited funds, I did a little TA to narrow things down further. Eventually I crossed BNB and TRX off the list as they did not represent the best value for money. With Binance subsequently announcing their intention to create their own stablecoins, perhaps taking BNB off the list was a mistake. Oh well, too bad, what’s done is done. I will probably discuss the Binance stablecoins in another post soon.

Holo (HOT)

Holo was the first coin to make the cut. I bought some on my previous shopping trip and I bought more now. At 23 sats, this Holo was not as cheap as before, but is still a bargain! Holo grew impressively recently, even bucking some negative trends when other coins dipped. I can’t wait to start seeing wide-scale adoption of the Holochain platform! It is likely that I will buy Holo again within the next month or two.

Ontology (ONT)

Ontology is staggeringly cheap! The volume is picking up VERY rapidly and it is a very good coin too (of course it is, it’s basically NEO’s code dressed in a business suit). Don’t forget that it also pays you ONG for holding it. I don’t have to say any more about ONT, just look at this 180 day chart – you’re mad if you don’t buy coins which have charts looking like that!

Icon (ICX)

One of the cryptos quietly going about its business, Icon remains a dark horse. Just like Ontology, it’s cheap now and it has very impressive recent volume. I don’t mind a little risk if it means potentially big return, I’m betting on this horse…

https://www.coingecko.com/en/coins/icon

Remember: you may well prefer the likes of “better” coins like EOS or Ether, and that’s not wrong, just remember that Icon is still a good coin and that it has a market cap 38x less than that of EOS and 150x less than that of Ether. Where can you make better returns?

To be continued:

I have shifted some ETC (mining outputs which I no longer want to hold) to KuCoin. With it I intend to buy some of my perennial very low market cap favourite: CargoX (CXO). I’m watching the ETC charts for a decent sell price, but I’ll probably not wait too long because I’m bearish on ETC. Though volume is still pretty weak, CargoX has done a remarkable job of holding it’s value during the last week or two, it has consistently outperformed most of my other coins.

From https://www.coingecko.com/en/coins/cargox

Yeah, I’m probably addicted to CXO, but I’m also only human at the end of the day.

Yours in crypto

Bit Brain

Featured image from pexels.com

“The secret to success: find out where people are going and get there first” 

~ Mark Twain

“Crypto does not require institutional investment to succeed; institutions require crypto investments to remain successful” 

~ Bit Brain

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