Cryptocurrencies

Crypto Shopping Cart – 8 April

The problem with an increasingly busy market is knowing what to write about. As a blogger, topics start to back up in my blogging queue, jostling for position based on their respective importances and time-sensitivities. This one can wait no longer.

As I told you in “Bitcoin – What’s Happening?” on 2 April, when BTC climbed rapidly it broke thorough my manual stop-loss level at $4400. I immediately cancelled all my lower price orders and spent all of my available crypto-buying fiat on BTC. Because it’s often easier and clearer to explain using pictures:

Made by Bit Brain with TradingView

I’m pretty happy with my 2019 buying so far, I’ve bought on 3 different occasions. If I had to hazard a guesstimate (I don’t use USD so I have to convert) then I would say that my average BTC price for 2019 is around $4000.

Having just bought some altcoins in late March (“Crypto Shopping Cart – 28 March”), I had already dealt with my most urgent altcoin buying requirements. This left me a little more scope than usual for buying alts. Of course it would be silly to waste good BTC on overly speculative buying, so I made the decision to leave the majority of my newly acquired crypto funds in BTC.

As I have often said: I normally advise holding about 10% BTC. With a bull market looming things are becoming uncertain: while it looks like alts will out-perform BTC, in the past the opposite has normally happened during a climb. By holding more BTC than usual, I have positioned myself for lower risk during the bull run – even if that means lower returns. My portfolio is now 20% BTC, which means that the vast majority of it is still in alts, but that my BTC “safety net” is also much larger than usual. I consider this to be the optimal position for me at the moment.

Enough chit-chat, let me show you which alts I did buy!

What’s in the cart?

it’s important that you remember that for the most part these buys are not necessarily priority buys, priority buys are in my 28 March Shopping Cart Post (and others before that). I’ll explain what I bought and why as I go along:

As usual my buying was done on my two favourite exchanges: KuCoin and Binance. Referral links to both may be found in the signature section at the bottom of this post. 

Let’s start with what I bought on KuCoin:

LOCIcoin (LOCI)

Sadly, the very good LOCIcoin has been almost completely ignored by crypto investors. This is both good and bad. Bad because it might eventually lead to LOCI becoming a non-starter, but good because the LOCI market cap is no less than $150 000. I’ve been in LOCI since ICO (mid-December 2017) and I have kept on buying dips since then. The fact that LOCI’s market cap is so incredibly low makes it a risky buy. But: the LOCI plan, team and platform are all solid. You can take my word on that or your can check it out yourself at https://loci.io. I have written about LOCI in detail before, so you can read my take on it  (saving yourself a lot of research) here: https://steemit.com/cryptocurrency/@bitbrain/cryptocurrency-spotlight-locicoin. Honestly it remains a mystery to me why this coin has not taken off yet. It’s a good platform occupying a unique and necessary niche: the protection of intellectual property and registration of patents by means of a blockchain. For now I just keep buying the dips with very small amounts of BTC. Realise that with a market cap of $150 000 or less, even $10 buys you a sizeable stake in LOCI! I can in no way guarantee its success, but I can certainly vouch for its potential. To me it’s a case of: “I might as well throw 5 bucks at it, what have I got to lose?”

WAX (WAX)

I bought WAX as part of my 28 March shopping trip. At the time I said:

Officially the “Worldwide Asset eXchange”, WAX is my second favourite gaming coin after the now famous Enjin Coin (which I already hold enough of and is now possibly too expensive to be buying). I wouldn’t call WAX cheap, but it’s affordable. I didn’t buy as much as I wanted, but I bought enough to benefit from the rocket-like growth which WAX has a very good chance of experiencing.

I am pleased to report that I do now hold the amount of WAX that I want to hold. Unlike LOCI, I consider WAX to be a solid buy (no sizeable risk). It’s already climbed from $0.38 to $0.82 in 2019 (from 1000 sats to 1575 sats).

CargoX (CXO)

Yes. I bought CargoX again! I can’t help it, it just keeps dropping in price! This coin is either going to make me very poor or very rich. Full disclosure: I actually bought it twice during this round of buying! (I had my eye on another coin but then changed my mind) I wrote some important points about CXO on 28 March – too many to copy & paste them all here again. Check out the heading “CargoX” at https://trybe.one/crypto-shopping-cart-28-march/

CargoX remains the best possible crypto I can suggest in terms of Reward vs Risk.

KuCoin Shares (KCS)

KuCoin remains a truly excellent investment. I am pleased to say that I bought more of it. If I could have afforded it, I would  have bought even more, perhaps I will next month. Think of KuCoin Shares as a much cheaper version of Binance Coin (BNB). Unlike BNB, KCS does not come with the promise of a future DEX, BUT  I would definitely call KuCoin far more undervalued than BNB. It’s an excellent exchange and growth potential is enormous. Of the exchange coins, only Nash (NEX) offers potentially better reward for risk.

The recent resurgence of crypto interest was immediately obvious in KuCoin’s price. I expect the top exchange coins to fly during the next bull run. This is a horse which I am betting a lot on, KCS is my fifth largest crypto holding.

The following coins were all bought on Binance:

ICON (ICX)

I hardly ever speak about Icon. If I had to summarise my feelings on it, then I would say that it’s a dark horse: undervalued, quiet (think: “opposite of Tron and Justin Sun”), solid and harbouring great potential. I decided that I needed more of it and I it might be wise for me to buy even more of it next month. Dollar for dollar, it may just be the best platform coin out there…

Tron (TRX)

Back in another Shopping Cart post of mine (12 February), I told you that I had sold off some of my Tron:

Fortunately for me I did stock up a little on TRX last year, back when it was relatively cheap. I like my TRX, and I don’t want to lose it. I also like being diversified and hedging my bets. Having said that, I am 95% certain that TRX will lose considerable ground to BTC in the months ahead. With all of this in mind, I made the decision to sell 57% of my TRX holdings. 

Selling Tron on 12 Feb and buying again on 2 April was a good move. Tron was clearly overbought when I sold, and I think that I picked a good time to re-enter (time will tell). I really don’t trade much these days, but this is an example of the type of low risk trade that I still do once in a while.

From https://coinmarketcap.com/currencies/tron/

I’m not a huge Tron fan because I consider it to be more hype than substance. But Justin Sun has enormous social media presence and a large following of fans. I doubt I’ll still be holding Tron five years from now, but I’d like to ride its hype wave as far as I can.

Waltonchain (WTC)

Walton has never been my first choice in the “general purpose logistics coin” sector (that honour goes to VeChain), but it is still a good coin that might do well. Looking at my holdings I found that I didn’t have enough Walton to profit from a big price rise (if Walton ever takes off). With that in mind, I greatly increased my Walton holdings, though I still don’t really have enough of it. I’ll keep my eye on the price and may buy more if it dips again. My entry price this time was rather poor, I should have bought a week earlier, but if WTC keeps climbing like it is now, then I really won’t care!

Holo [Holochain] (HOT)

I bought my first Holo last month. I believed the price to have been a little high when I first bought, though it has since dropped and now appears to be levelling out (earlier than I had expected). When it took a little dip on 2 April I found the opportunity to be too good to pass up: I quickly boosted my Holo holdings. Holo is looking really solid for such a young coin. It’s climbing very well (in general – not right now), it’s a great product and the market cap is very respectable (within the top 50 of CMC). I’m glad that I bought more Holo. If the price drops relative to BTC, then I may buy more Holo next month. I now have about 2/3 as much Holo as I want, so I’ll be looking for another buying opportunity.

Binance Coin (BNB)

BNB is the one major coin that didn’t fly up in price with all the others this month. I attribute this to the fact that it has already done so well in 2019 and people may fear that it is overbought. 

Which shows just how stupid people can be…

In a bullish market, people would do well to realise that the exchanges are where all their coins are traded – coins which have increased in price. Since the value of coins like BNB (or KCS) have a direct link to the value of trading activity on their native platforms, it makes sense that the value of these coins must increase at a rate similar to that of the market average or greater (depending on how else the exchange coins derive their value).

I saw that BNB was being ignored by the market – so I bought it. The market’s loss is my gain! BNB remains one of my top picks for the coming bull run.

Conclusion

The clock is ticking, this buying market won’t last forever. I’ve been saying since February that I want to complete my buys before the end of May – a target which I am on track to meet. Exchange coins remain very attractive buys, as do good platform coins. Binance Coin was my biggest buy this round, with KuCoin Shares coming in second. Don’t forget about other great coins which I have bought recently – make sure that you are well stocked up on coins like NEO. I’m thinking of doing a “Bit Brain’s Top 10 Biggest Holdings” post tomorrow – so that you can see how I have positioned my portfolio for the bull run; would you like to see such a post?

Remember that I’m just a random guy on the internet – even if I’m a better cryptonaut (has that word been coined yet? If not I’m claiming it!) than everyone else. I’m not a financial advisor (which is a good thing – since none of them seem to understand crypto!). Do You Own Research, but remember that I’m here to help.

Yours in crypto

Bit Brain

Attribution: Cover image from pexels.com

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

~ Mark Twain

“By this means (fractional reserve banking) government may secretly and unobserved, confiscate the wealth of the people, and not one man in a million will detect the theft.”

~ John Maynard Keynes

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