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Altcoins – There’s Blood in the Streets

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Wow, altcoins have been getting beat down recently. Why? you ask. Good question. Well there are a few reasons why. I first want to talk about why I believe altcoins are taking a beating, then I will talk about what you can do to capitalize on the situation.

One of the richest investors in the world, Warren Buffett, said to “Be fearful when others are greedy and greedy when others are fearful”. Even though he speaks out against bitcoin, his words ring true in this situation. A lot of people are flocking to bitcoin right now as it is rising at an amazing pace. Investors think that they can ride the train up while it is moving fast, and that is true. However, I would venture to say it is possible to make a lot more by investing in Altcoins right now.

I want to explain the current bitcoin landscape because altcoins are directly tied to bitcoin. Here is a quick explanation of why I think altcoins are tanking. First off, the obvious reason is that we have just recently had a couple of the most significant forks bitcoin has ever experienced. When bitcoin forks, a new coin is created giving those that hold bitcoin free tokens. First it was Bitcoin Cash, then Bitcoin Gold and now Segwit2x. A lot of people with large amounts of cash in cryptocurrency moved a large portion to bitcoin in order to get all these free coins. There are 3 main ways to capitalize on the bitcoin hardforks:

  • 1. Move all your cash from altcoins into bitcoin in order to receive the maximum free new forked tokens…. Jump for joy!
  • 2. Move a lot of cash from altcoins into bitcoin, wait for the price to rise and then move it all out right before the fork before bitcoin makes a correction… Dance in the Street!
  • 3. While a ton of people are consolidating most of their coins and cash into bitcoin some are viewing this as a golden opportunity to buy up undervalued altcoins…. Ding, ding, ding… we have a winner. This is what I have chosen to do. Why? Because I can buy up tons of undervalued altcoins that will easily outperform bitcoin in the short term. Then, after the fork and money starts to flow back into altcoins, I will wait for altcoins to explode up to a certain amount then move a good portion into bitcoin when it has dropped post fork… Bam, do the moonwalk!

Buying bitcoin at this moment is following the crowd to the all-time high. When bitcoin corrects, some will lose what they have gained in bitcoin for the short term and will have missed out on the altcoin low prices just to get a few free coins that will surely drop in price.

Having said all that, let’s dive into a couple of amazing undervalued altcoins. From a general perspective, coins that are Protocols, Platforms and Privacy Coins are great long-term bets. Why? Well, in a former life I developed websites (for 17 years) and the internet was built on top of protocols and platforms. Privacy coins will always be in demand as there are many that like the fact they can have lots of money and others not necessarily know. While this could be used for illicit purposes it also is a desire for many that just want privacy.

Two amazing coins

0x (ZRX) – 0x is just getting started. 0x is a Protocol that other apps are built on top of. Just as in the early days for the dot com boom, protocols will be the foundation of the blockchain app future. Early coins that are backed by a protocol will be around for the long-term and will definitely see lots of growth when new, exciting apps announce they are building on top of the protocol. For example, here are a few projects currently building on top of 0x:

0x is a great coin for swing trading and will eventually see a parabolic rise as more and more apps are built on top of it.

Groestlcoin (GRS) – this coin has had some tremendous growth lately and for good reason. It was the first to activate SEGWIT (Segregated Witness) in 2017 basically increasing the block size limit by removing the script and signature from the transaction block send in a transaction. This will help scalability which was a major issue for bitcoin. Another key feature of this coin is that it allows users to mine the coin (get free coins by running a script on your computer) with less computer power. Users can run mining software on their normal desktop or laptop and get free coins. In comparison, bitcoin is almost if not impossible to mine from a regular computer profitably. Long story short, this will bring a lot of users into this coin just to mine it which will stabilize the coin and make it a more desired coin. Many will want to keep this coin around to mine it and make a profit from that. Groestlcoin currently has a marketcap of approximately $39,997,745 which puts this in the top 100 coins. There are many crap coins in the top 50 – 100 coins so this coin can easily beat some of those out and grow. While I think this coin is a little overbought at the moment I still believe it has a bright future.

We that’s all for now. Please check back often for more altcoin insights from CryptoDayTrader.

Featured image courtesy of Shutterstock. 

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.6 stars on average, based on 54 rated postsKent Hamilton - Co-Founder of CryptoDayTrader.io, where we are building Pro Crypto Tools




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Altcoins

Why Investors Should Be Paying Attention to Aelf

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So far, each iteration in the evolution of cryptocurrencies and blockchain companies has come with its own issues and setbacks. This is because the scale of the companies is actually fairly limited, and not as comprehensive as the promises made by blockchain fanatics.

Part of this the lack of connectivity between blockchains, but there is also the issue of the blockchains not having the scalability necessary to accommodate huge companies. When you have a bunch of separate blockchains functioning out of sync, it is hard to build anything significant, as the “ecosystem” is coming to find.

A Natural Evolution

The evolution of the space started with Bitcoin – there were coins before, but nothing that caught on – which was the equivalent of a “simple app”. It could be traded and used the basic functionality of blockchain, but there was nothing complicated about its use case.

Then there was Ethereum, which allowed for smart contracts and other protocols to be built out upon it. This results in a lot of different apps functioning on the same platform, much like an app platform.

Finally, the hope is that Aelf will be able to create a blockchain operating system (much like Linux) that will add an infinite level of scalability to the platform. It would be developer and consumer friendly and function with high reliability.

Two Key Innovations

This blockchain operating system depends on two major innovations: side chains and a unique governance system. By using a multi-chain architecture rather than a “main” blockchain, they avoid many of the pitfalls of NEO or Ethereum. Ideally, this will allow Aelf to be highly available and have a high transaction-per-second capacity.

Additionally, companies will be able to rent out nodes (nodes as a service) to help process their side chains when they’re having scaling issues. This is one of the many benefits of operating on an operating system-esque model.

The governance system for Aelf must be unique, since regular consensus algorithms wouldn’t work when confirming information from side chains on tho the main chain. Therefore, a Delegated Proof-of-Stake algorithm is used, which helps you vote on which nodes will become mining nodes and have the ability to confirm transactions.

Current State of Aelf

Aelf is currently in a big growth period. The main net launch is scheduled for 2019, with the development team publishing consistent updates along the way.

The protocol uses their proprietary token, ELF, as a utility token that permits users to access, interact with, and directly participate in DAPPS and other services. No ICO occurred for ELF and it was instead financed using a private token sale.

Breakout Potential

Currently ranked 89th in terms of market capitalization and available on Binance, ELF had a rough December, with a recent recovery occurring during a consolidation period.

The current prices around 3,000 to 3,500 satoshis represent a good buying area while waiting for a breakout. ELF is a fairly volatile coin and with consolidation occurring rapidly, it isn’t unreasonable to think it could hit 4,500 satoshis.

Additionally, with the pending development and release of its mainnet, the fundamental could potentially change very quickly. This could assist the technicals and create a highly profitable breakout, which makes it a good short- or medium-term trade.

Disclaimer: The author owns Bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.3 stars on average, based on 68 rated posts




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Altcoins

Stellar Price Analysis: XLM/USD Bulls Run into Resistance and Profit Taking Following IBM Boost

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  • Stellar’s XLM price was seen cooling in the session on Thursday, as the bulls ran into a barrier of resistance.
  • IBM detailed it has several letters of intent from banks to leverage IBM-Stellar technology.

Stellar’s XLM price has managed to pick itself up from the recent low area, where it was moving within the total abyss. The decent falling for XLM/USD was pushing it into totally unknown territory, where the price has not traded before. A low was produced down at $0.07330000 before the bulls kick-started the recovery. It has now gained a chunky 30% over the last two weeks, with upside momentum particularly gathering decent pace in the past four sessions.

The most recent jump north came following the price escaping a nine-session range-block formation. The low of the mentioned range was observed down at $0.07590000, with the high up at $0.08330000; the bulls forced a breach of this level on 18th February. Upon the move above, a fresh wave of buying pressure came into play, with XLM/USD moving to its highest level in almost four weeks. At the time of writing a pullback can be observed, which could be potential profit-taking after the decent run.

Several Banks to Join IBM’s Stellar-based Service

According to a representative from IBM, several confirmations have been received from banks on their intent to incorporate digital assets, including their own stablecoins via IBM World Wire and Stellar. The head of Blockchain at IBM Jesse Lund said:

“We’ve got a launch announcement coming out soon. We’re going to be supporting more than 50 countries out of the gate, 30-40 currencies, and enough market makers to drag along 30 or 40 banks. So we’ll have a significant portion of the world covered. Our goal is to continue to expand that network and to provide global coverage within 3-5 years where you can actually send remittances in a consistent way, immediately, at a very low cost, from anywhere in the world to anywhere in the world.”

Several banks have confirmed their plans to release digital assets, including their own stablecoins, based on IBM World Wire and Stellar. According to the IBM representative, the company has already received several letters of intent from a number of banks around the world.

Technical Review – XLM/USD

XLM/USD daily chart.

Given the recent price cooling, eyes will be on a possible return down to the breached range-block area. A move as described would complete the technical breakout and retest of the mentioned zone. Should this fail to provide necessary comfort to the falling price, then eyes will be on another test of the low, $0.07330000. If a further breach is observed here, then this opens the door once again to a move within an unknown territory, moving within the abyss.

Looking to the upside, if XLM/USD completes the break retest scenario and the bulls capitalize on this, then a decent push back north may be seen. A near-term supply area tracks above from around $0.09350000 up to $0.0980000. Should the bulls force a break above the mentioned supply, then a retest of the 2019 high area would be eyed. In other words, a move back within the range of $0.13-0.1400000.

Disclaimer: The author owns Bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

 Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.6 stars on average, based on 125 rated postsKen has over 8 years exposure to the financial markets. During a large part of his career, he worked as an analyst, covering a variety of asset classes; forex, fixed income, commodities, equities and cryptocurrencies. Ken has gone on to become a regular contributor across several large news and analysis outlets.




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Crypto Markets See Modest Pullback on Profit-Taking; Elon Musk Calls Bitcoin “Brilliant”

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The top 20 cryptocurrencies booked modest to sizable losses on Thursday, as investors took profits following an impressive run up in prices at the start of the week. While trade volumes have levelled off from the yearly highs set on Tuesday, they remain well above what’s considered normal in a bear market, leading some to speculate that the current rally still has room to mobilize.

Market Update

All major coins reported losses through the early part of the session on Thursday. Looking at CoinMarketCap, bitcoin’s aggregate price declined 0.5% to $3,961.10. It still hovered north of $4,000 on Bitfinex. More on that story: Bitcoin Runs into Minor Resistance After Setting Fresh Six-Month High.

Ethereum reported a loss of 1% to trade at $146.07. The so-called developer’s cryptocurrency still enjoys strong upside and higher than normal volumes ahead of next week’s highly anticipated Constantinople upgrade.

XRP declined 2.5% to $0.3224, a price point that should keep the sellers at bay. XRP blew past the 30-cent threshold earlier in the week, a level that had provided stern resistance in the past.

EOS dropped 1.8% to trade at $3.77. Even with the decline, EOS is by far the best performing major this week, having gained a whopping 36%.

After an impressive two-week stretch, Litecoin’s price fell back below $50 on Thursday. It was last valued at $49.41, having dropped 3.6%. Litecoin got the crypto recovery started almost two weeks ago. Click here to read more.

Further down the market-cap index, Binance Coin declined 5.8% to $10.34. Bitcoin SV, Monero, Dash and IOTA each fell by at least 2%.

The cryptocurrency market is currently valued at $133.9 billion, down from a high of $136.2 billion earlier in the week. Trade volumes were a healthy $28 billion, far higher than the average seen in the latter half of the bear market.

Elon Musk Praises Bitcoin

Tesla CEO and serial entrepreneur Elon Musk doesn’t hold any cryptocurrencies, but is a firm believer that digital assets are the wave of the future.

Musk, who appeared on the latest episode of ARK Invest’s podcast, said the following: “Paper money is going away and cryptocurrency is a far better way to transfer value than pieces of paper.”

Responding to whether crypto may be useful for Tesla, Musk said:

“I think the Bitcoin structure is quite brilliant. There seems like there is some merit to Ethereum as well, and obviously others. But I’m not sure if it’s a good use of Tesla resources to get involved in cryptos.”

While Elon Musk is just one of many to opine on bitcoin and its potential future, his comments represent an important attitudinal shift on the subject. This shift extends from Wall Street’s upper echelons all the way down to main street. As Hacked reported earlier, millennials and other younger cohorts appear keen on investing in cryptocurrency and are more likely to trust virtual exchanges instead of banks. According to a recent survey by eToro, 43% of millennials have more trust in crypto exchanges than the U.S. stock market.

Disclaimer: The author owns Bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.7 stars on average, based on 773 rated postsChief Editor to Hacked.com and Contributor to CCN.com, Sam Bourgi has spent the past nine years focused on economics, markets and cryptocurrencies. His work has been featured in and cited by some of the world's leading newscasts, including Barron's, CBOE and Forbes. Avid crypto watchers and those with a libertarian persuasion can follow him on twitter at @hsbourgi




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