Courtesy of Cointelegraph
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A long span between posts here while I wait for the crypto market to settle down where the masses tend to react to every bit of news out there. Rehashed or new and also events that have no bearing on Bitcoin and Altcoins but rolls them down never the less.
Currently, I'm on a hold with Trading since the 20th of September and watching for a recovery.
From a post from CoinMarketCAP ....
'It's worth remembering that September is normally rubbish for Bitcoin anyway. This month attracted losses of 7.5% in 2020, 13.4% in 2019, 5.6% in 2018 and 7.4% in 2017. Thankfully, October tends to be much better — and over the past eight years, BTC has enjoyed double-digit gains in all but two of them.'
Watching over the coins I like to play in and with everything tanking this week, Tezos (XTZ) was the surprise and made gains yesterday. Moving from $4.50 on the 21st of September to $7.50 yesterday.. settling around 7 dollars today. Tezos has a smart contract platform similar to Ether and also a rewarding staking plan to earn interest on.
It looks like a shift to Staking with Tezos while the Market is down for now.
September is continuing it's reputation as the market spoiler month.
With the Crypto crash yesterday, where it followed the stock market down after a major Chinese property owner was revealed to be at the verge of collapse to the tune of billions owed, I decided to buy low in to Litecoin (LTC) and Ripple (XRP) and wait to for them to come back up in price.
What crypto coins have to do with what I mentioned above is certainly weird but there's more and more institutional players in crypto now... mainly invested in Bitcoin and Ether. They try and sell ahead of or just as bad news comes to avoid losses and of course that generates more broad fear and panic driving markets down for the short term.
Where the price of Gold didn't move much yesterday and with some touting Bitcoin as the digital gold ... I don't believe in that where coins like Bitcoin are lot more volatile.
Sometimes, after a steady Bull run and over-inflated stock prices, yesterday's issues could spark a major downturn or correction that could last for months.
Overall, it comes down to normal market reactions that hasn't changed since the start and that won't change.
The Ether 'clone' trend is cooling off now. Both Cardano and Solana .. the most popular coin names mentioned, have launched their 'Ether like' platforms with some bugs I have been reading but they will be ironed out eventually. I'm not interested in the sites that launched onto these platforms, just the the price movements of the coins involved while that short lived trend developed. I sold both coins for gains where I bought 'low'.
I'm sure Cardano, Solana and oher associated 'coins' will rise in value over time.
Now, it's back to watch and trade the 'oldie' coins like Ether itself, Litecoin and Tezos, which have been my main interests until the next trend comes about.
A lot of jostling with the price of Bitcoin these days and not minor swings either. However, staying above 45 grand USD today so far (at time of this posting) is encouraging.
Meanwhile I continue to follow and Trade the 'Ether' rivals that want to dethrone the king. I bought Cardano (ADA) and Solana (SOL) ... trading with USD. As always, it takes patience as I wait for price increases from my Buy point.
I would say 90% of the time I buy into a coin, it initially drops in price. First time I did this I was thinking. "Ok ... that's not a good start" but now I ignore it and wait as I mentioned. I chalk it up to 'normal occurrence' after a buy. That doesn't always happen ... where it's a steady climb in price right from the start.
There's no timing the markets where there's up thousands, up to millions of dollars daily involved, pushing and pulling the price of a coin or stock. So, it's about jumping in when ready to dance.
I get a general feeling where the Market is going from the daily news and prices but it's more about being confident I'm going to make money on this Trade .. in time.
It's like getting lost driving in a city (without GPS) ... I'm confident I know where it is but I'm on the wrong street for now. I can stop and back track or google map on the cell where this street comes out and if it's a 'round-a bout' path to where I'm headed .. I'm still getting there. I think most of us have been there.
Confidence ... while the better half is sitting next to you with arms crossed... staring at you. "Your lost aren't you".
"Never lost, just off course for a bit. We'll get there" ... with a quick look to see if she's 'with me' or 'without me' in the confidence department.
There's a lot of different approaches to the crypto and some folks stay a fan of a single coin(s) throughout the good and bad times. Nothing wrong with that but I have learned over the years not to get 'attached to', be loyal, or be fan of any coin or stock so I Trade as I watch the trends and they come and go without much warning.
As a member of Nexo, and the recent flareup between the US SEC and Coinbase over 'lending' services, I didn't thing it would be long before Nexo weighed in with their views on all that plus other crypto news.
With Nexo, I earn interest on my coins similar to the De-Fi market place but don't do lending against my coins that are would be held as collateral. Never the less, interesting to see if the US SEC sends any documents Nexo's way looking for information although they are an International outfit but they have customers in the US.
Good read here on all that plus an interview video with Nexo .....
After a heck of a lot more than the usual several billion dollars worth of BTC (over 24 hours of trading) changed hands with last Tuesday's big drop with Bitcoin, it rebounded up to about where it is sitting at now.
Waiting for the dust to settle from that, I decided to 'buy low' into Ether, Cardano and XRP (or Ripple). Ripple was trading at around $1.30 USD before the upheaval on Tuesday as most coins followed Bitcoin down in price. Buying in at $1.09 should turn into a decent gain with patience.
I figure many trade with Stablecoins these days like Dai or USDC but I prefer to use the US currency, USD. For example ... the ETH/USD pair.
The coin that was on fire through all this was Solana and still is today, breaching the $200 USD level. Hot stuff that SOL ... for now. Doubling in price since the latter part of August of this year. I figure it has peaked for now but one never knows with crypto.
The crypto world moves ahead at a fast pace spreading out into different areas where old news is barely relevant where there's always something new and interesting popping up.
It's not a good time for Day Trading currently where the market is generally high now and moving higher like today.
One can get trapped into chasing the coins higher with day or frequent trading instead of holding, or Hodling. Reminds me of Mid April of this year when Bitcoin soared to 60 grand and enter Elon Musk with tweets that started a long slide to 30 grand by July before reversing again. I'm sure Musk fell out with a lot of Bitcoiners at that time with his shenanigans.
With me, there's a time to hold and 'stake' (earn interest) and there's a time for Trading to make some decent gains.
When I started with trading stocks and crypto coins, I got into some that are fairly steady and top names although in crypto, Bitcoin and Ether are volatile in price swings but over time, you get a feeling for where things are heading, keeping up on the news and past history.
In crypto, folks tend to leapfrog into what's smoldering and probably going to be a hot 'coin' to hold and/or trade for gains. Finding out what these are is a challenge for sure.
There are now 'price prediction' sites that use a type of AI technology to send what I call 'spiders' (from old Google labels for how they search for things) that 'crawl' over social media sites and how high Google Search stats are for a coin... how many times the same 'coin' name like Cardano, for example keeps coming up and base a prediction on that. But, they cost money every month to access or a high yearly subscription.
Daily reading crypto news sites like Coindesk and Cointelegraph, etc, you tend to see that same thing... more articles about the same coin, which gets popular and folks scour for as much information they can get before buying in.
Reading articles or posts about a coin's rise in value 'after the fact' is useless for me for Trading but good to know and why.
As I mentioned in my last post, Coins that have a platform behind them to build sites and business on, is the trend currently .... like Ether.
Solana (SOL) ... I was watching and got in early with the news about ...
It has an incredibly engaged community of developers and projects that promises only to grow with its just-launched “Ignition” global hackathon that features $5M in prizes across 4 tracks: DeFi, Web3, Gaming, and Art/Collectibles.
So what’s the reason for such rapid growth?
First, it’s fast – claiming to process over 50,000 transactions per second. Second, it does that cheaply – with $0.01 transaction costs. That stands in stark contrast to Ethereum, whose network is seeing transaction fees in the tens or even hundreds of dollars.
On the 25th of August I bought SOL for $67 USD and today the price is $142,
Over double the original price.
That's an example how one can catch a wave with the 'coins' but If I waited until today and read the news about how it has soared over the last few days, I wouldn't buy at that point where I feel it has peaked for now.
What will September bring for price swings in the Crypto Market?
Currently, It's kind of unusual for Bitcoin and it's followers to sit at a 'high' price for a couple days. It could be a sign that a further rally is coming for the end of August but as always that's guess work where coins, other than 'stable coins' are volatile and unpredictable with a wide range of issues that always pop up to sway investors and holders.
As I mentioned in my Blog Notes dated for today, I've been Trading Ether and coins hot in the news that want to follow in it's path ... with it's platform that hosts sites like De-Fi and everything transaction wise costs Ether Gas pumping money into the system while growing it's business.
I sold Solana (SOL) too quick it seems where I traded SOL/USD at around $75 USD after buying at for $67. At this time, SOL is above $90 USD with the 'Bull' traders wanting to push it over $100. I'll watch when it comes down to a low point and buy again, to repeat.
Anyway, I always pick a high price where I will sell from where I bought lower and that system has worked out fine so I stick with it. Get too greedy and there will probably be consequences I have in the back of mind.
My favorite 'old' coin overall, Tezos (XTZ) surprised me again and doubled it's price recently going over $6 USD. The lower the cost of a coin and depending on how much funds are used, nice gains can be had at times.
I've been seeing the coin; Solana (SOL) pop up a lot in the crypto news.
Ok, interesting. It's in the top 20 at ranked #10 in Market Cap trading from $66 to $79 lately. So, I put it on my 'watchlist' yesterday and today reading a major crypto fund is going to package into a fund for accredited Investors or what I call Whales. Like US - Wall Street types.
I decided to add it to my Trading today to see how it goes with that news.
What's behind Solana is De-Fi in the making, which is a hot topic these days .. even got Bankers watching it where generally, besides folks who just use crypto they have, others use their bank account funds.
I primarily focus on coins in the top 20 ranking that fall under Bitcoin although Tezos (XTZ) is still one of my favorites currently ranked at #38, which wasn't long ago hovering around the $3 USD range, now over $4.50 once again.
I've been doing some ETH/USD Trading on Kraken where I like the low fees and accustomed to their charts and prices with an option of creating Alerts when a high price I pick has been reached.
I find it fun and interesting but caution as always where it's very risky and volatile.
Over time and with experience, one begins to recognize high/low patterns both in the crypto and stock world when they present themselves. Great times I find to take advantage of them where there's always change on the horizon being as early as tomorrow or in a few hours.
What's next for Bitcoin and the Altcoins like Ether, Cardano. etc.? Taken with a grain of salt as always when it comes to predictions ... several out there figure 50 grand is a bet for the near future for Bitcoin. Coins below Bitcoin in Market Cap usually follow along at their own pace according to price
Meanwhile, it's good to see Altcoins move up in value lately. I made a few decent Trades on Kraken over the past weekend. One has to be careful to not get caught in these elevated prices but that's the risk involved.
For the time being, I moved some of my coins out of the safe zone of Staking (earning interest) where there's more gains in Trading 'coin pairs' for now. When things slow up again, I'll switch back to Staking. Like always, it's about trends in the crypto world.
My top coins I watch and trade are Ether and Cardano. Over time, they should move up in price while I mainly 'hold' Bitcoin.
Litecoin (LTC) is another of my fav coins to hold and trade depending what the Market is doing. One thing about Markets, both in the stock and crypto world, they rarely move in the direction you want on a given day. Over time with some research on what one is getting into ... there will be slow but steady growth.
Since I shifted some of my Litecoin to NEXO ... I swapped it (free) for USDC coin (stable coin) for now because the interest rate is higher being 10% versus 8% for Litecoin ... plus a 2% bonus for having interest going into my 'Nexo' coin wallet.
I keep an eye on the top 20 coins in Market Cap and a couple below that I hold. Rather than the 'pump and dump', 'here today, fade away tomorrow' coins that pop up everyday starting out at below a cent in value.
The crypto world seems to be always evolving with smart tech minded people out there that know how to code, build platforms and a finger on the pulse of what's popular. What always follows, are copycats but eventually only a top few will hold the attention of the masses.
Playstation, Xbox and online computer games have been around for a long time and a multi-billion dollar business around the world. I used to play these with my son when he was a young gaffer but his skills quickly became more advanced than mine going up through more difficult levels.
Now we have blockchain games involving NFT's and an avenue folks can make money playing besides the challenge of winning. That is snowballing quickly and I'm sure they already have the attention of the biggest game makers and how to incorporate into their business.
One of the most popular today, is a game called Axie Infinity with an incredible one billion in sales already as some players earn crypto on a daily basis.
Being 'old school' I browsed through the site and some tutorials but already lost. I doubt I will test these but where it involves 'making money', it has peaked my interest.
An incredible long journey from the first computer driven games like the ball and paddle game, Pong or even later ... Pacman.
I have yet to test the new Ether 'fee' structure but that will happen soon. With the new system in place the 'base' gas fee is now burnt with transactions so that Ether amount goes 'poof', which deletes how much Ether is on the go, which could increase the price of Ether but also depends on how much Ether is bought or brought out of 'cold storage' as they call it.
The Ether burnt count is closing in on 10,000 ETH with 180+ ETH in the last hour. That's big money considering one Ether is equal to 3 grand USD at this time.
Meanwhile, It's good to see the other Altcoins I hold increasing in price. The majority I hold in Staking plans. So growing interest while a rise in value is a double bonus for now.
Ether is making changes to it's system with the latest occurring this week.
One of the Ethereum network’s long-awaited upgrades, the London hard fork, is likely to occur at the block height of #12965000, as proposed by Ethereum core developers. It's looking like an August 5th or 6th start and takes about 3 hours is the estimate:
Estimated Target Date: Thu Aug 05 2021 08:48:10 GMT-0300 (Atlantic Daylight Time)
Wise not to make an Ether related transactions at that time and wait for news the Hard Fork is completed and back to normal ... what ever that is these days.
On a personal level and an Ether holder, the upgrades are about bringing down the expensive ether 'Gas' fees for doing business in the De-Fi sector for example. Ether will also burn coins which normally causes an increase in price in tokens. I would certainly like to see that in action.
There's a whack of detailed information about this Hardfork and what's entailed but see what happens after it's all in working order. Some say, it could take up to 2 years for all of the adjustments to be brought in but time will tell as always.
Estimates or predictions for Ether price wise ... some are saying 5 grand USD by years end but again, it's guess work. I expect an increase in price probably over 3 grand in the near future as long as there are no hiccups.
Stable Coins are under the US Fed's microscope these days to ensure that are backed 'one for one' with the US dollar, currency or Gold that they stand for.
Tether, USDT is the largest with 61 billion coins in play. 1 USDT is equal to 1 USD. Or, supposed to be while a US task force is checking into this. The USDT top honchos say an accounting for that will be coming out in a few months. Meanwhile they are under investigation for a 'possible' bank fraud somewhere.
From that USDT holders can make their own decisions to switch to another Stable Coin or continue to hold while a lot of Traders use it for Trading with coins that vary in price such as Bitcoin.
Meanwhile other Stable Coins are making sure they comply I'm sure as regulation becomes the new 'normal' for the crypto world
Despite a couple major impact issues aside from he normal. Bitcoin took a dip this week but rebounded and more interesting where I'm an Ether fan, the price of ETH is staying above 2 grand USD for now.
Judging a 'bottom price' when Trading can be a hit or miss. With Bitcoin's major correction this year falling from 60 grand, Ether followed and I bought more just below the $2100 USD range. However .. and always prepared for a further drop, ETH continued further down, staying below 2 grand at times.
So, I wait patiently and hold until it climbs above $2100 USD once again. All part of that Trading game and selling at a loss is not the way I approach it. One Trade can extend into a short or long term affair ... I'm in no rush while I pursue other tokens and look over the new Staking offers out there, other than I'm already involved in.
It will be an interesting week ahead with the price of Bitcoin. Lots of posts about expecting a bump in price soon while others figure it could stay grounded to the low 30 grand range for awhile yet.
Meanwhile, I'm keeping my 'coins' I usually Trade 'short term' on ice and collect interest while in Staking for now. For the most part, they follow the movements of Bitcoin so an eventual breakout in BTC will be a good boost on my end.
Not surprising to see the first country digital coin... the 'digital yuan' reach billions (5.3 billion and counting) worth in transactions already after China put the clamps on everything Bitcoin in that country. Smart move as their think tanks work on chess moves that lead to a win. That all started with 'air dropping' the digital yuan to citizens, accepted by banks, installing bank type machines for the digital yuan and it's been snowballing since then. Fees are rolling in for that country. Got other nations thinking I'm sure.
I continue to sit on my hands with regards to Trading as I wait out the narrow price range of Bitcoin and Altcoins these days. 'Quiet on the front' in other words.
The exception being Ether (ETH) with it's price swings, ranging from 2 grand to $2400 USD. Looking like a good spread to make some short term Trades there.
Bitcoin produced millionaires and will probably continue to do so but the 'get rich quick' thinking in the crypto world is now mostly concentrated on the hundreds of new coins piling into the Market that are less than a $1 in value with 'pump and dump' schemes that I call ponzis. With luck, some will gain a fortune getting in early and selling before a coin peaks but the majority lose for one reason or another. Countless stories about that in what they call 'rug pulls', 'soft rug pulls' and 'honeypots' (which grow over time but with some having a trap door). Crypto sayings for scam.
Generally it's folks in a hurry to make the big score. Sometimes luck is on their side but most often it's risk taken with no rewards.
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