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!
From https://www.coingecko.com/en/coins/ontology
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
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"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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Looking for feedback about HEX token project. Its free tokens based on BTC holdings. No purchase, just wallet signature process for claiming. https://hex.win/?r=0xE6D1Ed728b8E9A0B8BC1a3c8a55495dd5863f076
Interesting. Let me start by saying that I'm not familiar with the coin. That means I don't have background knowledge and that I haven't been watching it over time. I'm going to take a quick look at it and call it like I see it:
Okay. Here is what I think: I think it's over-ambitious. These guys are talking about replacing gold, banking etc. - not gonna happen. If it did happen, chances are it wouldn't be their coin, it would be BTC.
I do like the way it works, it makes sense. Whether it will works as planned remains to be seen. I am not very pleased to see that the CEO has an affiliate marketing background - that can clearly be seen in the referral model they use.
There are several things in the details which don't impress me, e.g. Why no proper snapshot date? Surely we need that to know which wallets to claim from?
In a strange twist of fate, it turns out I know one of the developers. The last project he was working on did not do very well, and I can tell you for a fact that he made some of the worst market related calls I have ever seen. Nevertheless, he's not a bad guy and I believe him to be trustworthy.
As a whole it is my opinion that the project is legitimate - it doesn't look like an obvious scam. I REALLY don't like that the token distribution is not known (what do the team hold?) and that the maximum amount of tokens is unknown. Open-ended token creation is not something I support! I have to admit that it isn't the end of the world - Ether works that way, it just isn't a good idea economically and it can be inflationary of it gets abused. I lost a lot of money in Oyster Pearl when the crooked owner minted a whole lot of new tokens using an open contract - it is risky.
I haven't looked into their staking process, but as long as you don't need to give them anything other than a signed message and an address, I see no problem with it. I like that it is anonymous, that's a big win for them.
I think the wise thing to do is to claim any BTC you can, but not to buy any tokens. I may consider doing so myself after looking at it more thoroughly - there shouldn't be anything to lose. Since I don't see signs on it on any exchanges, I don't know if those tokens will ever have any value, but if you didn't pay for them, then you don't have anything to lose. Watch how they stick to their timeline (or don't stick to it), that will be an indication of how good the team is at planning and management.
It's a young project, so you can get in cheap, but I honestly don't see it ever taking off.
How I never added some BNB to my stack months ago is beyond me, kept meaning to do it...oops. And yeah, I have way to much steem relative to my other coins.
Ouch. But hey, it happens. Keep your ear to the ground, at this stage the market is only starting to rumble, the bulls aren't really running yet. I believe that BNB can still grow a lot, they should draw a lot of attention launching those non-USD stablecoins soon. (maybe soon?) But I suppose that there are more attractive deals out there in terms of ROI.
Because you missed BNB, I'll help you out with a tip: Stepping back and looking at the market VERY broadly, it is dominated by American money. American money likes American and Eurocentric projects. Larimer is seen as a King, ADA remains a top coin despite being vapourware, highly centralised XRP is very popular. BNB is the only Asian coin in the top 10!
Those who are watching global power-play will probably agree with me when I say that power is shifting from West to East. That includes economic power. As that happens, as Chinese influence grows, I expect to seen Eastern coins do better. I'm not going to sit here and shill you my list of favourites, I'm just going to say that going long on solid Chinese coins seems like a good idea to me.
That may be a way to get ahead of the pack who are still fixated on their Western coins. As always, DYOR applies ;)
Solid advice. Luckily my portfolio has a nice spread of both west and east. I hold roughly a dozen different coins. I think NEO is my largest eastern based coin holding.
Glad to hear it! All we really have to do now is sit and wait...
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