Which cryptos are blasting off?

in #cryptocurrency6 years ago

I hold many different cryptocurrencies

Today I'm going to tie some of my previous posts together into a slightly bigger picture.

I've shared all of my hodl coins with you:

I also frequently tell you what I think you should buy (in posts like this), as well as what I've been buying (in posts like this).

With the first very green day today after I had called the end of the bear market a week ago, I thought that I should take a look at which of these recommended coins of mine are performing the best. I've just taken a CMC snapshot, and we'll be working with that.

rocket-blasting-off-into-space-vector-clipart_800.gif
From Good Free Photos

Which cryptos are blasting off?

What's the big danger here?

Over-reaction

I've spoken more than once about the capriciousness of the average investor. How he/she is so easily swayed by prevailing market movements. I've spoken about weak hands (I even blogged a poem titled "Weak hands"!) and how a crisis of faith caused the 2018 bear market. Here is my most recent post along those lines: https://steemit.com/cryptocurrency/@bitbrain/the-insanity-of-bearish-expectations. I mention that now (in a somewhat futile exercise, but at least I can say "I told you so!" later) because the same people who are quick to become scared and sell in a bear market, are the same ones who will get caught up in the hype and buy like crazy in a bull market. Don't get me wrong, buying crypto is a great idea, but not so much that you begin to doubt yourself. That's where the entire problem begins!

What I'm telling you right now is don't overreact to today's positive market behaviour!

Yes. I do believe the bear market is over for now, but as I wrote in this post, there are a few scenarios. While I do not see prices dropping lower than what they have already dropped this month, they may return to similar levels before they again start to climb properly. I depicted that previously in this picture from the post that I just linked to:

This may be the beginning of a major climb, but I doubt it. I expect a little more indecisiveness, small pullbacks, lateral movement etc. before investors decide that it is safe enough to continue pouring money into crypto.

I think that what happened today is another great example of what I wrote about two days ago, crypto is so oversold that the market simply can't contain itself any more. Suppressed buyers are bursting out in impulse buys as the FOMO becomes ever stronger and overpowers the FUD. The slightest spark can ignite this bonfire.

My performers of the day:

I'm sharing my best performers of today more as a mini case study than anything else. I believe that when a market is turning from bear to bull, it is significant to note which coins charge out of the starting blocks the fastest. I believe, and I may be wrong about this, that that is a good indication of which coins may do well in the bull market as it grows in strength. To me it shows which coins people currently believe in and which coins the market thinks will provide the greatest ROI.

This is how Bit Brain's best coins performed during the last 24 hours:

Screenshot_2.png
From https://coinmarketcap.com/watchlist/ (as it is my own watchlist the link won't mean much to you)

MyWish is standing proudly above the others with LOCIcoin not far behind. This pleases me greatly because it validates what I always say about the ultra-low market cap coins having the best potential ROI.

My favourite exchange coin, KuCoin (shameless referral link spamming: https://www.kucoin.com/#/?r=E39MoQ) comes in third position. When crypto volume picks up, those exchange coins really tend to fly...

LBRY Credits may finally be doing something with it's hitherto useless existence. I'm not holding my breath, though the potential is certainly there.

Substratum has a wonderfully strong (non-hyped) look to its sparkline curve, that's a good indicator of solid performance for the immediate future.

Ethos is long overdue for recognition.

NEO is a god among coins and will decimate all! It's just a matter of time. It had a very good day, probably because it started another cryptic countdown on Twitter (it did one last year). Last year's countdown was a bit underwhelming (not nearly as bad as the Verge/Pornhub announcement, but still underwhelming!), so I'm hoping for something a bit better this time. As long as NEO is selling for under $100 it's the bargain of a lifetime. Your yet-to-be-born grandchildren will laugh at you if you don't buy it now. Or maybe they'll unplug your life-support machines. Better not take the chance, buy NEO!

district0x remains a bit of a wild-card.

THEKEY also has a strongly ascending, hype-free sparkline. It's closely tied to NEO, but is probably climbing because of this news: https://medium.com/@thekeyvip/thekey-cooperates-with-chinese-government-on-social-insurance-blockchain-applications-and-launched-e4db2f45791a THEKEY is looking stronger than ever before.

I'm not filled with confidence by the Request Network sparkline, it may just have had a lucky day.

CryCash bounces up and down like crazy. The volume of this coin is so low that the movement really can't mean anything significant over such a short time period. But with their Plink app and Warface Turkey players now being brought into the CryCash system, expect to see gamers starting to trade this coin with increased frequency. Buy while it's still cheap...

Neblio is an underrated coin and is showing deservedly strong growth straight away. Expect to see it climb the market cap ladder soon.

GAS is intrinsically linked to NEO and should perform similarly.

This is not a bragging attempt, some of my other coins did very badly today. Envion, Privatix and ArbitageCT are my bottom three of the day (though the latter two are also super low volume and bounce around a lot in price).

So this post is then a possible early indication of which of my coins may do well in the next big bull market. I won't lie, I'm very excited to see NEO do so well today, though I fully realise that such stellar performance is transitory and unsustainable.

The important thing is that the majority of my coins outperformed BTC by some margin. If I look at my CMC watchlist (which is representative of my major holds), I have 13 coins which were beaten by BTC today and 53 coins which outperformed BTC. That's a win in my books. If it stays that way during a bull run then my portfolio BTC value will climb beautifully!

Please note that some of my coin recommendations and holds have changes since my older posts. If you have any specific coin queries then drop them in the comments and I will attempt to answer you. Remember to DYOR!

Conclusion

Take a look at your own portfolio and see how your coins are doing. Be realistic in your expectations and consider setting performance targets for your coins. Don't be scared to trade a non-performer for something better.

Yours in crypto,
Bit Brain


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Thanks man. Will do.

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