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Top Two Crypto Buys: Monero (XMR) and Ethereum (ETH)

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The cryptocurrency space has taken something of a hit over the last twenty-four hours, with many of the major assets currently in the red as compares to pricing this time yesterday. In fact, take a look at the top thirty coins by market cap and only one – Tether (USDT) – currently sits in the green, with even that gaining less than 1% and, in all honesty, Tether isn’t really a coin that can be looked at from a movement/implications perspective as its supposed to stay still.

When markets dip across the board like this, it serves up an opportunity to pick up cheap coins in anticipation of a turnaround. Sure, we would’ve loved to have seen a turnaround earlier in the month (and to some extent, we did) but so long as the major assets stay above the January 27 lows, things look set for a longer term reversal to the overarching upside momentum that brought the cryptocurrency market to trade at record highs mid to late December.

We’ve been on the hunt for a couple of coins that might present the best discount buy opportunity at current prices, and we’ve found some.

The two we think are the best bets right now are Monero (XMR) and Ethereum (ETH).

Let’s start with Monero.

This one is currently priced at a little over $293, commanding a market cap of $4.59 billion at that price. It’s down just shy of 8% over the last twenty-four hours and close to 40% on its January 7 highs.

Against a backdrop of this price action, however, which looks decidedly bearish, Monero as an entity has been making strides towards commercial success. The coin has grown to become one of the (if not the) industry gold standard privacy coin, and has gained traction based on its utility as a dark marketplace coin – something that won’t please everyone and that certainly isn’t going to support a long-term upside revaluation, but as a kicker, it’s a nice thing to have in place.

XMR Daily Chart

XMR Daily Chart

Anyway, over the last few weeks, one of the Monero team’s biggest names, Riccardo Spagni, has been making the rounds on the crypto circuit, pushing for adoption and preaching as to why Monero can be the next big thing. He’s even got a bit of a bromance going with Litecoin creator Charlie Lee.

We agree with him – Monero can be huge and right now, at the above market cap and a ranking of number 13 against its peers, it looks undervalued.

Next up, Ethereum.

This is sort of an obvious pick but it’s really hard to find a better opportunity in the crypto space right now. Ethereum is currently available at $1128, down 6% on yesterday’s pricing and close to 20% off highs recorded earlier this month.

This is a coin that’s maintained a degree of resistance to the wider industry decline and we think that this resistance demonstrates the difference in utility between ETH and something like BTC, which in turn demonstrates its potential for long-term growth.

ETH Daily Chart

ETH Daily Chart

To put this another way, because ETH is more of a utility coin than it is a transaction coin (transaction, that is, in terms of value transfer), sector-wide sentiment isn’t going to have as high an impact on its market capitalization as it might for other coins.

This doesn’t mean it’s immune to crypto industry developments, of course, far from it, but it does mean there’s a degree of risk mitigation associated with a position in Ethereum and – at current levels – there’s a pretty solid reward on offer based on nothing more than a return to the most recent swing high.

We will be updating our subscribers as soon as we know more. For the latest on XMR and ETH, sign up below!

Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency.


Image courtesy of Ethereum.

Bitcoin

Stepping off the rollercoaster: Why I’ve fallen out of love with Bitcoin

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The very word Bitcoin has almost become synonymous with that of cryptocurrency. It’s basically just a medium of conducting digital transactions – it’s a virtual currency and one of many. So how has it taken on a definition of its own and asserted itself as a leader in the digital financial ecosystem?

Bitcoin has been crowned king of altcoins, probably because it was one of the earliest and most successful of its kind. The trendsetter has ushered in a wave of cryptocurrencies built on decentralised P2P networks and has inspired a growing number of followers and spinoffs. But is Bitcoin struggling to keep up with the newcomers who have made considerable developments to the stability, security, and usability of the crypto world?

The supporting case for Bitcoin has been a clear one. Its pioneering infrastructure has situated it in a position of dominance in the altcoin realm. Bitcoin has a proven usage case as a store of value. Having existed over 8 years without failure, it has a large lead over most altcoins and has withstood the test of time as younger counterparts join the market. However, it seems to be on a downward slope, or at the very least, not progressing at the speed of the market.

In May this…

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Altcoins

Cryptocurrency Collateralized Debt Positions Are Growing in Popularity

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While Bitcoin (BTC) continues to hover around the magical 10,000 price level, altcoins continue to fight an uphill battle.  Simply put, hopes of a future bull run continue to diminish as Bitcoin maintains its dominance.  One school of thought is that a few altcoins will survive and flourish, but which ones are anyone’s guess.  That being said, it’s hard to go wrong picking against the top coins like Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and EOS.  These projects have managed to find a foothold in the market and have a better chance than most of staying there.  While traders wait for their positions to increase in value, one opportunity that may be worth looking at is initiating a collateralized debt position.

What is a Cryptocurrency CDP?

In traditional terms, a CDP is essentially putting up collateral in order to receive a loan against the deposited amount.  There are several examples of this in our day to day lives.  Auto title loans from large companies like TitleMax are extremely popular with consumers.  Consumers are essentially able to use their car as collateral in exchange for a cash payment which can then be used for whatever needs the consumer has.  The consumer can continue using their car as long as debt payments are made.

The same concept applies to cryptocurrency CDPs.  Consumers are able to put up crypto tokens, such as…

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Altcoins

Hodium Presents a Compelling Opportunity for Outsized Investment Returns

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I’m sure all of us remember the cryptocurrency glory days of 2017 and early 2018.  It was one of the biggest bull runs in history and created incredibly wealth for quite a few early entrants.  Unfortunately, for most of us, those gains have most likely been wiped out during the altcoin apocalypse.  The truth is that traders probably thought a bit too highly of their trading abilities when the reality was that anyone could have thrown a dart at a board and ended up making money.

As markets mature (and the crypto market is definitely maturing) it becomes more and more difficult to generate alpha.  In that regard, it’s similar to traditional financial markets.  I can remember trading during my high school days.  It was the late 90s and right in the middle of the dot.com boom.  Eventually, however, the euphoria fades away and reality hits hard.  Now, it’s become rather difficult to actually trade profitably which has given way to the rise of hedge funds.

Hedge funds are investment funds that pool capital from accredited and/or institutional investors and invest in a variety of assets, often with extremely complex portfolio-construction and risk management techniques.  The professionals employed by hedge funds are the best of the best and have spent years honing their craft.  That is why they’re able to make the millions of dollars that they normally…

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