DCU - Altcoins Fight Back (20th Aug '17)
- 24-hour gains: +5.6%
- August gains: +53.7%
- Year to date gains: +1,213.3%
The limelight is back on some of the smaller altcoins which have been trading sideways/down in the shadow of recent significant gains by top 10 coin, Bitcoin, Bitcoin Cash, Dash, and NEO.
There have been some impressive moves:
- Lisk: +82% (close to reaching an all-time high for the year)
- Steem: +31% (gaining more and more attention)
- Syscoin: +30% (bouncing around since the June/July correction)
Apart from Bitcoin Cash and Dash, my whole portfolio is up with those two dropping back as a natural retracement after impressive gains this week. While the market is buoyant, altcoins present an opportunity to outperform the market but it requires a little time to research which coins are underpriced and overdue a price spike. I'll be taking a look at the end of the week.
I have a feeling Dash will be making another wave up in the next few days now it has broken out of the range it has been in all year. I've mentioned a few times that Dash is one of my stable growth coins, but it's obviously nice to see a rapid gain, as long as it can hold.
There is a lot of good things on the radar for Dash including Evolution, a project to simplify using Dash as a currency. I also have a sneaky feeling that Dash will be the next currency added to Coinbase, which will likely drive the price up further. Please don't buy Dash because of this; it's just a hunch of mine, I just think it is the coin which is most complimentary to the other listed currencies.
I could do with liquidating some of my Dash to support my 5% for 25% cash off the table, but I'm struggling to justify selling it. If there is a price dip, then I would recommend this being part of any portfolio. I have a price target of over £350 this year.
Monero made a nice move up this last 24 hours and is up +15% this week. Another one of my stable coins that I'm happy to hold long as I feel it is a hugely underpriced coin. The lead developer, Fluffy Pony, odd name, isn't interested in price, he only cares about tech so I feel it is behind competitors like ZCash as it has no marketing focus to it. It is the best anonymous currency and I believe it deserves a top 10 spot. I think it will retest its all time high price of $59.53 soon and if it can break and hold above $60 then I believe that it could make a big run.
Bitcoin continues to bounce around just above the $4k mark, currently $4,140 (Coindesk). The trend is down and it will likely retest $4k again in the next few days, whether it holds or not will likely have a significant influence on the rest of the month. If the money doesn't flow into other Bitcoin Cash or others like NEO or Dash, I could easily see some kind of correction, though nothing too heavy. Ever the pessimist right?
Bitcoin Cash is down -18% from yesterday but still up an impressive +133% for the week. I really have no idea whether the gains are market led, miner led or big players manipulating the price, but the battle is on. I think Bitcoin Cash will continue to rise and I wouldn't be surprised to see it above $1,000 this month. This will raise heads.
I missed my entry point on OmiseGo yesterday as I was hoping it would drop further. I am going to see where it goes again over the next few days, if it drops back again I will be watching closely for an entry point.
For anyone who owns a Trezor, you will need to update your firmware as a security hole has been found, you can read about this here. Regular readers will know the Nano S is my hardware wallet of choice.
Anyway happy trading. Shout me if you have any questions.