Trading Update - Monero, Ethereum, BAT and Factom
I invested 20% of my fiat reserves back into Crypto on Wednesday, adding to three of my favourite stable growth coins and reinvesting back into BAT. After a period of instability, the market was giving out bullish signals, and I identified 12 coins to consider before executing my buy orders on four of them.
I am currently changing my strategy to focus on investing long in the projects which I believe will exist with meaningful value in 3-5 years. I will be publishing this article tomorrow. Anyway, the following are the investments I made.
Monero has always been one of my favorite coins and is arguably the leading privacy coin. Some may argue for Dash but there are questions over Dash's privacy, and its focus tends to be towards utility, therefore user experience, and consumer adoption. Monero is entirely focused on being the most private untraceable Crypto coin, and the community is often ambivalent to value.
Monero has seen huge gains this year, including a significant jump in late August. While the price has retraced down, the trend appears to have broken for now. Long-term I can only see Monero growing in value, and I added to my position.
Ethereum has had a crazy year, a massive run from sub $8 in January to over $400 in June. While the price crashed, this was only natural with early investors cashing out on significant returns. The price has recovered from a mid-July price of $150 to $298 yesterday, and it was close to retesting its ATH before the China crash.
While still volatile it feels like the price is stabilising and has good support in its lower range. It may not see the accelerated price moves of earlier this year, but I believe it now has plenty of upside, especially with the upcoming release of Metropolis.
Basic Attention Token
BAT is one of those projects I believe in because it has a real-world application which I understand and know is required. Having worked in advertising for 20 years, I know how much of a problem it is proving and justifying ad spend, especially when advertisers are paying for an audience which does not exist. I originally bought into BAT at the wrong time and lost money when I exited before the China crash.
I didn't sell my Factoids before the market crash, though I would have been able to make more money if I had. When I exited the market, it was about my risk profile, an assumption that bad news was coming and this would affect the market. The reality is that there was no guarantee, so I held on to some positions, and Factom was one of the ones I chose.
There is an excellent article on Medium, written by Max Middleman, explaining what Factom is and the potential. It is one of those blockchain based projects which solve real-world business issues and therefore has the potential to increase in value significantly.
I will be releasing my updated strategy within the next couple of days where I will be explaining in much more detail how I will be trading and investing.