DCU - Komodo Saves the Day (3rd Sep '17)
Market Performance (Global Market Cap):
- 24-hour gains: +0.2%
- September gains: -5.6%
- Year to date gains: +822%
- 24-hour gains: +1.1%
- September gains: -3.9%
- Year to date gains: +1,482.5%
The market continues to jump around following the $5k Bitcoin selloff. Looking at the charts for the month, the selloff actually just looks like a small blip in a huge rally triggered by profit taking. There is little evidence to suggest a wider selloff though as most assets are trading sideways and a few stand out coins are making gains.
As I mentioned yesterday, I am going to ride out the weekend and see how trading is on Monday and Tuesday before I make any decisions.
While most of the market has trading sideways/down, Komodo has been the reason my portfolio made gains over the last 24-hours with a huge price rally on the back of teasing out an upcoming announcement. I became aware of Komodo when I first bought my Nano S as it was one of the coins listed on it, though it felt like the odd one out as all the other coins which the Nano supports are long established high market cap coins.
I'll be honest; I still don't fully understand what the Komodo Platform does, but the team behind the project appears to be well respected, so I invested and have reinvested twice more.
Komodo is another example of where I invest in the boring zone, the place where the price is moving within a tight range for an extended period. The price is up +75% for the day and +95% for the week, sitting at $2.91. I am expecting another wave up before the price settles in a new range.
It will remain to be seen what happens with the rest of the market, some of the big coins which had made significant gains in August were hit with a significant drop yesterday, specifically Dash and Monero, though both appear to be recovering.
While Bitcoin moves sideways, there is still money to be made from altcoins. It will remain to be seen what will happen with Bitcoin over the next few days. It has defended the $4.5k support level a couple of times so I would expect it to challenge $5k again next week. If it does successfully break the $5k price, then I would expect it to move to $6k pretty quickly.
Tether Storm Brewing
There is a story developing around Tether and Bitfinex. Tether is the crypto asset whose price is tethered to the US dollar; it is used to trade out of assets on exchanges and hold $ value rather than having to convert back to fiat. You can read the story below:
Also, read the following discussion on Reddit, around the issue of new Tethers.
It feels scammy to me. I am not sure if any of you use Tether to park your profits during a dip, but I would avoid it. I have a feeling this is going to end badly.