Cryptocurrency Heard for the Month: 1 September 2022
In general, it was not a good week for Capital Markets, including Cryptocurrencies, which followed Nasdaq 100 trend, even though the Cryptocurrency portfolio still managed to be up 9.53%, since our technical recommendation buying prices.
What to expect for September?
Historically, September has delivered even worse performance than August. However, can this time be different? Given a major industry event such as the Ethereum merge, Cardano’s Vasil Hard Fork, and a potential institutional adoption boom post-merge, can we actually end up seeing the best crypto month of the year?
In my humble opinion, September Market will be driven by Russia-Ukraine war new developments, US and Europe economic news (inflation and Macro-economic data). Usually, when the USD gets stronger versus other currencies, it means other world economies are having bigger macro-economic problems than the USA, which is usually not good for Crypto because the USD becomes the safer heaven for investors.
Hence, I am generally bearish for the EUR and Crypto, in September, which may create again, a good buying opportunity similar to the technical Crypto entering prices suggested back in May 15, 2022.
Suggested Crypto currency Portfolio Review
The following were our suggested entry price for:
Solana (SOL): $27.50
Avalanche (AVAX): $15.00
VeChain (VET): 0.023
Cardano (ADA): $0.50
Ethereum (ETH): $1,007
Bitcoin (BTC): $20,600
Binance Token (BNB): $207
Litecoin (LTC): $50.50
Tether (USDT): $1.00
XRP (XRP): $0.37
Dogecoin (DOGE): $0.076
Solana (SOL) Current Price: $32.44 UP 17.96%
Avalanche (AVAX) Current Price: $19.68 UP 31.20%
VeChain (VET) Current Price: $0.025 UP 8.7%
Cardano (ADA) Current Price: $0.46 DOWN 8.00%
Ethereum (ETH) Current Price: $ 1,586.56 UP 57.55%
Bitcoin (BTC) Current Price: $ 20,285.83 DOWN 1.53%
Binance Token (BNB) Current Price: $286.46 UP 38.39%
Litecoin (LTC) Current Price: $54.28 UP 7.49%
Tether (USDT) Current Price: $286.46 UP 38.39%
XRP (XRP) Current Price: $0.33 DOWN 10.81%
Dodge Coin (DOGE) Current Price: $0.063 DOWN 17.11%
For September, our technical and fundamental analysis are recommending a defensive trading strategy approach, hence, I would recommend the following Crypto positions and to buy the recommended portfolio on May 15, 2022, when and if prices get at or below our technical suggested Crypto buying prices.
1. Cardano (ADA)
Last trade: $0.46
Market cap: $15.8 billion
Cardano’s price already increased over 100% in August, but September will still be a big month for the coin that wants to use blockchain to solve real-world problems. On September 12, Cardano will finally launch its smart contract functionality. (Smart contracts are tiny pieces of self-executing code that live on the blockchain.) And on September 25–26, Cardano will host a series of virtual and live events in the Cardano Summit.
Cardano has its share of critics, and it might be that early speculation on the September launch means we won’t see more big short-term gains. But in the long term, it is still one of the most solid and exciting undertakings in the crypto world. Its research-driven approach may be slow, but should result in a robust and sustainable platform. And it is already delivering several projects in Africa. The big challenge will be attracting developers once the smart contracts are up and running.
- OMG Network (OMG)
Last trade: $1.86
Market cap: $260 Million
In addition to having a great name, OMG is making strides in the digital payment space. It works directly with banks and aims to create products that appeal to both existing banking customers and those who don’t currently have access to banking services.
OMG’s strategic partner and core contributor, Enya, has just launched Boba Network, which it describes as a “next-generation” layer 2 solution. Boba promises to process thousands of transactions a second and at a fraction of the cost of the Ethereum network.
Layer 2 solutions refer to various protocols that sit on top of the existing blockchain and improve its scalability. For OMG, formerly OmiseGO, this means its payment processing speed could rival Visa’s. OMG aims to create a wallet that people could use to easily move any asset between different payment platform, from traditional money to cryptocurrencies or even reward points.
It is not clear how the partnership with Enya will unfold, but the deal combines Enya’s privacy and security with OMG’s payment solutions, making it a project to keep an eye on.
Last trade: $5.53
Market cap: $692 Million
Blockchain meets wifi in what the company calls the “People’s Network.” Helium can provide 5G connectivity around the world without the same costs associated with traditional telecoms infrastructure. It’s a powerful concept and a great example of how blockchain technology and cryptocurrency can solve day-to-day problems.
Helium’s hotspots are a bit like the wifi router in your house, but much more powerful. Called LongFi, they can reach 200 times further than an ordinary router. Individuals can set up Helium hotspots in their homes or offices and earn HNT tokens as a reward for providing increased wireless coverage to their communities.
There are already almost 150,000 hotspots around the world, including many in U.S. cities. For example, there are over 3,000 in Los Angeles alone. The company raised over $100 million in August, finding backing from prominent names in crypto investing like Andreessen Horowitz, Alameda Research, and Ribbit Capital.
- VeChain (VET)
Last trade: $0.025
Market cap: $1.8 billion
VeChain already gained 40% in August, as the supply chain platform continues to show what blockchain can achieve. VeChain uses blockchain technology to improve business processes and track each stage in the supply chain.
For example, it already works with Walmart to track food products at each stage of the production and distribution process.
Last week, it announced a new platform that uses the blockchain ledger to track carbon footprints. VeChain’s tool is a transparent way for companies to monitor their carbon consumption across the whole supply chain. It says businesses could use the tool to provide their customers with “full oversight of carbon data and green claims”.
Before investing in any financial vehicle, please note diversification is key to any good investment strategy, and this holds true, when you are investing in cryptocurrency. Do not put all your money in Bitcoin, for example, just because that is the name you know or most hear on the street. There are thousands of options, and it is better to spread your investment across several currencies. Hopefully, the following articles in the subject will help you make better investment decision choices, when investing in Cryptocurrencies.
Disclosures: The cryptocurrency market is highly volatile, so be prepared for ups and downs. Investors may experience dramatic swings in prices. Investors, who do not have high risk tolerance, cryptocurrency might not be a wise choice of investment. Cryptocurrency is all the rage right now, but investors should remember, it is still in its relative infancy and is considered highly speculative. Investing in something new comes with challenges. Investors, who plan to invest in Cryptocurrency should do their own research, and invest according to their risk tolerance.
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