Cryptocurrency Heard for the Month: 15 August 2022
Another great week for our recommended Crypto currencies portfolio, which is now up 46.72%, since 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
Solana (SOL) Current Price: $43.85
Avalanche (AVAX) Current Price: $27.68
VeChain (VET) Current Price: $0.032
Cardano (ADA) Current Price: $0.55
Ethereum (ETH) Current Price: $1,902.52
Bitcoin (BTC) Current Price: $24,602.61
Binance Token (BNB) Current Price: $317.13, UP 53.20%
Litecoin (LTC) Current Price: $61.47
For the remaining of August, our technical analysis are favoring the following Crypto currencies:
- Bitcoin (BTC)
Last trade: $24,602.61
Market cap: $458 billion
Created in 2009 by Satoshi Nakamoto, Bitcoin (BTC) is the original cryptocurrency. As with most cryptocurrencies, BTC runs on a blockchain, or a ledger logging transactions distributed across a network of thousands of computers. Because additions to the distributed ledgers must be verified by solving a cryptographic puzzle, a process called proof of work, Bitcoin is kept secure and safe from fraudsters.
Bitcoin’s price has skyrocketed as it’s become a household name. In May 2016, you could buy one Bitcoin for about $500. As of Aug. 1, 2022, a single Bitcoin’s price was around $23,046. That’s growth of more than 4,500%.
- Ethereum (ETH)
Last trade: $1,902.52
Market cap: $231 billion
Both a cryptocurrency and a blockchain platform, Ethereum is a favorite of program developers because of its potential applications, like so-called smart contracts that automatically execute when conditions are met and non-fungible tokens (NFTs).
Ethereum has also experienced tremendous growth. From April 2016 to the beginning of August 2022, its price went from about $11 to around $1,640, increasing around 14,800%.
- Tether (USDT)
Last trade: $1.00
Market cap: $67.4 billion
Thether is a new position our technical analysis are recommending to add to the portfolio. Unlike some other forms of cryptocurrency, Tether (USDT) is a stablecoin, meaning it’s backed by fiat currencies like U.S. dollars and the Euro and hypothetically keeps a value equal to one of those denominations.
In theory, this means Tether’s value is supposed to be more consistent than other cryptocurrencies, and it’s favored by investors who are wary of the extreme volatility of other coins.
- U.S. Dollar Coin (USDC)
Last trade: $1.00
Market cap: $53.6 billion
U.S. Dollar Coin also a new recommended idea to further diversify the Crypto portfolio. Like Tether, USD Coin (USDC) is a stablecoin, meaning it’s backed by U.S. dollars and aims for a 1 USD to 1 USDC ratio. USDC is powered by Ethereum, and you can use USD Coin to complete global transactions.
- Binance Coin (BNB)
Last trade: $317.13
Market cap: $51 billion
Binance Coin (BNB) is a form of cryptocurrency that you can use to trade and pay fees on Binance, one of the largest crypto exchanges in the world. Since its launch in 2017, Binance Coin has expanded past merely facilitating trades on Binance’s exchange platform.
Now, it can be used for trading, payment processing or even booking travel arrangements. It can also be traded or exchanged for other forms of cryptocurrency, such as Ethereum or Bitcoin.
BNB’s price in 2017 was just $0.10. By early August 2022, its price had risen to around $284, a gain of approximately 283,900%.
- XRP (XRP)
Last trade: $0.37
Market cap: $18.1 billion
Another good idea to add to the Crypto portfolio is XRP, which was created by some of the same founders as Ripple, a digital technology and payment processing company, XRP can be used on that network to facilitate exchanges of different currency types, including fiat currencies and other major cryptocurrencies.
At the beginning of 2017, the price of XRP was $0.006. As of Aug. 1, 2022, its price reached $0.37, equal to a rise of 6,066%.
- Binance USD (BUSD)
Last trade: $1.00
Market cap: $17.7 billion
Our technical analysis are also favoring Binance USD (BUSD) for the remaining of August. It is a stablecoin that Paxos and Binance founded to create a cryptocurrency backed by the U.S. dollar.
To maintain this value, Paxos holds an amount of U.S. dollars equal to the total supply of BUSD. As with other stablecoins, BUSD gives traders and crypto users the ability to engage in transactions with other crypto assets while minimizing the risk of volatility.
- Cardano (ADA)
Last trade: $0.55
Market cap: $18.7 billion
Somewhat later to the crypto scene, Cardano (ADA) is notable for its early embrace of proof-of-stake validation. This method expedites transaction time and decreases energy usage and environmental impact by removing the competitive, problem-solving aspect of transaction verification in platforms like Bitcoin. Cardano also works like Ethereum to enable smart contracts and decentralized applications, which ADA, its native coin, powers.
Cardano’s ADA token has had relatively modest growth compared to other major crypto coins. In 2017, ADA’s price was $0.02. As of Aug. 1, 2022, its price was at $0.50. This is an increase of 2,400%.
- Solana (SOL)
Last trade: $44.05
Market cap: $15.4 billion
Developed to help power decentralized finance (DeFi) uses, decentralized apps (DApps) and smart contracts, Solana runs on a unique hybrid proof-of-stake and proof-of-history mechanisms to process transactions quickly and securely. SOL, Solana’s native token, powers the platform.
When it launched in 2020, SOL’s price started at $0.77. By early August 2022, its price was around $41.55, a gain of nearly 5,300%.
- Dogecoin (DOGE)
Last trade: $0.076
Market cap: $10.1 billion
Dogecoin is another new position for our August recommended Crypto portfolio suggested by our technical analysis. Dogecoin was famously started as a joke in 2013 but rapidly evolved into a prominent cryptocurrency thanks to a dedicated community and creative memes.
Unlike many other cryptos, there is no limit on the number of Dogecoins that can be created, which leaves the currency susceptible to devaluation as supply increases.
Dogecoin’s price in 2017 was $0.0002. By Aug. 1, 2022, its price was at $0.067, up 33,400%.
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.
Tags: Automatedtrading, avalanche, Binance, bitcoin, cardano, Cryptocurrency, Etherium, Forecast, Forex, forextrading, FXtrading, mam, multiaccountmanagement, VeChain