Cryptocurrency Heard for the Month: 30 December 2022
As seen throughout 2002, Cryptocurrencies bring immense volatility and along with it, there are always risks and new investment opportunities. Also, to have in mind is riskier assets are highly correlated with higher returns on investment (ROI) or higher losses than the average risk assets.
Here is the 2023 Crypto suggested portfolio, aiming for high double digit ROI, in 12-24 months of investment. Further, it is diversified among eight cryptocurrencies.
- Bitcoin (BTC) – $16,526.92
Bitcoin has a current price of $16,526.92. BTC has a market cap of $318B and a 24-hour trading volume of $15.2B. The maximum supply is 21 million BTC, with a circulating supply of 19.2M. The highest price ever obtained for Bitcoin was $67,597.72. This all-time high (ATH) was recorded on 11/08/2021. BTC’s price reached an all-time low of about $2.24 on 10/20/2011.
The price of Bitcoin is highly volatile because it is a new asset class and not yet fully understood by the mainstream. The value of Bitcoin can rise and fall very quickly, so it’s essential to stay up to date on the latest news and developments.
Several factors, such as available supply, market demand, competition with other digital currencies, and overall investor confidence, influence the price of Bitcoin. The price increases when there is more demand for Bitcoin than available supply. The price of Bitcoin is also affected by the amount of mining taking place. When more miners are mining Bitcoin, the network is secure, and the price of Bitcoin is likely to be higher. When fewer miners are mining Bitcoin, the network is less secure, and the price of Bitcoin is likely to be lower.
- Ethereum (ETH) – $1,194.68
Ether has a current price of $1,194.68. ETH has a market cap of $146B and a 24-hour trading volume of $4.09B, and circulating supply of 122M. The highest price ever obtained for Ethereum was $4,811.01. This all-time high (ATH) was recorded on 11/08/2021. ETH’s price reached an all-time low of about $0.44 on 10/20/2015.
The price is highly volatile because crypto is a new asset class and not yet fully understood by the mainstream. The value of Ethereum can rise and fall very quickly, so it’s essential to stay up to date on the latest news and developments.
Further, it is the leading blockchain for DeFi, NFTs, Dapps and more. Ethereum has grown extremely well and has not stopped there, the company continues to update itself as needed with a plan already underway that will completely transform its network. The Ethereum network token is ETHER. In addition, the network with its latest update now uses the proof-of-stake mechanism that reduces its energy consumption by 99.7%.
- Dogecoin (DOGE) – $0.068
Dogecoin is trading today at $0.068 USD with a 24-hour trading volume of $460,544,584 USD. Dogecoin is down 3.83% in the last 24 hours. The current CoinMarketCap ranking is #8, with a live market cap of $9,052,896,957 USD. It has a circulating supply of 132,670,764,300 DOGE coins and the max. supply is not available.
Dogecoin (DOGE) is a meme coin that started in 2013. It was created as a humorous alternative to decentralized digital currencies like Bitcoin and Ethereum. Almost 10,000 Dogecoins are mined every minute, and there’s no maximum supply – part of the founders’ original joke and one reason the Dogecoin price is low. Similar dog-themed meme coins like Shiba Inu have also gained popularity, and nearly all have an abundant or unlimited supply.
- Binance (BNB) – $244.97
Binance Coin has a current price of $244.97. BNB has a market cap of $39.2B and a 24-hour trading volume of $361M. The maximum supply is 200 million tokens, with a current circulating supply of 160M. The highest price ever obtained for BNB was $676.51. This all-time high (ATH) was recorded on 05/03/2021. BNB’s price reached an all-time low of about $0.07 on 07/16/2017.
The Binance Smart Chain runs in parallel to the original Binance Beacon Chain. The two chains are connected through a protocol called peg zones, which allows for the transfer of assets between the two chains.
The Binance Smart Chain is designed for high performance and is compatible with Ethereum’s Virtual Machine (EVM). This allows developers to build DeFi applications on BSC similar to those on Ethereum but with faster transaction times and lower fees. The Binance Beacon Chain is a proof-of-stake chain that secures the Binance Smart Chain. It uses a Byzantine Fault Tolerance (BFT) consensus mechanism and requires validators to stake their BNB tokens in order to participate in the consensus process. The Binance Beacon Chain is designed to be scalable and can support up to 10,000 transactions per second.
- Polygon (MATIC) – $0.76
Polygon (MATIC) is a cryptocurrency . Polygon has a current supply of 10,000,000,000 with 7,701,069,510.62 in circulation. The last known price of Polygon is 1.71923257 USD and is up 0.72 over the last 24 hours. It is currently trading on 358 active market(s) with $858,150,151.27 traded over the last 24 hours. More information can be found at https://polygon.technology/.
- Polkadot (DOT) – $4.30
Polkadot (DOT) is a cryptocurrency . Polkadot has a current supply of 1,103,303,471.382273 with 987,579,314.957085 in circulation. The last known price of Polkadot is 22.69599238 USD and is down -1.69 over the last 24 hours. It is currently trading on 320 active market(s) with $1,265,041,262.32 traded over the last 24 hours. More information can be found at https://polkadot.network/.
- Cosmos (ATOM) – $9.33
Cosmos (ATOM) is a cryptocurrency . Cosmos has a current supply of 0 with 286,370,297 in circulation. The last known price of Cosmos is 30.84850549 USD and is up 1.65 over the last 24 hours. It is currently trading on 259 active market(s) with $1,061,535,067.41 traded over the last 24 hours. More information can be found at https://cosmos.network/.
In a nutshell, Cosmos bills itself as a project that solves some of the “hardest problems” facing the blockchain industry. It aims to offer an antidote to “slow, expensive, unscalable and environmentally harmful” proof-of-work protocols, like those used by Bitcoin, by offering an ecosystem of connected blockchains.
The project’s other goals include making blockchain technology less complex and difficult for developers thanks to a modular framework that demystifies decentralized apps. Last but not least, an Interblockchain Communication protocol makes it easier for blockchain networks to communicate with each other, preventing fragmentation in the industry.
Cosmos’ origins can be dated back to 2014, when Tendermint, a core contributor to the network, was founded. In 2016, a white paper for Cosmos was published, and a token sale was held the following year. ATOM tokens are earned through a hybrid proof-of-stake algorithm, and they help to keep the Cosmos Hub, the project’s flagship blockchain, secure. This cryptocurrency also has a role in the network’s governance.
- Tether (USDT) – $1.00
USDT has a current price of $1.00. Tether has a market cap of $66.2B and a 24-hour trading volume of $19.1B. There is no maximum supply, with 66.3B USDT currently in circulation. The highest price ever obtained for USDT was $1.10. This all-time high (ATH) was recorded on 12/07/2017. Tether’s price reached an all-time low of about $0.83 on 06/03/2015.
Until next Crypto article, wishing all of you a Happy and Prosperous 2023!
Investment Diversification
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: Asset Management, Automated Trading, bitcoin, Cryptocurrency, mam, Money Management, Multi Account Management, PAMM
