Bitcoin drop below $ 29,000 and the subsequent recovery depicts the Wyckoff pattern in an interesting way, just look at this chart and compare it with the price.
Further price movement with yesterday’s recovery and subsequent pullback is also suitable for this pattern. If it turns out to be correct, then it’s time to think about how to invest $ 1,000 in cryptocurrencies.
Half of this amount can be invested in bitcoin as the main asset on the market.
As an argument, we will cite a recent interview with President of Salvador Nayyib Bukele. Despite the World Bank’s refusal to help introduce Bitcoin payments, it believes in the technology and that El Salvador can handle the task on its own. He points out that many residents of his country and other countries still do not have access to banking services, and bitcoin is the kind of technology that can solve the problem and become the main one for the alternative economy. The main thing is that Bitcoin is secure and decentralized enough to be trusted.
Investing in bitcoin on the crypto market is like buying stocks in Amazon or Google, you may not see the X, but it is a very reliable investment in the long term. And although the market is still extremely disturbing today, as they said earlier, no one has yet lost their money buying Bitcoin if they held it for four years.
The second coin and the second largest investment of $ 200 comes from Ethereum. Note that Goldman Sachs has joined the JPMorgan blockchain platform and conducted the first repo transaction using JPM Coin. This platform is built on the basis of Ethereum, which speaks about the power of the technology at its core and what the future holds for it.
We can add that a pilot version of Israel’s digital currency was also built on the basis of Ethereum. And the developers of the TOP-2 cryptocurrency on June 24 activated the London update in the test network and already sent the first transaction in which some of the commissions were destroyed. If everything goes according to plan, then Ethereum emissions will significantly decrease this summer, which will have a positive impact on the cost in the long term.
If the market situation turns out to be favorable, then we can see at the moment the price of $ 13,000.
We continue to reduce the amount, and $ 100 is sent to three projects at once approximately equally, we are talking about the main competitors of Ethereum, such cryptocurrencies as Cardano, Polkadot, and Kusama.
Why Cardano is clear, everyone is waiting for smart contracts to be fully launched and the blockchain will receive its full functionality. So far, Cardano only has transactions and the issuance of its own tokens. The next major update is expected this summer or early fall. In addition, there is also a new partnership with Orion Protocol that should add the ability to buy and sell various cryptocurrencies.
Cardano's scalability will allow Orion to reach it's long-term goal of combining traditional financial markets and NFT marketplaces. For a full press release, DM us or reach out to [email protected] (3/3)
— IOHK Media (@IOHKMedia) June 23, 2021
As for Polkadot and Kusama, in fact they are one project, just both cryptocurrencies have their own value. Then it is also at the final stage, the deployment of parachains is already underway on the Kusama blockchain. Quite a bit and they can become a serious player in the decentralized application market, the main thing is that there is a demand for them.
It was decided to spend another $ 100 for the future in the form of development of the NFT industry. Binance launched its own marketplace today, it is expected that they will try to rock this hype again, as it once was with IEO.
Prospects in this industry have such projects as Enjin Coin, their latest partnership speaks of plans to create a virtual Egypt with the pyramids and the Sphinx. And cryptocurrency # 2 is the Flow blockchain token, which is designed specifically for the release of NFT and also continues to evolve.
The remaining money will go to projects that have a high risk, this is an investment from a cycle of luck and Dogecoin with an investment of $ 50 falls under this definition.
Taking into account the rise in the price of Dogecoin, their commissions no longer seem as low as before, but the developers of the protocol and Elon Musk proposed to reduce their 1 one coin to 0.01 DOGE. The update code is almost ready, but now you need to be supported by the node owners and miners.
The remaining $ 50 is proposed to be spent on low-cap altcoins. This is the so-called search for diamonds, today it costs a penny, and in a few months it may already be in the TOP-20 in terms of capitalization, this happens very often in cryptocurrencies.
This is just an example, not a financial recommendation, as indeed is the entire article.
Consider the XCAD Network project.
It is a network for tokenizing content in NFT format based on the Zilliqa blockchain.
By the way, another project that dealt with streaming video, THETA, pleased its early investors quite well, maybe XCAD Network will succeed