So we’ve had another unexpected catalyst (this time from China), proving yet again how Bitcoin and crypto in general is this catapult that can be released at any time. And how you can never predict what will happen next, only keep tracking the technology itself, and understanding why it’s an asset you should treat with respect.
So the chips fly out across the board, as ‘wave-riders’ spread their bets, surf the foam, and then pull out of the market again (as I write this?) Timing the latter is a difficult trick to master, and dangerous too, as the Bitcoin price is particularly susceptible right now to running away. The next one could be… anything… from more good news from Bakkt to bad Brexit news, bank collapses or even regulatory progress. And actually I can’t wait for this to happen: to have a series of catalysts that see the price move up considerably and leave a lot of market players or manipulators watch it escape from them.
But in truth there are many sensible folk ‘dollar cost averaging’ (finally, well done, you got there in the end!), and what happens is they too get a bit of fomo and chuck more in than usual when there’s big news.
Anyway, it’s also a chance to review the Ade’s Press Long-HODL crypto-basket, an experiment where I put 10 quid on many of the projects I’ve mentioned in this blog.
Note: It was the wrong time to compile that portfolio (on cryptocompare), as the market had just risen, and it’s still early to assess (plus it was after I’d covered most projects.) Also, since then, the poor old altcoin market continues to take a beating versus Bitcoin.
However, what’s interesting right now is that iExec (RLC) is one of the best performers.
But… once again this means that it remains a good time to buy into some of these young altcoin projects (before any more catalysts.) But I’ll do another ‘folio review after Christmas.
See also: all my Crypto offers / referral links….