Crypto Weekly Update #2 - 02/03/2021
Since the last update, the crypto market has been topsy-turvy.
BTC Futures expiring and a big miner sell-off once again led to some unwarranted FUD (fear, uncertainty, doubt) from sceptics across the board.
This correction is healthy long term for the crypto space. Instead of endlessly hoping for gains week upon week, it is important to retest significant support and resistance levels!
Since I keep most of my crypto with Nexo.io (review coming soon), I was able to balance any losses this week with the interest gained for holding my crypto on the platform.
I was able to reduce my average BTC price from ~£19k to ~£17k by converting the interest made on Nexo into BTC on the 1st of the month. Long term I think this will be a great way to accumulate more and more BTC!
Weekly Change: +6.87%
Monthly Change: +31.60%
All Time Change: +113.94%
My long term strategy for most but not all of the coins I currently have is to hold them long term.
BTC, ETH, ADA, LINK, XMR will most likely be 5+ year holds.
LTC, LTO and XLM are the coins I am hoping will have a strong 2021 and then I will convert into BTC/XMR for long term storage.
My prediction for March is bullish for LTC. With PayPal launching crypto merchant payments, and LTC being the cheapest of the 4 cryptocurrencies being added first (BTC, ETH, BCH, LTC), I expect LTC to perform well over the upcoming weeks.
ADA just had it's Mary Hard Fork Combinator event, and the transition from single asset to multi-asset is complete! Once the Goguen main-net launches, I'm expecting some projects to migrate over to Cardano from Ethereum and those awful gas fees.
I'm also interested in getting invested into the following projects:
DOT, AAVE, SNX, MKR, AVAX, SOL, INJ
Mainly I'll be looking at De-Fi blue chips like AAVE and SNX to help improve my exposure in that region of crypto, it should also do very well in 2021.
Finally, as always, the plan is always to find new ways to accumulate more and more crypto and hold for the long term.