Crypto Weekly Update #3 - 08/03/2021
Yesterday began a strong rally for several coins, most notably Ethereum. The Berlin hard fork news alongside EIP-1559 being announced for a July release has meant that the buyers have started making moves. There is talks of big Asian investment funds buying large swathes of ETH in recent weeks to decrease the circulating supply, further adding to the spike in price.
It seems ETH at least is following a V shaped recovery after the correction from 1-2 weeks ago. Bitcoin's 6 hour chart just yesterday gave us a bullish signal as well, with the 21 day moving average crossing above the 50 day moving average. The previous two times BTC has done this led to price discovery territory and also all-time highs!
PayPal is also due to be launching crypto merchant payments later this month following their end of Q1 projection earlier this year. BTC, ETH, BCH and LTC will all be listed initially, and millions of customers will be able to use the aforementioned coins to buy, buy, buy. Personally I have already loaded up on LTC, with some price predictions estimating a $1k peak price for LTC during this bull-cycle.
The Nexo Finance review is now live!
This week's portfolio didn't see any major changes, however I did receive 250 SAND tokens and some HNT for completing the CoinMarketCap Earn campaigns in late 2020. These campaigns are automatically linked to your Binance account so I had a nice surprise when I logged onto Binance for a while. I also had some small BNB in Binance from past orders so I converted the SAND and HNT into BNB, and then converted the total BNB into LTC to reduce my average price per LTC (now £93.18) even further.
Weekly Change: +6.22%
Monthly Change: +19.23%
All Time Change: +138.87%
Of the projects I mentioned last week:
DOT, AAVE, SNX, MKR, AVAX, SOL, INJ
I've crossed off AVAX and SOL. Both are Ethereum Competitors, and I feel ADA and DOT are most well established to make a charge at this moment in time.
ENJ (Enjin) is also an interesting project. It's an ecosystem based project but centred around gaming, and it has also taken off quite a bit in Asia.
Currently, I'm holding fire on any new investments as I feel we're moving back towards a strong rally all round for the next week or so. Yield farming seems like something worth looking into.