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April 24, 2018
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Crypto Market Commentary
Rally Hits 436 Billion
Over Halfway To Market All-Time High
Today’s market roared higher as we saw record high volume for the quarter. As the bull rull entered its 12th day, there was some brief concern that we might be seeing a plateau at the 400 Billion mark. Today that concern was smashed as the market rocketed an impressive 35 Billion higher. In the past week alone we’ve added 100 Billion to the total market cap, which is no small feat.
Ethereum crossed an important milestone of $700, while Bitcoin continues to inch higher but importantly lost an entire 1% of market dominance today showing that as the market continues to rise, Bitcoin’s reign as #1 continues to fall.
Despite this, Bitcoin will undoubtedly continue its rise throughout the year. Bill Baruch, a cryptocurrency bull who called both bitcoin’s recent slump and ensuing rally similar to our predictions, set a near-term bitcoin price target of $11,500 to $11,800 on CNBC today. This comes right after Tim Draper set a price target of $250,000 by 2022, saying, “This affects the entire world and it’s going to be affected in a faster and more prevalent way than you ever imagined.”
Again, we don’t put any stock in “experts”, but there’s a good consensus right now that the market is on a good trajectory. What could be adding fuel to today’s impressive run is that Thomson Reuters released survey results of over 400 undisclosed businesses which details how one in every five “have plans” to begin direct contact with cryptocurrency assets in the next 12 months. 70% of those who affirmed ‘yes’ to crypto in 2018 also said they had plans to begin within the next three to six months, indicating at least 56 new players offering cryptocurrency in some form by October.
Meanwhile, Bitcoin shorts are at a low for the month, indicating the Bulls have control.
This was confirmed to us as Ripple is nearing $1/XRP after brushing off accusations from a former Commodity Futures Trading Commission (CFTC) chairman that XRP is likely a security under US law.
EOS was today’s top-performer as it continues to lead the top 200.
The surge for the price of EOS has largely been driven by the Koreans. EOS/KRW (South Korean Won) pairs on Upbit and Bithumb (two Korean exchanges) account for more than $600 million in volume, or approximately one-third of the token’s total daily trading volume.
Meanwhile, Cryptocurrency hedge fund, Multicoin capital, released a detailed analysis and valuation of EOS, stating that the token will likely see “significant upward price action” in the mid-term.
“We believe that the EOS token model lends itself particularly well to value capture,” Multicoin wrote in its report. “We expect to see very significant upward price action in the near to medium term. At current valuations, we continue to be bullish on EOS.”
This is an easy conclusion given that EOS’s mainnet launch, which is currently scheduled for June 1, is only 38 days away, so the market’s anticipation for this event will increase buy pressure over the next month.
In other news, Binance subtly added a feature we’ve been waiting a long time for. ‘Convert to BNB’ allows users to exchange their ‘small assets’ for BNB (Binance Coin). Any balance under the minimum trade size for an exchange (for Binance that’s 0.002 BTC or ~$20) cannot be used and is usually not able to be withdrawn due to the small size.
So, these useless pieces of coins are known as dust. Essentially in cryptocurrency terms dust is a phrase which refers to small assets. So to solve this, Binance now allows you to convert this dust completely into BNB tokens. To take advantage of this you simply go to the funds tab on Binance, and there is an option which says “Convert to BNB”.
One other big piece of news we covered in today’s Telegram alert was that myetherwallet.com, one of the most popular online wallets for Ethereum and ERC20 tokens, was compromised.
From the MEW team, “It is our understanding that a couple of Domain Name System registration servers were hijacked at 12PM UTC to redirect myetherwallet[dot]com users to a phishing site.
This redirecting of DNS servers is a decade-old hacking technique that aims to undermine the Internet’s routing system. It can happen to any organization, including large banks. This is not due to a lack of security on the @myetherwallet platform. It is due to hackers finding vulnerabilities in public facing DNS servers.”
Data from EtherScan shows that over $150k worth of ETH has been stolen in the DNS hack.
While this is not MEW’s fault nor does it indicate any security flaws with MEW’s system, it does highlight the need for vigilance in your security.
For example, some advice from the MEW team to protect yourself from an attack like this:
“PLEASE ENSURE there is a green bar SSL certificate that says “MyEtherWallet Inc” before using MEW.
We advise users to run a local (offline) copy of the MEW (MyEtherwallet).
We urge users to use hardware wallets to store their cryptocurrencies.“
Talk to you tomorrow.
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Offense – Adding Trades
Offensive Actions for the next trading day:
- None.
Defense – Managing Risk
Defensive Actions for the next trading day:
- None.
Current Portfolio
Desired Holdings
How to read this portfolio: Please click on the Chart Key tab above for definitions and color codes. The colors correspond to our 7 categories in the graphic below.
Tier 4
TKY
ELEC
SWH
KIN
Tier 3
ICX
ELA
Tier 2
MOD
Tier 3
REQ
SUB
LINK
NANO
KNC
Tier 4
BNTY
TAU
WISH
PHR
LOCI
XBY
ELA
ECC
POE
HPB
BIX
EVE
XVG
NULS
DNA
ReadySetCrypto’s 7 Categories Of CryptoCurrency
Tier 1 coins are those coins which we have considerable assets invested, are firm believers in the project direction and execution, and have very little reason to sell within short to mid term. These are coins which we risk evaluated to be very solid, and have a high probability of existence duration.
NEO
NEO ($NEO) is classified as a Dividend and Platform coin. As our largest holding, we believe NEO has the potential to become a dominant smart contract and DApp platform in 2018. It’s four most compelling features are:
- An innovative consensus algorithm which will allow for greater TPS (transactions per second) over its competitors.
- A dividend structure for holders, incentivizing coin retention and network stability / diversity.
- SE Asia location, enabling NEO to break into markets more easily than competitors.
- Agnostic smart contract language, allowing for smart contract developers to use existing mainstream programming languages, which allows for cheaper smart contract implementation as compared to Ethereum who’s proprietary smart contract language, Solidity, can be a barrier to integration.
NEO is best acquired through Binance. Storing NEO on the Binance exchange will result in a GAS distribution once a month on the first. We recommend the NEON wallet for safe storage. GAS will be distributed on the NEON wallet daily.
WaltonChain
WaltonChain ($WTC) is classified as a Dividend and Utility coin. Waltonchain is on the cutting edge of using RFID hardware to enable supply chain management 2.0. We believe Walton has the potential to become a dominant IoT blockchain solution Waltonchain is the only truly decentralized platform combining blockchain with the Internet of Things (IoT) via patent pending RFID (Radio Frequency Identification) technology. The custom RFID chips are able to digitally sign and verify transactions at the integrated circuit level, automatically and instantly reading and writing data to the chain without human intervention. This unique implementation of blockchain + IoT facilitates the true interconnection of all things in the real world with the virtual world, creating a genuine, trustworthy and traceable business ecosystem with complete data sharing and absolute information transparency. Walton has two major competitive advantages:
- A recently confirmed (to be signed) partnership with China Mobile’s IoT Alliance. China Mobile is the largest mobile telecommunications service in the world as well as the world’s largest mobile phone operator by total number of subscribers. Walton’s Management system is set to be implemented through mobile communication networks, and China Mobile is the largest one. Waltonchain is positioning themselves to be the single connector of the entire Internet of Things initiative put forward by the China Mobile IoT Alliance.
- They implement the blockchain through the RFIDs at the foundational layer. Their technology is patent-pending and gives Waltonchain a solid claim as the only blockchain that connects the physical world with the virtual world with truly reliable data. This is because all other IoT solutions tag items through API, and this means all the data is first passed through a centralized intermediate, a potential point of vulnerability.
Ethereum
Ethereum ($ETH) is an open blockchain Platform that lets anyone build and use decentralized applications that run on blockchain technology. Like Bitcoin, no one controls or owns Ethereum – it is an open-source project built by many people around the world. But unlike the Bitcoin protocol, Ethereum was designed to be adaptable and flexible. It is easy to create new applications on the Ethereum platform, and with the Homestead release, it is now safe for anyone to use those applications.
OmiseGO
OmiseGO ($OMG) is classified as a Dividend and Utility coin. OmiseGO is a Southeast Asia-based company creating an e-wallet that will make transfer of assets and currencies possible. Merchants and users of the wallet can transfer whatever asset or currency they desire. For example, you could use your ethereum, bitcoin, international fiat, or even your airline points to buy groceries using the e-wallet app on your mobile phone. Transfers can happen across borders, or even while traveling abroad. Unlike Western Union or PayPal for example, the fees are almost negligible, and the transfer is instant. Because it’s based on a blockchain, there are no intermediary banks necessary and users don’t need bank accounts to access those funds. This is especially good for migrant workers who send money home and often don’t have bank accounts and are forced to use expensive wire services instead.
Tier 2 coins are those coins which have performed extremely well, we have a large amount of assets with, and we believe will continue to operate with high marks. What separates these coins from our Tier 1 status is a flaw or they haven’t yet proven their defining feature, though we believe they will.
NAVCoin
NAVcoin ($NAV) is a Privacy coin with upcoming Platform features. NAVcoin has been around for 3 years. It is not minable, instead being based on a Proof of Stake system in which stakers earn 5% annual returns. Theoretically this means there could be 5% inflation on the supply, however, that would require every coin holder to stake, so likely there will be very marginal inflation between 1 and 3% year over year. It is a currency originally based off of Bitcoin version 0.13, which should tell you it’s got a good foundation from which to build its feature set. Being based off Bitcoin, it currently is a method of transaction, with notable upgrades in the form of Segwit (with possible lightning network integration in the future) and 30 transaction times with extremely marginal fees. That’s great but a lot of coins have that going for them, so thankfully we’re just getting started with the real interesting pieces of NAV. The first and currently only implemented feature, NavTech is a unique dual blockchain technology. Essentially, NAV runs on these two blockchains in order to completely disconnect the sending wallet (your wallet), to the receiving wallet (where the money is getting sent). Think of it like a VPN, NavTech completely strips the sender’s details so the transaction is completely anonymous. The anonymous transaction space has really gotten big lately, with Monero’s recent price action and Ethereum’s implementation of ZKSnarks being two big examples that come to mind.Moving on to the roadmap, there are two big upcoming features for NAV:
- The first is Polymorph, which is a really cool blend of Nav’s anonymous transactions and Changeally’s instant exchange. What this means is that, for example, I wanted to pay someone in Bitcoin but I wanted to do it anonymously. Polymorph would take my bitcoin, turn it into navcoin in order to be processed and sent anonymously using the Navtech dual blockchain, then turned back into bitcoin at the to be sent to the receiving wallet. This will certainly set NAV apart, as it guarantees anonymous transaction for all of the coins on changeally. This is huge for exposure, and a great opportunity for NAVcoin to gain trust, which is absolutely critical anonymous transaction coins.
- The second big upcoming feature is ADApps, or Anonymized Decentralized Apps. This is also a huge potential win for Nav as there is already a huge amount of interest in the crypto space surrounding Dapps, such as Ethereum and Omni. Adding in the anonymous layer would attract projects that would value the anonymity. Nav is still in the planning stages for this project so it could still be awhile before it comes to fruition, but we should see the whitepaper for it soon, and if they could be first to market with ADapps that could prove to be a killer feature for them as it would give them first access to the interested demographics.
Ripple
Ripple ($XRP) is a real-time Payment protocol for anything of value. It’s a shared public database, with a built-in distributed currency exchange, that operates as the worlds first universal translator for money. Ripple is currency agnostic and has a foreign exchange component built right into the protocol. Ripple acts as a pathfinding algorithm to find the best route for a dollar to become a euro or airline miles to become Bitcoin. It will look at all the orders in the global order book. The case for XRP comes down to the following: 1) Payment systems work best with bridge assets to focus liquidity. 2) There are good reasons to expect a cryptocurrency to be the most popular bridge asset. 3) There are good reasons to expect that cryptocurrency to be XRP.
- Open, decentralized payments will have lots and lots of assets, including national currencies of all kinds and cryptos. A significant fraction of payments will be among assets that aren’t the most popular. Using intermediary assets to settle those payments concentrates liquidity and reduces spreads.
- National currencies are always tied to jurisdictions and can’t be universal. Systems built around them will never be as open and inclusive as systems that aren’t.
- XRP settles faster than any other major crypto. It higher transaction rates than other major cryptos. It is beat by others only by the amount of liquidity available today. And, most importantly, XRP has a company that is devoted to making sure XRP succeeds for this specific use case.
Tier 3 coins are those coins which we have moderate investments and we believe have a possibility of high performance in the future, but as of yet have not shown enough performance to reduce their risk profile. Tier 3 coins are coins which are moderately risky, but due to our risk analysis of the project and team we believe have minimal chance of failure.
Tier 4 coins are coins which we have minimal stake in and are highly risky. These coins represent the outer fringe of our risk analysis, in that we have little information to work with, have little insight into the coin’s performance, and at the very best we are making an educated guess that they will be successful. If a coin performs well and proves that it has a commitment to its compelling feature, it will be moved to the Tier 3 status.
ICON
Simply put, ICON ($ICX) is a massive scale blockchain Platform that allows
- Decentralized Application (DAPPS) – Build DAPPS on ICON Platform like on Ethereum and NEO. Yes, soon, you will see ICOs happening on ICON platform for different DAPPS
- Interchain (Interoperability with Blockchains) – Allows different blockchains connecting to one another through their protocol. ICON is fully compatible with traditional blockchains like Bitcoin and Ethereum and in future can bridge other public blockchains such as Qtum, NEO and many others to achieve their mission statement – “Hyperconnect the world”
- Artificial Intelligence (AI) – Use of AI to ensure all nodes contributing to ICON Republic/platform are rewarded fairly and not to have certain powers over distribution policies. AI will continue to learn a variety of variables to determine optimal distribution policies and achieve complete decentralization.
- Decentralized Exchange (DEX) – ICON will integrate different DEX protocols on their platform to facilitate exchange of ICX and other future ICON platform currencies. Bancor protocol will be their first DEX protocol when mainent launches this month end and Kyber and others will follow. Not just throwing Kyber’s name out there, it was confirmed they are working with each other, official partnership yet to be announced.
Fundamental Currency Research
Last November over 360M in Ethereum was locked away by accident.
As such, an unofficial vote took place over the last week to decide if a hard fork to save the lost funds would be acceptable to the community. The vote proposed to restore a disabled contract to unfreeze 587 wallets holding 513,774.16 Ethereum (ETH). The vote ended with a slight majority “no” vote today, indicating that the current Ethereum chain will remain whole and the funds will continue to be lost.
We’ve added several positions:
Electrify is partnered with OMG to work towards integrating their SDK wallet into Electrify marketplace, in addition to utilizing the OMG plasma network for support low cost and fact transactions. Electrify is really well positioned in Singapore and is in the process of expanding their footprint to Japan (already in talks with a major energy player) and Australia.
Kin is a blockchain payment solution from the company behind Kik, one of the largest massaging apps. They’ve announced that they have 5 new partnerships, the first being Unity, the largest mobile game development platform. They recently added a partnership with Blackhawk, who basically own every single gift card. Netflix, Steam, best buy, you name it, totalling 270 major brands. Apps can choose brands and have gift cards in their apps for them at no cost to the developers, and the gift cards are discounted with KIN. Imagine kids earning kin in their unity-based game, and then turning around and spending it in steam.
The Switcheo Network aims to build a decentralized exchange (DEX), that will allow secure trading of NEP-5 tokens as soon as their token sales end. We see the NEP-5 ecosystem as being one the most exciting investment opportunities in crypto, and Switcheo will help make that happen.
THEKEY is a second generation, onchain identity verification solution that uses personal data authenticated by the Chinese government for real world applications. It is also an NEP-5 token.
We also made several expansions and upgrades to tier 4 coins:
ICON has clawed itself back from the grave. While it’s not back to its former glory, we really do think that it’s undervalued for the potential it has.
ZEN is continuing to make waves in the privacy space and we’re very happy with the masternode we acquired for this coin. ELA is yet another NEP-5 token. See more of our thoughts on it in this video:
XYO Network
For flipping Neutral.
For long-term holding Good.
What is it?
With over 1 million location-verifying beacons already in the world, XYO is blockchain’s first crypto-location oracle network. The XY Oracle Network (“XYO Network”) allows developers and smart contract creators to interact with the real world as if it were an API.
What is our verdict?
What we like: Oracles are a BIG deal. Very cool tech here.
What we don’t like: Needs more development activity and some clearer vision
Website: https://xyo.network/
Whitepaper: https://docs.xyo.network/XYO-White-Paper.pdf
Technical Analysis Research
- ONT/BTC – I love the pattern. Per tonight’s Telegram I went long on ONT/BTC @ .00051650BTC. I will set a limit order to sell the position at recent highs of .0007BTC
- EOS/BTC – Per yesterday’s Telegram I wanted to look for a pullback to .00125 BTC. This one left the station and is gone. I will remove this one from the list until the next consolidation.
- WTC/BTC – Long @ .00155980BTC (4/23). I’m going to scale back my target profit to 10%.
Please keep in mind that if you want to follow these trades, I am using FIXED RISK POSITION SIZING. This means that I am using a fixed amount of risk capital that is based on my account size, like 2%. I am assuming that the trade will burn to the ground and that I will lose that entire capital position! Only in this manner can one effectively manage a position the way that you have to. If you’ve every checked your blockfolio nervously every 5 minutes when you’re underwater, this will prevent that.
I will track these positions in this area and not in the main portfolio section. I will use a public portfolio tool to do so, which you can access by clicking below:
Public Swing Portfolio Link
If you missed my earlier webinar, “More Profits in 2018; Ten Ways to Chart Like a Pro.” then you can catch the replay here. My new class “Introduction to Technical Analysis” is now available via our online store.
If you go to buy any of our courses at our online “store” you can receive $10 off the $59 street price with your member’s “coupon code” of member18crypto..
Coinigy is a great tool for determining prices on each exchange, however I may not have access to the full suite of tools on TradingView charts. I am currently not using it as a front-end GUI for my exchanges, which it supports.I also use Blockfolio to give me a quick snapshot of my holdings, and find that it does an excellent job to aggregate all of my holdings into one easy-to-read snapshot of my cryptocurrencies, which are typically located in many different places.
I will also be experimenting with the Profit Trailer app which might be useful in this choppy market. I hope to share results and tips/tricks with you in here once I get this bot up and running.
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