The market screen has turned red again. Supports were broken, trends were broken and short positions started to be talked about again. In order not to be a spectator to the fall of the market, we will talk with you today about the basket that can be created in altcoins. Which altcoin should I invest in, where can I learn about its project, is the alternative money I invested in is safe and which altcoins are promising, we will learn in detail.
First of all, there are 9351 altcoins available in Coinmarketcap, where we can see the general of cryptocurrencies. Especially in the bull season of 2021, this rate has increased even more and it still continues to increase today. Diversity is important for the cryptocurrency ecosystem, but there may be problems in finding reliable projects and making investment decisions.
At this point, we need to learn briefly what altcoin basket is and how to create it.
An investor looks for ways to reduce their risk and maximize their potential return. If the investor wants to diversify his investments only as a digital asset, he has many options. The first of these is undoubtedly Bitcoin. However, the current price of Bitcoin can cause many investors to lose their appetite for risk. An altcoin basket is a diversified portfolio of different altcoins. Altcoins are cryptocurrencies that are alternatives to Bitcoin and have different levels of adoption, market cap and technological features.
Our investments can be diversified as short-term, medium and long-term. Instead of focusing on a single instrument and relying on its performance, it would be healthier to invest in cryptocurrencies that serve various and different purposes.
In fact, adding other investment products instead of just a basket of cryptocurrencies will allow the possibility of loss to be minimized. Instead, a basket of currencies, precious metals, mutual funds and digital assets minimizes risk and can bring profitability in the medium to long term. In short, every investor’s investment strategy is different.
Altcoin baskets can be created and managed by an individual or individuals. It can be managed in different ways, depending on the investor’s investment strategy and risk taking. Some altcoin baskets can have a high risk but high return portfolio. As an example, we can give altcoins that are newly released and appealing to the large social media community. Some investors may also prefer low-risk assets and prioritize stable and reliable altcoins. However, the important thing to remember is that the cryptocurrency market is highly volatile. Your speed of adapting to rapid changes, your financial knowledge and doing a comprehensive research on the instrument you invest are at the top of the steps that will lead you to success.
Altcoins may not only consist of promising projects. Investing in stable cryptocurrencies can offer you many opportunities unlike traditional finance. Keeping your stable cryptocurrencies such as dollars and gold in your basket and even collecting them in a single wallet will bring you profitability and stability in the long run.
Popular Cryptocurrencies of Altcoin Basket
Ethereum
The most popular unit of the altcoin basket is undoubtedly Ether. Ethereum continues to make a name for itself with the Shapella upgrade in the past weeks and even the Merge update last year. As we know, Ethereum, which is produced as an alternative to Bitcoin, was designed to create self-executing smart contracts and applications with the terms of the agreement written into the code. Its smart contracts were created not just to create cryptocurrencies, but to automate a wide variety of processes, from financial transactions to supply chain management. In addition, it enables the creation of decentralized applications running on the blockchain. Not limited to this, you can earn income by buying and selling Ethereum’s native cryptocurrency, Ether. Ether can be included in any basket, as it shows promise in many areas such as interoperability, community-oriented governance and continuous improvement.
ETH/USDT Technical Analysis
After the $2100 band, which was seen after the Shapella upgrade in the past weeks, there are corrections with the selling pressure of Bitcoin. Ether, which has risen above 80% since the beginning of the year, is quite healthy to correct. However, it would be useful to remember that there is a price level far below its potential for Ether. It was priced at the $5,000 limit during the bull season in 2021. In addition, we see that in June 2022, it fell below 1000 dollars and reached today. We witnessed the upward moves of the altcoin, which successfully completed the consolidation phase from the beginning of the year until March. As of the weekend, the effect of the no-volume market also affected Ether and the rising trend was broken. When we examined the charts of Bitcoin and Ethereum, the fact that it did not retreat to 0.65 support made Ether more robust than Bitcoin. The downtrend has started and as of today, it continues its re-tests from the $1805 band. As a result of the reactions from the $1800 band, we can see that there is an effort not to lose that region. If the region it is trying to consolidate is broken down, we can think that Ether can loosen up to the $1700 band. In the opposite case, we can determine our buy zone by staying above the 1820-1840 dollar band. What we need to look at right now is whether it remains above the $1800 support. In the next stage, the resistance of $ 1850 will appear. But before trading any instrument, you should not just look at the chart. Simultaneously, different data should be examined and supported. At this point, there are tens or even hundreds of parameters. The fact that an instrument tries the support or resistance point does not mean that it will rise or fall to that level again.
monero
Another popular cryptocurrency is Monero. Monero is a privacy-focused cryptocurrency designed to be secure, untraceable, and connectionless. Its main feature is strong privacy and anonymity achieved using advanced cryptographic techniques. It uses a technology called public signatures and secret addresses to ensure that the transaction amount of the sender and receiver is kept confidential. In addition, the Monero unit is interchangeable with any other Monero unit. This may seem insignificant, but it is of great importance. Because it ensures that all Monero coins have the same value regardless of their transaction history. It is designed to be completely decentralized so there is no authority controlling the network. Its network is resistant to censorship and any hacking. Overall, Monero’s privacy and security features make it popular with privacy-conscious people.
XMR/USDT Technical Analysis
If we focus on the technical outlook of Monero, we can see that it is in a bearish trend. However, this altcoin, which performed seriously in the bull season, is now well below the expected levels. It has maintained its horizontal channel pricing since the beginning of February. With the effect of incoming sales pressures, it tested the $131 band. However, although it rose to $165 with the momentum that followed, its previous highs continued to be weak from the stage. At this point, the buying levels that we can expect will undoubtedly come true with the loss of $150-145. With the loss of this band, the graph should be followed and a movement up to the 130 band should be observed. On the contrary, if the $162 resistance is exceeded during the journey to $160, a gradual jump to the $170-187 band can occur.
Litecoin
Moving on to another altcoin basket, Litecoin is a peer-to-peer cryptocurrency created as a fork of the Bitcoin blockchain in 2011. Litecoin transactions are processed four times faster than Bitcoin transactions, and blocks are created every 2.5 minutes compared to Bitcoin’s 10-minute block time. This means a faster approval process. It takes less commission compared to Bitcoin. It uses a different proof-of-work algorithm called Scrypt, which simplifies mining with consumer-grade hardware compared to Bitcoin’s SHA-256 algorithm. Most importantly, it has developers and the community actively working to improve the network and add new features. Considering all these advantages, it is a popular cryptocurrency for long-term investors.
LTC/USDT Technical Analysis
When we examine Litecoin on the four-hour chart, it rose to the $ 103 band with purchases over the 64.70 bottom region tested on March 11. With the market turning red, it is important not to lose the 89 dollar band for the altcoin, which turned its direction down. If this zone is lost, our support zones will gradually become the 79-74 and the final target $65 band. These regions can come back to us as a buying opportunity. As we mentioned in Ethereum, it should be evaluated not only on the graph but together with other dynamics. However, it should be noted that there is a consolidation up to $95 in the altcoin, which forms a four-hour green candle with the momentum. Our next resistance zone will be the $105 band, where the previous high has not been crossed. It should be noted that Litecoin, like other altcoins, is far below its performance during the bull period.
Filecoin
Finally, we can look at Filecoin. It is a decentralized storage network that allows users to store, retrieve and share data securely and efficiently. Its main feature is that it can provide more reliable and cost-effective decentralized storage solutions than traditional cloud storage services. Combined with its overall decentralized storage solutions, incentives and efficient marketplace, it makes it a valuable asset for individuals and organizations looking to store and share data securely and cost-effectively. In addition, there is a difference between the ATH level seen in the bull season and the price today. This may put it in an altcoin classification that can be held in the long term.
FIL/USDT Technical Analysis
If we focus on the four-hour chart of Filcoin, it has continued the ascending channel it has created since the last days of March with new highs. However, it eased to $5 due to the impact of the falling market. For the altcoin, which is priced in a narrow course in its band, the 4.60-4.40 levels will work as support with the loss of 5 dollars. We can see these levels as buying opportunities. However, it should be kept in mind that it must exceed $6 with the consolidation zone, which is above the 5.80 band. You should know that you can buy gradually not only in a falling product, but also in a rising product. As with other altcoins, Filecoin is priced well below its highest level.
Finally, there are meme coins adopted and loved by the communities. However, meme coins may not be suitable for investors who want to minimize the risk ratio. Altcoins, where dynamics change rapidly and subject to speculation, can return losses to inexperienced investors. To give an example of Dogecoin; Any share of Elon Musk, who seems to be the owner, can return as a pump or dump in price. A project that emerged with the idea of decentralization at the stage of existence will cause problems if it deviates from this goal. If you want to create a basket with meme coin, you can invest a small portion of your assets here.
