There’s an old saying “Don’t fight the tape!”. Today in the cryptocurrency world it’s hard to ignore the momentum, price movement and price appreciation without wanting to get involved by either building a position, swing trading, day trading or scalping current movers in the market. Not fighting the tape means positioning in the direction of momentum.
I recently found a site [link] that provides the top 20 trending cryptocurrency symbols that are currently in the news as well as what they call ‘real-time interactive infographics’ and was truly amazed at the insight one could garner from looking at high flyers of the last 24 hours through this lens. I decided to take few screenshots of these chart-like infographics based on a strategy of positioning in cryptocurrency momentum plays that I’ve been using fairly successfully. Here they are:
Bitcoin (BTC)
There’s no need for an introduction here. We’ve seen the prowess of the greatest cryptocurrency in existence. Looking at the data below we can and likely always will use Bitcoin as the baseline when gauging performance metrics among other cryptocurrencies such as Qtum, Hshare and Bitcore. For now lets take a look at the King.
A link to the BTC interactive infographic is [located here] and the screenshot is below:
Qtum (QTUM)
Combining a modified Bitcoin Core infrastructure with an intercompatible version of the Ethereum Virtual Machine (EVM), Qtum merges the reliability of Bitcoin’s unfailing blockchain with the endless possibilities provided by smart contracts.
Designed with stability, modularity and interoperability in mind, Qtum is the foremost toolkit for building trusted decentralized applications, suited for real-world, business oriented use cases. Its hybrid nature, in combination with a first-of-its-kind PoS consensus protocol, allow Qtum applications to be compatible with major blockchain ecosystems, while providing native support for mobile devices and IoT appliances.
A link to the QTUM interactive infographic is [located here] and the screenshot is below:
HShare (HSR)
Time to short. The Hcash platform is designed to be a side chain for both block-based and blockless-based blockchains. Hcash will be a value and information carrier for major blockchains to enable the exchange of value and information between these systems.
Your privacy can be protected. Hcash will adopt Zero Knowledge Proof technology to achieve bi-directional encryption and many other areas demanding transactional privacy.
It has a dual sidechain composed of blockchain and DAG systems, designed to implement an unrestricted flow of information and value between blockchain-based and blockless-based distributed systems.
A link to the HSR interactive infographic is [located here] and the screenshot is below:
Bitcore (BTX)
Once again, time to short. I don’t know what to say about Bitcore as it really has no substance or story I can find worth reporting. I’ve included it as an example of a cryptocurrency that simply has its own underlying momentum for reasons unknown. It’s interesting to note that its movement has seemingly come out of thin air. Caveat Emptor: Not all price movements are indicative of fundamental value. Nevertheless, grab your popcorn and enjoy it for entertainment sake.
A link to the BTX interactive infographic is [located here] and the screenshot is below:
Some of these crypto plays have great teams, some great stories, some simply great momentum and price movements and some have all three and then some. Using Technical Analysis indicators may work quite well when targeting entry points for position plays or quick day trades. In either case, some day you might want to learn how to short as well as go long or hedge all together. Happy trading!