Altcoins Are Taking Strain
Apart from a hand full of select altcoins, the majority of coins are bleeding out in relation to BTC. Many coins are still holding in terms of dollar value but are leaking BTC value as the Bitcoin dominance continues to grow. The BTC dominance is at approximately 70% and many consider that it will most likely top out at 80%, at which point an altcoin season will most likely be triggered.
Litecoin is currently performing really well, even against BTC and could actually flip XRP. This is especially possible if XRP takes another knock and is given a double whammy by further price appreciation of Litecoin.
ChainLink is currently one of the worst performing altcoins, which is largely due to some suggesting that the SEC could be about to strike LINK in the near future. Zilliqa, on the other hand has managed to appreciate by almost 400% since my last post in which I addressed the project.
Zilliqa was trading at $0.02 at the time of writing and was mentioned as a viable investment, largely due to the very high staking reward of 17% on Atomic Wallet. The original staking reward was 21% but has since been reduced.
Zilliqa Shines
Zilliqa has long since passed $0.02 and is currently trading at $0.089 at the time of writing, after trading as high as $0.097 earlier today! This is truly an impressive move, considering it has played out within weeks and currently has a market cap of approximately $1 billion.
When you consider the staking rewards being compounded by the recent price surge, ZIL looks really good amidst a sea of altcoins that are struggling to stay afloat. I was looking to acquire some ZIL but the price action took me completely by surprise and left me on the sidelines.
I will wait for a dip to take up a position in Zilliqa, especially as a $1 billion market cap is pretty high for me.
Any altcoin I look at now is for the sole purpose of staking or DeFi protocols. I am not really into speculating at this point. I have a basket of some pretty high risk alts, as well as the more stable and blue chip options. I am not looking at increasing altcoin positions, as I mentioned some months back that I would be focusing on the accumulation of BTC and ETH from here on. Only a really good staking opportunity such as Zilliqa can steal a bit of allocation.
This is not intended to be investment advice in any way but rather my own interpretations of the market. Please do your own research before making any investment.
