After a significant dip in the second quarter of 2018, cryptocurrencies are becoming popular again among retail investors, appearing in the mainstream media headlines every day. There are a few cryptocurrencies that have grabbed investors' attention. What are the best cryptocurrencies to invest in in August this year?
Before we share with you our top 11 list, here is our little hack: use the cryptocurrency investment idea tool to stay up-to-date on the best investment opportunities in the altcoin space.
Bitcoin is by far the most popular cryptocurrency today, garnering a plenty of investors' attention. We think Bitcoin may be a good opportunity to invest in now because:
Stellar is also based on the blockchain technology. It connects banks, payments systems, and people with a goal to move money quickly, reliably, and at little or no cost. Here are the main reasons why one should consider investing in the cryptocurrency now:
Stellar (XLM.X) is trading at $0.27, down by 0.75% from yesterday.
IOTA has a market capitalization of $2.5 billion USD today. It focuses on the emerging machine-to-machine (m2m) economy of the Internet-of-Things (IoT) and other applications where a scalable decentralized system may be warranted.
Unlike other cryptocurrencies that are based on the blockchain technology, IOTA makes use of its unique infrastructure known as Tangle. We think IOTA is a good investment opportunity now, because of the following reasons:
IOTA (IOT.X) is trading at $0.91, down -2.8% from yesterday.
EOS is one of the most used blockchains in the world today. It has a market capitalization of $6.3 billion USD.
EOS is a blockchain project that enables horizontal scaling of decentralized applications, allowing developers to efficiently create high performance distributed applications. It is a good investment opportunity because:
EOS (EOS.X) is trading at $7.04, down by 3.68% from yesterday.
Ethereum is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of downtime, censorship, fraud or third-party interference. It is one of the most promising coins in the crypto world and one of the best long-term investment choices for crypto investors because of the following reasons:
Ethereum (ETH.X) is trading at $418.08, down by 1.82% from yesterday.
NEO is the first Chinese cryptocurrency to be globally accepted. Founded in 2014, its mission is to reinvent the way commerce is done.
NEO entered the top 15 coins by market cap and its capitalization is north of $1.7 billion today. We consider it to be a good investment option because of the following reasons:
NEO (NEO.X) is trading at $29.19, down by 2.89% from yesterday.
NEM is a blockchain built for enterprise-grade performance. Here are the reasons to invest in NEM now:
NEM (XEM.X) is trading at $0.16, down by 2.08% from yesterday.
It is one of the popular cryptocurrencies among the crypto traders. XRP offers banks and payment providers a reliable, on-demand option to source liquidity for cross-border payments. XRP consistently handles 1,500 transactions per second and can scale to handle the same throughput as Visa.
We consider Ripple to be a good investment option because of the following reasons:
Ripple (XRP.X) is trading at $0.44, down by 2.71% from yesterday.
It was created by Charlie Lee with the intent to make a lighter version of Bitcoin. Litecoin is a peer-to-peer currency that enables instant, close-to-zero cost payments to anyone. Here are the reasons why it may be a good investment option now:
Litecoin (LTC.X) is trading at $77.47, down by 0.78% from yesterday.
10. Ethereum Classic
Ethereum Classic is the continuation of the original Ethereum blockchain, prior to the July 2016 DAO hack. Here are the reasons why it may be a good investment option now:
Ethereum Classic (ETC.X) is trading at $15.21, down by 5.26% from yesterday.
11. Binance Coin
Binance is one of the largest and most powerful cryptocurrency exchanges with a market cap of about $1.5 billion USD. Reasons for investing in Binance Coin include:
Binance Coin (BNB.X) is trading at $13.61, up 1.11% from yesterday.
Over the last 30 days, BNB.X lost 3.43%, which is 24.08 percentage points lower than the 30-day return of Bitcoin (BTC.X).Do you want a daily updated view of cryptocurrency news, price analyses and speculations? Check out Finstead Bites, to get your scoop on cryptocurrencies and make your next bet.
Cardano (ADA.X) is trading at $0.13, down by 4.63% from yesterday. On the hourly ADA.X chart, we notice a crucial bearish trend line with a resistance level at $0.125.
Cardano has struggled recently despite the buzz that it is ready to take up Ethereum. The platform itself is very promising: it aims to become a scalable and secure smart contracts solution. Some of its prominent features include a working paper wallet and a proof-of-stake algorithm (Ouroboros is the first verified and secure proof-of-stake algorithm).
Cardano preserves the privacy of its users despite being compliant with the regulations. It is the first platform to maintain this type of balance, hence investors consider it to be future-proof.
A short-term rise in Cardano's price is likely to occur if it gets listed on Coinbase. The creators of Cardano are very ambitious, intending to make an impact in every sphere of the global economy. They argue that, as the platform gets more popularized, it will eventually become a $1 trillion project.
What is Cardano's near-term price prediction? What do investors speculate about its price? Here are some major technical indicators:
Stellar (XLM.X) is trading at $0.27, up 0.29% from yesterday. Stellar Lumen's price has come down from its recent highs, but bullish pressure may be kicking in soon. XLM is certainly in the correction mode.
What is the Stellar Lumen price forecast? What do speculative investors need to know?
Crypto prices seem to be like a living roller-coaster these days. The crypto community is looking out for the latest news regarding developments in infrastructure and collaborations for any altcoin, including Stellar.
There are some positive developments related to Stellar: its partner SatoshiPay, a London-based company which processes micropayment transactions, is going to start its Initial Public Offering (IPO) on AIM. The AIM is a sub-market on London Stock Exchange. SatoshiPay chose to get listed on AIM because it will be able to raise development capital after the IPO.
IBM's "stable coin" will run on Stellar Lumen's platform and will be supported by the blockchain technology. This will help with Stellar's institutional adoption and credibility in the investment community.
Stellar Lumen's partnership with TransferTo will promote the international money transfer, through which people in more than 70 countries will be able to send and receive money in a fast and efficient manner. In addition, Coinbase announced that it would explore adding XLM to its platform.
How will the price move in the new few hours and days? Here are the major technical indicators:
Litecoin (LTC.X) is trading at $84, up 1.3% from yesterday. Litecoin price has been somewhat less volatile in the past week, and it seems like the deep bearish trend is coming to an end.
What is Litecoin's price forecast? What news should investors be aware of?
Litecoin is becoming an alternative for Bitcoin, as it increasingly serves as a transaction medium for many businesses. The Litecoin Foundation has succeeded in convincing various high-level merchants to accept LTC as a payment method.
The development of Flexa can further accelerate this. Flexa is a one-tap payment method for execution of microtransactions, so users won't have to route payments through banks or card providers. It has good security features and thus users won't have to worry about protecting their private keys.
The transaction speed of Litecoin is faster than that of Bitcoin. However, Litecoin's future depends on its mass adoption. Critics argue that Litecoin doesn't show an impressive run on the commercial adoption front, and point to the 75% price drop since the beginning of the year.
But Charlie Lee, Litecoin founder, is quick at responding to critics on Twitter who are disappointed by LTC's value drop since its glory days. He argues that LTC price spike in January occurred because traders realized that LTC was the fastest means of transferring funds across exchanges during the peak trading season (between December 2017 and February 2018).
Now, let's talk about LTC price prediction. Here are the major technical indicators:
Litecoin has a market capitalization of about $5 billion and is the 7th largest cryptocurrency. Over the last 30 days, LTC.X gained 6.99%, which is 23.37 percentage points lower than the 30-day return of Bitcoin (BTC.X).
Ripple (XRP.X) is trading at $0.46, up 0% from yesterday. Ripple price has been recovering, but the currency is facing strong barriers against Bitcoin. On the XRP/USD hourly chart, there is a small bearish trend line in place, with resistance at $0.44.
What is Ripple's price forecast? What developments should investors be aware of?
The media is somewhat negative about XRP and its activities. One issue for investors is the impact of ‘whales’--and their selloff. As a reminder, 'whales' are investors who control a large number of XRP--and the fact they have been selling Ripple causes a concern to retail investors.
A few days ago, Ripple released somewhat disappointing figures for Q2'18. Ripple holds a vast amount of the total supply of XRP in an escrow account that will not be fully paid out for the next several years. Q2 saw a sharp decline in Ripple-initiated XRP sales compared to Q1: sales were down 56%, dropping from $168 million worth of XRP sold in the first three months of the year to $74 million sold in the second three months.
Another question investors ask is if Ripple (XRP) is declared a security, will it survive? Our prediction is that Ripple will not be treated a security. The company has been working with different regulatory bodies right from the start, emphasizing that Ripple and XRP are not alike. Even if Ripple Co. ceases to exist, XRP will still remain.
New market entrants have adopted XRP despite slow sales last quarter. One of those entrants is a company called Coil, led by Stefan Thomas, which helps with organizing media buys. Many large financial services players have announced they have plans to incorporate Ripple (e.g., Goldman Sachs has started implementing it).
Regarding declining sales, Ripple has a plan: if sales fall again, the company will raise new capital accordingly.
Here are the major technical indicators:
Bitcoin (BTC.X) is trading at $8,302, up 4% from yesterday. Bitcoin price broke the key resistance against the US Dollar at $8,000. On the hourly chart of BTC vs. USD, we find a key connecting bullish trend line with a support level at $8,250.
What is Bitcoin's price forecast, i.e., prediction? Will it rise higher in the near-term? What's driving the price surge?
Bitcoin's dominance in the crypto market got a boost when its price broke the $8,000 level for the first time in the past two months. This sudden rise is further increasing investors' confidence about the cryptocurrency.
Bitcoin is the oldest blockchain that has the first-mover advantage and a remarkable 99.99% uptime. Also, it is the most battle-tested and most immutable blockchain with the most pronounced network effects. So it sparks the highest confidence level among the crypto investors.
During the market-wide correction, bitcoin proved to be a stable digital asset. While other altcoins are continuing to struggle, Bitcoin has started showing signs of recovery.
Other factors contributing to its success are the launch of the custodial service at Coinbase and the interest of BlackRock and other major banking and investment firms in cryptocurrencies.
The bullish trend has become even more pronounced after the news about Bitcoin ETF introduction in August broke.
As far as our price analysis and forecast, here are the major technical indicators:
Over the last 30 days, BTC.X gained 35.58%.
Ethereum (ETH.X) is trading at $462, up 2% from yesterday. A major downside correction occurred below $500 against the US Dollar. In the last two days, Ethereum trimmed most of its gains against the US Dollar and Bitcoin.
What is Ethereum's price prediction? What are the reasons attributing to the price volatility?
The news about institutional interest in the cryptocurrency space has caused the Ethereum price to rise. BlackRock CEO stated the company is looking into the blockchain, even though there is no notable investor demand. Still, this is an encouragement for retail investors and cryptocurrency enthusiasts because BlackRock is the world’s largest asset manager.
Traders are optimistic about the regulatory developments in the US and abroad relative to cryptocurrency space.
In addition, there are some interesting developments about using Ethereum in the gaming space. Gods Unchained, the first competitive e-sports project on Ethereum with backing from Coinbase, is now live. Gods Unchained co-founder Robbie Ferguson believes the decision to launch the game on the Ethereum main chain was the right step for his parent company Fuel Games.
"With over $50 billion turned over in in-game assets on marketplaces every year, current game publishers are essentially acting as central banks with absolutely no oversight or regulation – this needs to change," said Ferguson.
What do we forecast for Ethereum's price in the near term? Here are our thoughts based on the major technical indicators:
Bitcoin (BTC.X) is trading at $7,360.49, up 10.38% from yesterday. Bitcoin price surged higher and broke a crucial resistance near $7,150 against the US Dollar. There is a new key bullish trend line forming with support at $7,500.
What's bitcoin price prediction, i.e., forecast? What's driving the price?
Cryptocurrencies are largely continuing to build on a major surge that kicked off yesterday, according to Finstead, with virtually all of the top 10 cryptocurrencies in the green.
An unexpected corrective rally occurred today, pushing the price of major digital assets to spike by large margins. Bitcoin has been one of the best outperformers among the major cryptocurrencies, rising by more than 10 percent in a short period of time.
Positive events driving this behavior are 1. the government of South Korea regulating its cryptocurrency market, which could fuel the next rally, 2. increasing optimism in terms of regulation, adoption, and general consumer demand, 3. bullish year-end projections by ‘famous’ analysts, 4. large companies such as BlackRock setting up working groups to look into cryptocurrencies and blockchain.
The tide seems to be shifting. Larry Fink, Blackrock CEO, had previously railed against bitcoin, calling it the “index of money laundering.” Now, the largest asset manager in the world, BlackRock, is looking into cryptocurrencies and blockchain, the technology that underpins them.
How long will this rally last? No one can really tell.
Here are the major technical indicators:
MACD is trending down, slowly entering the bearish zone. MACD (moving average convergence divergence) is a trend-following momentum indicator that shows the relationship between two moving averages of prices. MACD is calculated by subtracting the 26-day EMA (exponential moving average) from the 12-day EMA;
RSI (relative strength indicator) is correcting lower from the overbought levels. RSI compares the magnitude of recent gains and losses over a specified time period to measure speed and change of price movements of a security;
A new major support level is forming at $7,500;
A new major resistance level is forming at $7,150.
Over the last 30 days, BTC.X gained 12.52%.
Bitcoin (BTC.X) is trading at $6,407.53, down -4.79% from yesterday, wiping away the gains from the most recent steady recovery. What's driving the bitcoin price down and what's the BTC price forecast?
Looking at the technical analysis for the cryptocurrency, we notice some bearish signals for bitcoin:
What do the experts say? Bill Baruch, Blue Line Futures President, told CNBC bitcoin's "bottoming process can begin" following signs that volatility is depressed. Bitcoin's 30-day volatility is now at 61 percent, and slightly up from its low of 50 percent earlier this month. This volatility is significantly below the annualized volatility seen last year, north of 150 percent.
After bitcoin's volatility has become quite depressed and the cryptocurrency has lost as much as 70 percent from its December peak, it's time for it to find a new bottom.
It's no secret that the bitcoin price is going to remain unpredictable. There are massive spikes and declines, and nothing is preventing $5,000 from being the bottom. Bitcoin challenges for 2018 involve regulation and market maturing; with larger sums, crypto is becoming a grown-up game.
However, one reason for optimism is the amount of crypto-financing in 2018 thus far, which is exponentially larger than the amount spent on financing in 2017.
Over the last 30 days, BTC.X lost -22.54%.