Before The Next Bull Run: Earnings Into DeFi
Patterns are something I look for when watching different crypto charts. Did you notice, for instance, that when BTC rose to 12,000 many DeFi coins fell?
As the bottom dropped out from that 12,000 mark, DeFi tokens took a hit. But DeFi didn't take too bad a hit for a near 1,300 drop in BTC.
From mid April to mid July, DeFi tokens saw solid gains. This while BTC enjoyed a period of relative stability as it fluctuated between 8 and 10 thousand.
A Pattern In The Relationship Between BTC & DeFi?
Those who've been studying the crypto charts longer than myself may have a clearer view of what I'm seeing. For a pattern needs more than a couple of instances to prove itself.
Since BTC fell sharply from 12K, DeFi tokens are on the rise again. Will we see another drastic BTC correction and subsequent pump in DeFi? Your guess is as good (or maybe better) than mine..
Profits In LINK, XTZ, & ALGO
I'm always open for other projects to investigate and possibly invest in. A portion of my HBD earnings goes to exactly that. Don't hesitate to speak up if you know of an upcoming project.
Chainlink
As far as Chainlink is concerned, there's been plenty of talk that the token is over-hyped. It's been a big driver of profits since I picked up a few coins for around $2.16.
Taking earnings at $7.50 hurts a bit now that LINK is over $10.00, but I didn't get rid of all my hodlings. I'm learning to work that ladder better than I have in the past.
It's possible, from my understanding, to stake your LINK by visiting the projects' main website. This is something I need to look into as none of my hodlings are collecting interest.
XTZ
Coinbase automatically stakes your hodlings in XTZ unless you switch the setting. Though not seeing anywhere near the gains of Chainlink, Tezos is starting to see some upward action.
While I'm tempted to take earnings in XTZ, I think it has good potential. I'd much rather take from LINK with such big gains and questionable value.
ALGO
191 (and a half from staking) may not be much in Algorand....until it hits $4.00. ALGO struggled to come back up from the recent correction. It's showing promising signs of positive movement with a new push upward.
At .37 and a half cents current time, ALGO may pay off exponentially. You never know. If you're interested, I wrote about Algorand a couple weeks back.
Being a DeFi coin, it is possible to stake your ALGO though not on Coinbase. There are several wallets that support ALGO staking. I chose one made by Algorand and also wrote about that process.
Profits Into Dai & ETH
One part of my trading philosophy is to keep building those stable coin hodlings. You never know when a large correction might come along. Recent world events prove that point without a doubt.
You might be thinking I'm crazy for getting into ETH at the current price. If so, you're reading my mind. Something tells me, and I could be wrong, that ETH is nowhere near finished with its climb.
Please don't construe any of the above as or for any kind of financial advice.
Thanks for reading and as always...
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