Bitcoin has a great performance during this year, rising over 130%. But there are other cryptos who performed great too, such as Bitcoin Cash, Basic Attention Token, Libra Credit and others. But a lot of altcoins have been recording steady decline since April against Bitcoin.
We have to remember that the majority of the cryptos are traded in exchanges against Bitcoin, some in Ethereum, USDT and others.
From these chart from Huobi Global we can observe what has been happening in the last 3 months:
1. My favorite coin: Basic Attention Token
As you can observe it reached 0.00009 Bitcoin in the middle of April, since then there has been steady decline over 55%, due to rising Bitcoin. 1 BAT = 0.35 USD, it inncreased 3.5% today.
2. Libra Credit - LBA.
Just observe the great profits which might have given this crypto to many crypto holders this year.
Today 1 LBA = 0.00000462 Bitcoin and 0.0394 USD. I personally bought it in February for USD0.009 and sold it USD0.05. This crypto could have given max profit of 500% in the last 120 days. Today it decreased from 0.000012 in the middle of April to 0.00000462 Bitcoin.
This crypto is linked to the platform Uphold, where it gives you option to earn interest over the top cryptos - Bitcoin of course, ETH, XRP and others (including LBA). The annual interest rate is between 6 - 9%.
3. Shine Chain = SHE
I have never seen anything like this at the beginning of April. This crypto really woke my attention up.
This crypto today worths 0.005 USD, similar level to March 20th. At the beginning of April it soared to USD 0.05, over 900% increase in few days, following the parabolic scheme, it has been trading in high volumes. I remember one day it increased over 200%, of course too much speculation in such a short period of time but it allowed me to earn some dollars thanks to it. Since April it decreased to 0.005 USD. It had been fluctuating in the range of 0.005 to 0.007 in the last month, low volume in general, except for the 4 or 5 days in May. This crypto is being used in insurance industry.
4. The winner of today is AIDOC = Artificial intelligence Doctor.
AIDOC records similar pattern as other previously mentioned altcoins., reaching 0.0000016 in April, declining to 0.0000006 Bitcoin today,
but today this promissing crypto woke up and increased 20% in the last 24 hours.
If you see these patterns from trader's point of view, the level of support have been reached or even overpassed downwards in some cases, so therefore after a careful analysis you decide if to invest in them or not. Besides that, other factors of technical analysis have to be considered; such as trading volume, MACD, Moving Averages, Candle Stick patterns and others. When trading, you have to consider always a fact that there may arise an uxpected market move which may not be favorable for traders.
I try to mention this because most of the people are chasing the emperor - Bitcoin, which without any doubt has 56% market dominance, but it is probably time to consider other options too. Hydro and BNTY are promising cryptos too, but I will be covering this topic in the next articles.