Who doesn't like a good sale on cryptocurrencies?
Well with the current forward momentum in to bitcoin as it continues to make newer all time highs many altcoins have tumbled in price and present a great opportunity to buy or to add to your stash.
The goal is to find those projects with great future potential that are currently and temporarily depressed in price. Scooping up these cheapies will see you get higher multiples from your altcoins in the future than you might realize from a long-term bitcoin hold.
If we look at the top 1-100 coins on Coingecko.com and sort them by price over the last week we see the following coins with ~20% decrease in their price:
And looking at the top 101-200 coins on Coingecko.com sorted for the last week we see these coins:
Sorting my picks gives you a short list of quality projects with a reduced boxing day sale price.
Each of these projects has great potential for recovery and long term growth.
Future price prediction from Walletinvestor.com shows the potential price based on their algorithm to be:
This gives some solid potential multiples of:
- OCEAN: Multiple of 11.55
- OMG: Multiple of 9.66
- BAND: Multiple of 8:20
- RLC: Multiple of 5.33
- XLM: Multiple of 1.87
The walletinvestor.com algorithm is not favourable for the Curve DAO token. The price prediction may be affected due to the short timeline of project data which the algorithm can not interpret with confidence to give a longer 5 year price projections.
You may not agree with some or any of my project picks and that is okay. There are other coins that are selling at a discount.
All of these depressed altcoins will recover their 1 week losses so even if you don't want to hold for 5 years a short term hold as a swing trade will give you a nice 20% gain.
Using this strategy of scanning for coins that have dipped every few weeks can turn out to be a great way to increase your coin holds over time.
Happy Boxing Day sale buying crypto hodlers!
NOTE: This is not financial advice.
Disclosure: I hold OCEAN in my portfolio and added a little more on Boxing Day.