Looking for some advice today. Checked my portfolio this morning to see that BitCoin has continued its fall and is now at the lowest point it has been during this current cycle and so it is screaming opportunity.
The screams may still get louder.
On the other hand, I am holding a whole load of Algorand which I bought at £0.42 which is currently valued at <£0.07. Last year I posted on, however good it is as a project, how it has got itself stuck, frozen if you like in a trap. There was a brief time in Demember 2024 when it hit a mini-peak - £0.49 - that would have realised profit, but I held on for just another £0.03 which never materialised and it has been in freefall ever since.
Some of this is indicative of the market we are in and some of it is down to the project's failure. I am sure it is dying.
Now here is the dilemma, in terms of percentage Algorand has fallen less than BitCoin today. So should I just cut my losses and change it into a miniscule amount of Bitcoin to stop the rot while accepting to even try to get my money back on BitCoin it will mean BitCoin's price will have to reach £282,000!
And that is just to break even.
This could happen one day, but it will take several cycles to get there. Alternatively, should I drop it into another solid currency such as Ethereum, for which staking is readily available on Coinbase - albeit at a paltry 2.2%. With the staking and the almost certain price inflation this could reap a better reward than BitCoin. Alternatively should I stick the hope of a resurrection and new interest in Algorand. The most positive scenario I can think of is that because of the credentials of the project and the low price it might just attract enough interest to pump it back up again. A quick check on Co-Pilot today (see source and table below) suggests that it might reach $0.23 (or to be consistent £0.18) by 2030, which off the top of my head is about 40% of what I paid.
This is the dilemma I face, but I hate dumping at a loss. What do you think?
As always stay safe and well my friends.
