BEST token also caught in Crypto malaise but is the more attractive alternative
9 May 2022: BEST has done reasonably well the past few weeks and more in line with our outlook. Today's action however was to be expected as the market broadly tanked with little exception. We still hold that Bitpanda's BEST is one of the very few more interesting alternatives to crypto currencies and altcoins as the full potential of the BEST 2.0 reward mechanism unfolds whilst Bitpanda also rolls out their staking concept over the next few weeks and months. We stay with a full portion and weather the storm that could potentially drive a few tokens into deep troubled waters.
As with most crpt's, the risk trend is down from a relatively high % risk position. BEST, like most currencies and native tokens, is only a Hodl for early investors.
10 April 2022: Bitpanda's BEST turned slightly more positive at 5% up last week, whilst the broader crypto market declined a few percent. Bitpanda Pro appears to show better BEST market price support from the Bitpanda broker which is still the only market maker. That indicates perhaps several smaller and larger puchases are being made via the higher margin web broker and putting a floor around €0.7500/0.7600. Bitpanda Shareholders should be expected to drive growth in various directions so we should expect more Bitpanda exchange news over the next several quarters. As BEST 2.0 fully unfolds later this quarter we would still expect a longer term 10x potential from current levels starting a slower copy of BNB performance. The uncertain Geo-political situation may accelerate or slow this performance copy image. Current BEST risk weight reading in all time frames, based on RSI, Stochastic and MACD, show a stronger picture in the longer (weekly, monthly, quarterly) time intervals than for Bitcoin and/or the Total crypto market cap. We are still cautious with our fairly full market engagement yet with the confidence that our choice of supporting a European banking regulated crypto exchange in 2019, with the crucial facility to also invest in physical precious metals, will prove the lower risk/higher return option. Steady hold.
BEST/EUR Risk Weight Position Monthly, Weekly and Daily interval data
(Previous week in brackets)
|Bitpanda - BEST/EUR
at current value
BEST/EUR Monthly close Risk weight to Price
BEST/EUR Weekly close Risk weight to Price
Bitcoin risk % is declining, but can still drive a massive price decline before turning back up longer term
09 May 2022 Real Bitcoin maximalist followers are in serious potential trouble. In this still young and developing space, it only takes one late adoption whale to get cold feet and this market may easily and quickly drop towards $10k. This kitchen is very hot and not for the faint hearted. Of course the well known bulls who are labelled BTC maximalists by alternative media are not really maximalists. Early adopters have been smart and/or lucky. They can't loose. Today saw a new Low for Bitcoin since the recent $32,933 low was established in January.
Since that low BTC has rallied into resistance at $48k and has now taken another 30% dive. This is not a mature market and anything [bad] can happen. Let's not forget that Bitcoin may be digital gold, which we don't believe, but those calling this crypto currency an inflation hedge driving it to $1 million is too simplistic.
Technically we are running into lower risk weight but the trend is still down and this could last for quite some time until the market decides the new bottom.
We still rather have our inflation hedge in precious metals instead and not aim for another 10x based on pure speculation and greed. Bitpanda's BEST therefore remains an easier to swallow investment for longer term investors if broader markets turn sour. BEST offers a healthy monthly return which is currently in line with inflation.
10 April 2022 We still favor BEST over Bitcoin looking at our basic technical analysis tools. Short term a little oversold, but never finished the usual longer term downside objectives. That broader risk is still imminent although the market may decide otherwise of course. Rumoured El Salvador like formal participation by other countries especially Russia is less likely, in our view, to materialize in a positive sense and will likely meet with heavy resistance from the established monetary order. Somehow we still think BTC, which has already realized a massive fiat money counterinflation performance, would still be in that same position at $17,500, even if meeting a little 2017 breakaway gap way down at $2,800. As fundamentals against or in favor of BTC are impossible to weigh, we simply cannot dismiss the use of technicals that do provide some measure of risk weight at least.