I believe that this is the type of market to take advantage of the imbalances that occur as the asset class continues to be more inefficient that most others as it continues to be immature relative to the participants in it. This has made me pay more attention to the market and continue my research of individual projects and their relative value. However, the markets have been moving so quickly and accommodating capital to deploy is a challenge given the amount of changes that continue to happen not only in prices but also in exchanges and the rules they adjust for regulatory purposes.
The increase in prices has continued to push the allocation of overall assets higher but the fact that I continue to expand my Dollar Cost Average strategies is also increasing the amount of capital allocated to cryptocurrency assets. This months I formally started my Dollar Cost Average into DAI in addition to continuing the one I have had in Steem for almost a year now. SPUD 2 caught me by surprise and pushed me to deploy more capital into Steem sooner than I would have really done in June but the more Steem, the better over the long term. The weight of Steem in my portfolio, although not included here, will continue to decrease as the rest of the market improves and more capital is allocated elsewhere.
The other asset that continues to capture my attention is Ether as it has also been performing quite well. While not outperforming bitcoin, I think that many others do not have the fundamentals that the Ethereum networks has and can continue to provide for the ecosystem. The reality is that being first mover in the platforms should help Ethereum continue to garner support and further development. Scaling is also improving as costs continue to be relatively low since the last time prices were approaching highs. This could be the start to the next bull cycle and getting into positions now will be the best way to leverage the long term opportunities that exists in these markets.
One item I have been spending my time on is looking at the exchanges and wallets to make most of my transactions and then securing the assets the best way. In terms of exchanges, I have seen how alternatives continue to expand with options although some of the well known are now seemingly adding more restrictive measures for those of us that seek to remain more private in our portfolios. This will probably continue to happen until either improved interfaces help participants interact with their assets better from a peer to peer perspective or a strong decentralized exchange option becomes available. Unfortunately, those available today are still taking large pieces of fees for each transaction which make the endeavor into cryptocurrencies not only risky but also expensive.
On the other hand, it has now been over a month using my Ledger Nano X hardware wallet and have really enjoyed its mobility and flexibility. It has many more wallets than I could ever need to use even for making common transactions. I am also liking the process of watching my portfolio from an app that actually looks into my wallets and monitors the transactions performed. So, instead of having to leave assets on an exchange to the risk of a third party, I can now fully control my assets as long as I can manage the private keys carefully. These are probably only a few of the considerations for participants that have both been here a while and also just getting started. It will be interesting to see what implications this will have for the markets in the near future.
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