Triaconta Weekly #216
The following topics will be addressed in this weekly.
- Bundle performance
- New : Swapping
- What is Elrond?
This was one of the worst weeks ever for the crypto market. The institutional investors, who we liked to see get into the market in the past, unscrupulously sold large amounts of crypto automatically because we were falling below certain price levels. And because of that, prices dropped quite a bit further. However, they are sure to come back when things improve. In this regard, it is frustrating to see that Defi protocols like Maker, Aave and Compound handle liquidations of hundreds of millions smoothly and quickly, as the protocol is supposed to work, and yet all Defi tokens are dumped as if all projects will fail like Terra. The market seems to be dumping everything together. That it all went so wrong for Terra was certainly unexpected and proves again that spreading your investment with a Bundle is very important. It is also clear that next year’s top 30 will look very different from today’s top 30 so be sure to consider a revision from time to time or let us do it automatically.
The best returns come from buying low and selling high, and that is very difficult. This is because it goes against your instincts to buy when many people are selling and vice versa. Bitcoin reached the infamous 200-week average this week. This has only happened twice before in the history of Triaconta. In December 2018 when the rally began from €2800 to €12,000 in June 2019. And in March 2020 when the rally began from €4800 to €50,000 in March 2021. But watch out because in March 2020 Bitcoin did drop through this average for a few days to €3500 in all the Covid panic. So Bitcoin is technically at a possible bottom and whether that is a buying opportunity at this point will be revealed by the future.
1 Month: -33.95% | 7D: -28.80% | 24H: -1.90%
1 Month: -38.04% | 7D: -27.96% | 24H: -1.61%
1 Month: -36.26% | 7D: -30.04% | 24H: -0.87%
1 Month: -49.54% | 7D: -38.15% | 24H: -2.40%
New : Swap your entire bundle to a new bundle and more!
Triaconta has been a very easy way to swap from one coin to another in your bundle from the very beginning. Via the portal menu, bundles and adjust, you simply moved part or all of the value of one coin to another.
Now you can do the same with your entire bundle. Putting a top 30 completely in Bitcoin or switching from DeFi to Penny stock. It’s easy via the portal menu, bundles and Swap. In the next window you choose to swap to another bundle or to a single crypto currency and then we take care of everything for you. As always, you get an immediate confirmation of all purchases and sales in the email.
And there is more. You can now also move from one crypto to another without having to go to credits in between. That saves more than half the cost. And of course you can also go from a single crypto directly to a bundle. And vice versa.
This also makes automatic revision possible again for all customers. Many of the bundles have been modified over time and automatic revision is only possible on standard bundles. So now you can swap your old bundle to a new standard bundle and immediately enable automatic revision.
What is Elrond?
Elrond describes itself as a technology ecosystem for the new internet, encompassing FinTech, DeFi and the Internet of Things (IoT). It is a very high bandwidth digital financial system, open to anyone, anywhere, anytime. For adoption as no other than the digital reserve currency of the world, Elrond thinks complexity is the main obstacle. Just as mail has been replaced by eMail and most books are now read as eBooks we will soon no longer use money but the Elrond token eGold (EGLD). It should all be much easier than it is now and for that the Maiar wallet has also been developed as your new digital wallet.
Elrond already started in 2017 and has its own mainnet since July 2020. Elrond is similar to Ethereum and Ziliqa in its support of smart contracts and decentralized apps. Unique to Elrond is its setup with sharding and proof-of-stake, which Ethereum is also still looking to grow towards. Elrond is already running at full speed with about 12,500 transactions per second. This makes Elrond very suitable for Web3 applications such as gaming and the metaverse.
A major purchase for Elrond was made in March of this year. They received groundbreaking permission from Romania’s central bank to buy payment company Twispay. This is because Twispay’s European e-money license allows Elrond to issue regulated stablecoins and offer other payment services in the European Union. Elrond thus becomes the bridge between traditional banks and crypto across the European Economic Area (EEA, which consists of the EU plus Iceland, Liechtenstein and Norway). This places Elrond in a strategic position to offer a sustainable infrastructure for a completely new payment method that is faster, cheaper, more transparent, and open to people in Europe and soon around the world. How sustainable? Elrond has always had a “carbon-negative” status, so it offsets more CO2 than their already highly energy-efficient network and transactions cause.
Team and tokens
Elrond tokens are now as scarce as Bitcoin with over 21 million but will slowly continue to grow in number to a maximum of 31 million tokens. Again, you can see that the project has been around for a longer time. In 2017, everyone focused on Bitcoin while today’s new coins often have billions or even trillions of tokens. The Elrond team, as is common with the better projects, consists mainly of developers and you will find very few marketing people. If you want to follow the developments of the team and the latest news, the twitter channel of the CEO and founder of Elrond Beniamin Mincu is the best.
For a few weeks, the May revision seemed like an excellent time to buy Elrond in a €80-90 zone with plenty of support from previous purchases at this price level. At the time, we expected a lot from the launch of the Grand Bridge with Ethereum and initially the price was also rising towards the initial target of $100. We keep in mind that Elrond’s highest price last year was above $500. However, the overall market sentiment in the tech and crypto sector brought the price of Elrond down considerably this month, although the drop was less than for example Ethereum. Fundamentally, Elrond remains a solid project and well funded to develop further. This year we expect more Maiar eGold wallet upgrades, which should turn a simple app of almost 1 million users into a Web3 super-app for all of Europe.