The Covid 19 pandemic made 2020 one of the most challenging years on record. Businesses were brought to their knees, forcing massive government bailouts through currency printing. Everyone wants to get back on their feet, especially now that vaccine rollouts are increasing in scale.
A good investment with fast short-term gains may be just what you may need to stay afloat. The recent rebound by many cryptos offers that ray of hope regarding making such gains. As such, various exciting crypto projects could be delivering just that, a path to income in the short term.
The key to making sound short-term investments in any crypto project is timing the pullback. A pullback is a slightly bearish market contraction after prices hit a high. However, analysts expect prices to rebound soon based on the ongoing market conditions.
The BTC price may be at such a position currently. Having hit a high of around $58,000 on 21st February, ten days ago, it has now tapered down to approximately $47,000. The pullback was affected as the institutional and whale investors rake in profits.
Recent activities by dip buyers seem to suggest the possibility of a robust short-term rebound. They started making their move at the lower price end of the pullback of $44,000 on the 28th of February. Now, fast investment action may see investors generate fast yields in what could turn out to be a second major bull run.
Cardano’s recent performance has had a Midas touch. It is the third-largest crypto by market cap as of the 5th of March. The digital asset has positioned itself as a key indispensable player in the crypto space. The blockchain’s gain earmarks the extent to which it has piqued many crypto players’ interest in a significant way.
First is the current major upgrade and overhaul. Cardano’s co-founder was even bullish, stating that their project may turn out superior to what Ethereum has to offer. Now Ethereum is no pushover, not only being the second-largest by market cap but also the most versatile and exciting blockchain. Cardano may have its work cut out.
The second is its reliable team. While most other blockchains rely on a chain of miners to maintain their ledgers, Cardano has a markedly different approach. It has a team of mathematicians and scientists to develop and maintain an open-sourced platform that is patent-free. Faster creation and executions of smart contracts and dApps by users are possible thanks to a multilayered protocol.
Thanks to the two factors, Cardano’s prices and, thus, the market cap keeps getting upward pressures. It makes this blockchain project a viable investment venture, both for the short term and the medium term.
Here is another crypto that had been enjoying a strong run but has a recent pullback. Dogecoin has continuously been on Elon Musk’s radar, the person behind Tesla, and the company behind Bitcoin’s recent secondary surge thanks to whale investments.
Having surged to around $0.09 in February 2021, the coin currently hovers at about $0.049 as of the 5th of March 2021. Musk’s tweets hint at the possibility of this whale investor utilizing the crypto soon for one of his projects. Such an opportunity makes dip-buying of this crypto at the current price a very sound investment capable of generating high yields in the short term.
An announcement by the Dogecoin developers announced significant upgrades on this meme-based crypto. The touted new version of its protocol’s core improves sync speeds and reduces the expiry’s mempool time. Moreover, coupled with a whale’s continued interest, expectations of a potential bull run await.
A hot crypto project currently, the New Economy Movement (NEM), has experienced a strong 2021 performance for its native crypto, XEM. With the initial low prices of $0.2, the coin had a good February run to peak at $0.8 at the later stages of the month. Also, there has been a pullback correction to the current $0.66 price.
The coin’s development team has set the 15th of March as a fascinating relaunch date. Holders of the blockchain’s native asset, XEM, will be migrating their holdings to a new one, XYM. All investors expect to receive an XYM balance equal in value to their XEM balance then. It will be a migration that will start driving up demand for the project. Investors get to ramp up considerable XYM balances if they become first movers before that date.
The migration launch helps set a target date for investors in pursuit of short-term-term yields. XEM’s price could get to the all-time 2018 peak of $1, according to market analysts.
The NEM project could offer excellent short-term-term investment with windfalls expected in days from the time of writing.
The key to knowing which crypto project will generate great yields in the short term lies in analyzing the past trends and looking at market activities concerning them. Developers’ activities, such as new upgrades, increase investors’ confidence in the crypto.
The four cryptos mentioned above have either a slight pull back from a good run or a continued strong run combined with vital signs of price surges due to increased investor interest. For some, major upgrades also serve to feed on the investor interest. They are good projects to gain from in the short term.
Adam is an outgoing young lad who likes adventures and discovering new things. Despite his boring life, he loves writing about cryptocurrencies and exploring what blockchain technology can do for the coming digital world where all adventures will be virtual.