Finding invidual strength during broader market weakness, a look at 8 tokens

<p>It’s been a month since the largest liquidation event in crypto history. The market has been weak, Bitcoin has struggled, and almost everything else has been bleeding out.</p><p>But there are always opportunities. One thing I like to do is look at what coins have performed well in the face of a wider market downturn, and ask myself why.</p><p>What can we learn from them? Are they good to buy and hold now? </p><p>Usually it indicates a lot of strength if a token outperforms the market when the market is bleeding.</p><p>The goal in crypto investing and trading, if you’re going to do anything other than buy and hold BTC, is to <em>outperform</em> BTC. If you can’t do that, then you’re better off being a buy-and-hold investor (and, spoiler alert, most of you reading this would be better off that way).</p><p>But what’s the fun in that?</p><div><figure><a href="https://substackcdn.com/image/fetch/%24s_!2gS2!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F67fbd546-36fd-40e5-a655-e06716357226_934x444.png" rel="nofollow"><div><picture><source><img src="https://static.fwimg.io/img/feed/6b5c2a0f9253485c7d7cf4fbb8e6aceb.jpg" alt=""></source></picture><div><div><button></button><button></button></div></div></div></a></figure></div><p>Bitcoin is down 3.59% over the last month (ETH and SOL are both down about the same). While outperforming these tokens on a monthly timeline is not hard, and nothing to write home about — I think looking at the tokens that did outperform and trying to understand <em>why</em> might be worthwhile.</p><p>So let’s take a look at some of the top performers over the last 30 days, and see what we might be able to learn from them.</p><div><hr></div><h2>1. ZCASH</h2><div><figure><a href="https://substackcdn.com/image/fetch/%24s_!LpMG!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F065e2c25-390b-4e2d-b7b0-d4e3cdef527d_963x466.png" rel="nofollow"><div><picture><source><img src="https://static.fwimg.io/img/feed/0b172773d1d0b58b9e8bedf425acbd0b.jpg" alt="" title=""></source></picture><div><div><button></button><button></button></div></div></div></a></figure></div><p><strong>What is it?<br></strong>Zcash launched all the way back in 2016 as a way to “fix” some of the privacy-related concerns of Bitcoin. Contrary to popular belief, Bitcoin transactions are not private — everything is viewable on the public blockchain. Zcash uses zk-SNARK technology to allow users to transact onchain without revealing the details of their transactions to anyone. Kinda revolutionary!</p><p><strong>Why is it doing well?<br></strong>If the token has been around since 2016, why the recent pump? Historically, Zcash has always had a rally during bull markets (unfortunately it has also tended to be towards the end of the cycle 😭). The fundamentals of what the token and chain does hasn’t significantly changed, but since it also runs on a 4-year halving cycle like Bitcoin, the tokenomics have gotten a lot better as emissions have drastically come down. Also, the narrative of privacy has come back to the forefront in the world — and in crypto. This coupled with the Zashi wallet and improved UX defaulting to privacy-first transactions has caused the recent rally.</p><p><strong>Is it a good buy now, at current prices?<br></strong>I’ve been struggling with this myself. I missed the initial run up, and only first started paying attention when it was sitting at around $250. Obviously that would have been a good buy, and we’ve gone up over 2x from there still. It’s tough to justify buying any token that is up 20x in two months, but if there is one token that I might bet on that has had this sort of price action, it’s ZEC. The philosophy and narrative of it being the “new and improved Bitcoin” is a strong one, and this is not some random memecoin that came out of nowhere.</p><p>I might look to buy a bag if I can get it in the $300-$500 range, DCAing in, with a price target of $1.5k to $3k.</p><div><hr></div><h2>2. VIRTUAL</h2><div><figure><a href="https://substackcdn.com/image/fetch/%24s_!FHWu!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fac27391e-d030-433d-8c35-d28e878b4061_836x459.png" rel="nofollow"><div><picture><source><img src="https://static.fwimg.io/img/feed/dcaf374d6a30e303fdf02edc5076182f.jpg" alt=""></source></picture><div><div><button></button><button></button></div></div></div></a></figure></div><p><strong>What is it?</strong></p><p><a href="https://www.zeneca.xyz/p/letter-86-what-tokens-have-performed" rel="nofollow">Read more</a></p>

Letter 86: What tokens have performed well during this market turmoil?

在整体市场疲软的情况下寻找个别优势：8 种代币的分析

<p>加密货币历史上最大规模的清算事件已经过去一个月了。市场一直疲软，比特币举步维艰，几乎所有其他加密货币都在迅速消亡。</p><p>但机会总是存在的。我喜欢做的一件事是，观察哪些加密货币在大盘低迷时期表现良好，然后问问自己为什么。</p><p>我们能从中学到什么？现在值得买入并持有吗？</p><p>通常来说，当市场整体低迷时，如果某种代币的表现优于市场，这表明该代币具有很强的实力。</p><p>如果你打算进行除买入并持有BTC之外的任何加密货币投资和交易，那么你的目标就是<em>跑赢</em>BTC。如果你做不到这一点，那么你最好还是做一名买入并持有的投资者（剧透一下，大多数正在阅读这篇文章的人这样做会更好）。</p><p>但那样还有什么乐趣可言呢？ </p><div><figure><a href="https://substackcdn.com/image/fetch/%24s_!2gS2!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F67fbd546-36fd-40e5-a655-e06716357226_934x444.png" rel="nofollow"><div><picture><source><img src="https://static.fwimg.io/img/feed/6b5c2a0f9253485c7d7cf4fbb8e6aceb.jpg" alt=""></source></picture><div><div><button></button><button></button></div></div></div></figure></div><p>比特币上个月下跌了3.59%（ETH和SOL的跌幅也大致相同）。虽然月度表现优于这些代币并不难，也没什么值得大书特书的——但我认为研究那些表现优异的代币并尝试理解其背后的<em>原因</em>或许是有价值的。</p><p>那么，让我们来看看过去 30 天里表现最好的几位选手，看看我们能从他们身上学到什么。</p><div><hr></div><h2> 1. Zcash </h2><div><figure><a href="https://substackcdn.com/image/fetch/%24s_!LpMG!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F065e2c25-390b-4e2d-b7b0-d4e3cdef527d_963x466.png" rel="nofollow"><div><picture><source><img src="https://static.fwimg.io/img/feed/0b172773d1d0b58b9e8bedf425acbd0b.jpg" alt="" title=""></source></picture><div><div><button></button><button></button></div></div></div></figure></div><p><strong>那是什么？<br></strong> Zcash早在2016年就已推出，旨在“解决”比特币的一些隐私问题。与普遍认知相反，比特币交易并非私密——所有交易记录都公开显示在区块链上。Zcash采用Zcash -SNARK技术，使用户能够在链上进行交易，而无需向任何人透露交易详情。这可谓是一项革命性的技术！</p><p><strong>它为什么表现良好？<br></strong>如果 Zcash 代币自 2016 年就已存在，那么最近的上涨行情又是为何呢？从历史数据来看， Zcash总会在牛市中出现上涨行情（可惜的是，这些上涨往往发生在牛市周期的末期😭）。代币和区块链的基本功能并没有发生显著变化，但由于它也像比特币一样采用四年减半周期，随着代币发行量的大幅减少，其代币经济模型得到了显著改善。此外，隐私问题在全球范围内（包括加密货币领域）再次成为关注焦点。这些因素，再加上 Zashi 钱包的推出以及默认启用隐私优先交易的改进用户体验，共同促成了近期的上涨行情。</p><p><strong>以目前的价格来看，现在买入值得吗？<br></strong>我自己也一直在纠结这个问题。我错过了最初的上涨行情，直到价格在 250 美元左右才开始关注。显然，那时买入是个不错的时机，而且之后价格又翻了两倍多。很难说服自己去买一个两个月涨了 20 倍的代币，但如果非要说哪个代币价格走势如此惊人，我可能会考虑投资，那就是ZEC。它“全新升级版比特币”的理念和宣传很有说服力，而且它并非凭空冒出来的什么“梗币”。</p><p>如果价格在 300-500 美元之间，我可能会考虑买一个包，然后通过 DCA 入手，目标价格是 1500 美元到 3000 美元。</p><div><hr></div><h2> 2. 虚拟</h2><div><figure><a href="https://substackcdn.com/image/fetch/%24s_!FHWu!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fac27391e-d030-433d-8c35-d28e878b4061_836x459.png" rel="nofollow"><div><picture><source><img src="https://static.fwimg.io/img/feed/dcaf374d6a30e303fdf02edc5076182f.jpg" alt=""></source></picture><div><div><button></button><button></button></div></div></div></figure></div><p><strong>那是什么？</strong></p><p><a href="https://www.zeneca.xyz/p/letter-86-what-tokens-have-performed" rel="nofollow">阅读更多</a></p>

第 86 封信：在这次市场动荡中，哪些代币表现良好？

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