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?

在整體市場疲軟的情況下尋找個別優勢：8 種代幣的分析

<p>加密貨幣歷史上最大規模的清算事件已經過去一個月了。市場一直疲軟，比特幣舉步維艱，幾乎所有其他加密貨幣都在迅速消亡。</p><p>但機會總是存在的。我喜歡做的一件事是，觀察哪些加密貨幣在大盤低迷時期表現良好，然後問問自己為什麼。</p><p>我們能從中學到什麼？現在值得買入並持有嗎？</p><p>通常來說，當市場整體低迷時，如果某種代幣的表現優於市場，這表明該代幣具有很強的實力。</p><p>如果你打算進行除買入並持有BTC之外的任何加密貨幣投資和交易，那麼你的目標就是<em>跑贏</em>BTC。如果你做不到這一點，那麼你最好還是做一名買入並持有的投資者（劇透一下，大多數正在閱讀這篇文章的人這樣做會更好）。</p><p>但那樣還有什麼樂趣可言呢？ </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>比特幣上個月下跌了3.59%（ETH和SOL的跌幅也大致相同）。雖然月度表現優於這些代幣並不難，也沒什麼值得大書特書的——但我認為研究那些表現優異的代幣並嘗試理解其背後的<em>原因</em>或許是有價值的。</p><p>那麼，讓我們來看看過去 30 天裡表現最好的幾位選手，看看我們能從他們身上學到什麼。</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>那是什麼？<br></strong> Zcash早在2016年就已推出，旨在“解決”比特幣的一些隱私問題。與普遍認知相反，比特幣交易並非私密——所有交易記錄都公開顯示在區塊鏈上。Zcash採用Zcash -SNARK技術，使用戶能夠在鏈上進行交易，而無需向任何人透露交易詳情。這可謂是一項革命性的技術！</p><p><strong>它為什麼表現良好？<br></strong>如果 Zcash 代幣自 2016 年就已存在，那麼最近的上漲行情又是為何呢？從歷史數據來看， Zcash總會在牛市中出現上漲行情（可惜的是，這些上漲往往發生在牛市週期的末期😭）。代幣和區塊鏈的基本功能並沒有發生顯著變化，但由於它也像比特幣一樣採用四年減半週期，隨著代幣發行量的大幅減少，其代幣經濟模型得到了顯著改善。此外，隱私問題在全球範圍內（包括加密貨幣領域）再次成為關注焦點。這些因素，再加上 Zashi 錢包的推出以及默認啟用隱私優先交易的改進用戶體驗，共同促成了近期的上漲行情。</p><p><strong>以目前的價格來看，現在買入值得嗎？<br></strong>我自己也一直在糾結這個問題。我錯過了最初的上漲行情，直到價格在 250 美元左右才開始關注。顯然，那時買入是個不錯的時機，而且之後價格又翻了兩倍多。很難說服自己去買一個兩個月漲了 20 倍的代幣，但如果非要說哪個代幣價格走勢如此驚人，我可能會考慮投資，那就是ZEC。它“全新升級版比特幣”的理念和宣傳很有說服力，而且它並非憑空冒出來的什麼“梗幣”。</p><p>如果價格在 300-500 美元之間，我可能會考慮買一個包，然後通過 DCA 入手，目標價格是 1500 美元到 3000 美元。</p><div><hr></div><h2> 2. 虛擬</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>那是什麼？</strong></p><p><a href="https://www.zeneca.xyz/p/letter-86-what-tokens-have-performed" rel="nofollow">閱讀更多</a></p>

第 86 封信：在這次市場動盪中，哪些代幣表現良好？

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