One reason the trading volumes are so high is because a lot of that is fake trading data reported by dodgy exchanges.
Crypto exchange FTX claims that two thirds of exchange volume is fake (see).
So if they are correct that gives you 7% of ETH traded per day. The real daily volume is probably somewhere between $30 and $60 billion, with about 2-3% of that being DeFi. I imagine DeFi will account for about 10% of volume by the end of 2021 and 30% by the end of 2022. For that reason DeFi tokens are some of my main interests. DeFi has less to worry about from The SEC and other dinos. As there is essentially nothing The SEC can do to control DeFi. UniSwap has just done $1 billion volume in a day and that is with only $2 billion in liquidity. So you can see how much coins can move.
Another reason is that crypto exchanges/services are less restrictive and easier to get money into for "high risk" people. And its not subject to excessive, direct regulation, at least outside The US. There is also a lot of API trading in crypto. Legacy exchanges typically charge you about $10-100 per purchase depending on what you are buying (stocks, bonds, other) plus fees, which are generally higher than crypto. So crypto has a lot more incentive for a lot more people with lower barriers to trade via API.
On other alts. My main purchase in March this year was ETH as it was down about 93% (if I remember correctly), while Bitcoin was down about 80%; from their ATHs. Looking at other coins they were down about 95% from their ATHs, so it did not make sense to buy them IMO. And at current BTC is up about 6.75X, while ETH is at 8.6X. And I think ETH has far much more to go and far more reason to buy. It's a growing financial services platform. While Bitcoin's only real use is black/grey money flows.
I think anything that is just an ETH clone should be avoided. ETH has the market cornered. Any project on another chain is like trying to conduct all you business in the Indian rupee. You are outside of virtually all the attention and capital flows. Its seems EOS and Tron are technically superior to ETH, but they have one notable project on their chain between them, BitTorrent. It's a bit like WordPress, which is an abominable shambles from a technical POV. But it has most of the attention, support and capital flows.
I think your best coins to buy are ones that are not ETH clones (financial services platform) and will have real use cases for crypto- or tech-people. There are projects for all kinds of obscure things like document management, care homes, mineral mining management etc. Too far away from people who will use them. The projects that will be used are ones that will be adopted in decentralised services, either by projects of end-users.
For that reason my main pick has been MYST, a decentralised VPN; Presearch, a decentralised search engine (running your own node for the search engine launching early next year); AVA, Binance-owned apartment/hotel booking platform; Golem, decentralised computing resources rental; LBRY, decentralised video platform...
But at the same time. The time to buy alts was 2019 through to March this year. Alts are a lot more volatile. They can pancake 50% for no reason, while BTC may continue to go up. So I am not that attracted to them. Alt, particularly sub-100 coins have been very sluggish since about July.
Crypto exchange FTX claims that two thirds of exchange volume is fake (see).
So if they are correct that gives you 7% of ETH traded per day. The real daily volume is probably somewhere between $30 and $60 billion, with about 2-3% of that being DeFi. I imagine DeFi will account for about 10% of volume by the end of 2021 and 30% by the end of 2022. For that reason DeFi tokens are some of my main interests. DeFi has less to worry about from The SEC and other dinos. As there is essentially nothing The SEC can do to control DeFi. UniSwap has just done $1 billion volume in a day and that is with only $2 billion in liquidity. So you can see how much coins can move.
Another reason is that crypto exchanges/services are less restrictive and easier to get money into for "high risk" people. And its not subject to excessive, direct regulation, at least outside The US. There is also a lot of API trading in crypto. Legacy exchanges typically charge you about $10-100 per purchase depending on what you are buying (stocks, bonds, other) plus fees, which are generally higher than crypto. So crypto has a lot more incentive for a lot more people with lower barriers to trade via API.
On other alts. My main purchase in March this year was ETH as it was down about 93% (if I remember correctly), while Bitcoin was down about 80%; from their ATHs. Looking at other coins they were down about 95% from their ATHs, so it did not make sense to buy them IMO. And at current BTC is up about 6.75X, while ETH is at 8.6X. And I think ETH has far much more to go and far more reason to buy. It's a growing financial services platform. While Bitcoin's only real use is black/grey money flows.
I think anything that is just an ETH clone should be avoided. ETH has the market cornered. Any project on another chain is like trying to conduct all you business in the Indian rupee. You are outside of virtually all the attention and capital flows. Its seems EOS and Tron are technically superior to ETH, but they have one notable project on their chain between them, BitTorrent. It's a bit like WordPress, which is an abominable shambles from a technical POV. But it has most of the attention, support and capital flows.
I think your best coins to buy are ones that are not ETH clones (financial services platform) and will have real use cases for crypto- or tech-people. There are projects for all kinds of obscure things like document management, care homes, mineral mining management etc. Too far away from people who will use them. The projects that will be used are ones that will be adopted in decentralised services, either by projects of end-users.
For that reason my main pick has been MYST, a decentralised VPN; Presearch, a decentralised search engine (running your own node for the search engine launching early next year); AVA, Binance-owned apartment/hotel booking platform; Golem, decentralised computing resources rental; LBRY, decentralised video platform...
But at the same time. The time to buy alts was 2019 through to March this year. Alts are a lot more volatile. They can pancake 50% for no reason, while BTC may continue to go up. So I am not that attracted to them. Alt, particularly sub-100 coins have been very sluggish since about July.
