How I Made 13% Profit On Ethereum In 5 Days

Ethereum

Last month, the price of Ethereum rose 43.77%. I bought in at S$4,079.52 on 2nd May and sold it off at S$4,594 today on 8th May. Exactly 5 days, I made a nifty profit of 13% on Ethereum.

For those that are not familiar with Ethereum, it is the blockchain network in which decentralized applications are embedded. The token or currency that enables or drives these decentralized applications is known as Ether (ETH).

Ethereum has the second largest market capitalization after bitcoin. Will Ethereum continue to rise? Let us look at its potential and problems Ethereum currently is facing.

Ethereum Potential #1: Smart Contracts

Ethereum is a blockchain like Bitcoin. The difference is that it is programmable. A “Smart contract” a piece of code that is running on Ethereum. It is because of its programmable feature that makes Ethereum possible for a wide range of purposes such as payment and financial services.

Ethereum Potential #2: DeFi

DeFi is known as decentralized finance and I believe many financial bloggers have thrown their money into it. I have also used Crypto.com DeFi Wallet to stake and earn crypto.

Since Ethereum is programmable, it creates opportunities for creating financial products that are completely new.

Ethereum Potential #3: NFT

NFT stands for Non-Fungible Tokens. “Smart contracts” are pieces of code that are stored on the blockchain but they are actually worthless. NFT is a way to represent anything unique as an Ethereum-based asset. For example, NFTs provide a unique ID for a piece of digital art.

You can explore more of NFT on Crypto.com here.

Ethereum Problem #1: Slow Execution of Transactions

Ethereum has been plagued by the network inability to scale to meet growing demands. This resulted in high transaction fees and slow execution of transactions.

Ethereum Problem #2: Slow Migration to Ethereum 2.0

Ethereum 2.0 refers to a set of interconnected upgrades that will make Ethereum more scalable, more secure, and more sustainable. Personally, I felt the upgrades are slow and may lose out to competitors out there that are scaling faster then Ethereum.

Summary

There is a huge potential for Ethereum and we can see the prices reach new heights if it is able to solve its current problems. Having said this, investors should be caution that cryptocurrency is highly volatile and you need to be able to stomach the risks involved.

If you are keen to purchase Ethereum (ETH), Crypto.com Exchange is a good way to start for buying and selling Ether.

Sign up using my Crypto.com Exchange referral link and if you stake 5,000 CRO, you and I will each receive $50 in CRO.

The Best Cryptocurrency In April 2021

Best Cryptocurrency

Are you looking for the Best Cryptocurrency to invest in April 2021? Cryptocurrency is a quick and easy way to get rich provided you can withstand the volatility and risks involved. You can win big or lose it all.

I have seen many financial bloggers dabbling into Cryptocurrency. Cryptocurrency has formed part of their investment portfolio. For myself, I remained as a conservative investor. I also invest in Cryptocurrency but it only makes up a minor position in my stock portfolio such that losing it all does not cause me to have sleepless nights.

Now, let us look at which is the Best Cryptocurrency to invest in April 2021.

Bitcoin (BTC)

Most people are familiar with the world’s first cryptocurrency Bitcoin (BTC). This oldest cryptocurrency is so popular that it can be used as digital currency for peer-to-peer electronic transactions and traded for goods and services with vendor or merchants that accept Bitcoins as payment.

Below shows the 1 month Price (USD) movement of Bitcoin. If you have bought Bitcoin at the start of April and sell it end of April, you would actually have lost money.

This shows that you should look at other form of Cryptocurrency and not just Bitcoin (BTC).

Bitcoin BTC Apr 2021

Ethereum (ETH)

Ether (ETH) is the native currency that powers the Ethereum platform. The decentralized platform enables Smart Contracts and distributed applications to be built and run. A “Smart contract” is simply a piece of code that is running on Ethereum.

Ethereum ETH has rose by 43.77% in just 1 month!

Ethereum ETH Apr 2021

Monero (XMR)

Not many people would have heard of Monero (XMR). XMR is a cryptocurrency that powers Monero launched in April 18th, 2014. Monero is also known as a private digital currency as transactions on the Monero blockchain cannot be tracked or traced.

Monero rose 59.73% in 1 month!

Monero Apr 2021

Ripple (XRP)

Ripple (XRP) connects traditional financial institutions, payment providers, digital asset exchanges and corporates via RippleNet. Because of the low cost cross border transfer fees which is one of the benefit of Ripple, this cryptocurrency has won many banking customers such as CIMB, Standard Chartered, Siam Commercial Bank etc.

Ripple (XRP) has rose 152.76% in a month!

XRP Apr 2021

Dogecoin (DOGE)

Dogecoin features a Shiba Inu on its logo. Doge is a cryptocurrency that was forked from Litecoin in Dec 2013. Dogecoin has 1 minute block intervals making it faster than other blockchains. There is no cap to the supply of coins and thus the coin can inflate infinitely.

The recent twitter posts by Elon Musk has caused the price of Dogecoin to spike. Dogecoin has rose 554.76% in a month!

Dodgecoin DOGE Apr 2021

Summary

Dogecoin is the clear winner here with the price rising 554.76% in a month.

Cryptocurrency 1 month Price Movement (%)
Bitcoin (BTC) (2.09)%
Ethereum (ETH) 43.77%
Monero (XMR) 59.73%
Ripple (XRP) 152.76%
Dogecoin (Doge) 554.76%

If you are keen to jump onto the Crytocurrency bandwagon, Crypto.com Exchange is a good way to start for buying and selling Crytocurrency.

Sign up using my Crypto.com Exchange referral link and if you stake 5,000 CRO, you and I will each receive $50 in CRO.