In our top crypto picks for the month, the team talks through their personal favourites and what they think is hot right now.
December Pick: Shiba Inu (SHIB)
Shiba Inu has been in a downward trend for much of November. It has more than halved from the peak back in October when it was trading above $0.000080 level. However, on the last day of the month we saw a clean break out of the trend channel, making it my pick for December for a strong rally.
In terms of supporting reasons, Kraken has just listed the coin for trading and I expect other big names to start to list it soon as well given the audience it has garnered in recent months. Also, if we see Bitcoin start to stabilize in coming weeks then we could see funds cycle out of it and into altcoins such as SHIB. This is known as altcoin season and has happened several times over the past couple of years.
The key risk to the view is if SHIB gets hit by a market-wide risk-off environment with concerns around the COVID variant developments, particularly around the vaccine efficacy levels.
December Pick: Decentraland (MANA)
Decentraland has been a popular crypto choice among traders throughout November. The price was under $1 just before the month started, but is now trading above $4.50. So is the price too high? This choice does come with more risk. But I think the possible reward is worth taking a chance.
NFTs are blockchain and crypto related. They saw a huge surge in price in March. Many cryptos and stocks related to the NFT hype all saw significant moves up. I think we will see something like this with the Metaverse, the next crypto/blockchain connection to boom.
So although MANA has had a very nice run already, I still think we are yet to see the real move. $4.30-$4.40 is holding up as support for now.
December Pick: Solana (SOL)
Solana was only founded in 2020 but has already become a big name in the crypto markets, currently sitting in fifth position with a market cap of ~$70B.
The SOL/USD price has rocketed from ~$2 at the start of the year to $225 at the time of writing. Despite the significant price rise, we believe SOL has the capability to become increasingly mainstream in the crypto community and keep stealing attention away from the bigger names.
In terms of their offering, Solana has faster transaction speeds and lower fees than Ethereum, and is becoming a significant player in the NFT space. The computing power needed for SOL is also far less energy-intensive than Bitcoin and Ethereum, so the coin is being positioned as a more sustainable and greener player in the market.
AlphaPicks owns shares in SHIB, MANA, and SOL. To trade crypto, register here with our preferred provider, EToro.