YouHodler Month in Review: July 2020
July 2020 was an amazing month for cryptocurrency enthusiasts. It was full of surprises, underdog stories, and the “Great Awakening” of Bitcoin (BTC). With each volatile market swing this month, YouHodler was there every step of the way, increasing our productivity with the increased attention the market got this month. So let’s take some time to look at the wild month that was July 2020 and give a quick glimpse into what’s coming in August.
Chainlink (LINK) shocks the world
Perhaps the most inspiring story of July 2020 was that of LINK. Chainlink stole headlines across the world this month with its a meteoric rise from $4 to $8. While it’s shown some volatility in both directions and has faced a great deal of controversy, LINK’s bull run definitely brought a lot of attention to the crypto community and some fresh faces to the YouHodler platform. To meet this new demand, YouHodler wrote a comprehensive review of Chainlink’s history, technical value and gave several examples of how you use this token on YouHodler to profit.
Check out the article: What is Chainlink?; The LINK Crypto Token That Everyone is Buzzing About
Another point to mention that was not necessarily covered in the article was the overall inspiring behavior of the Chainlink community. Despite various controversial events throughout July that sought to put an end to LINK’s success, the highly organized community came together to support their favorite project and protect it from “FUDers” and other enemies. Towards the end of the month, we also saw some organized pumps from the LINK community, which were not so significant but helped to erase a portion of LINK’s large dump a couple of weeks ago.
LINK has proven to be highly volatile as of late and that doesn’t seem to be stopping anytime soon. As we saw with LINK users on YouHodler, this volatility provided plenty of opportunities to profit such as people taking loans to buy LINK when it dipped and using Turbocharge when it was on another bullish run. Multi HODL was also a highly popular feature for LINK HODLers capitalizing on volatility in both directions and multiplying their LINK portfolios. It will be interesting to see where LINK goes from here in August and how its unique community will behave both on YouHodler and the broader crypto market.
Is “Altcoin season” right around the corner?
LINK wasn’t the only cryptocurrency experiencing bullish behavior in July 2020. Several other altcoins saw lots of success and even Ethereum, the “king of altcoins” surpassed it’s psychological barrier of $300, leading many to believe that “altseason” is here once again.
If “altseason” is truly just around the corner, then it’s time to start getting your portfolio ready. In July, YouHodler gave several tips to spot an upcoming altseason. For example:
1. Is money flowing from Bitcoin (BTC) to other large caps like Ethereum (ETH)?
2. Are we seeing a decline in BTC dominance?
3. What is the BTC/USD chart doing? If it’s moving sideways, that’s an altcoin signal.
4. Is money flowing from large caps>mid caps> small caps?
If the above four questions are true, then that, in theory, should result in an altcoin breakout event. Of course, it is still too early to tell if this is for sure but keep your eyes on the signs and start preparing your portfolio for success with YouHodler.
As of right now, the buzz around “altcoin season” seems to be settling down since Bitcoin shocked us all towards the end of July. On the 27th, we saw BTC take off from around $10,000 to over $11,000 in one day, followed by more bullish behavior which took the #1 cryptocurrency to $12,000 before crashing right back down to the lower $11,000 range. Whether this is a small correction before another valiant bullrun or just a fluke pump, no one knows for sure though. All we know now is that “altseason” may not quite be ready.
Ethereum 2.0: From the Tech Point of View
With the Ethereum price increase in July and a lot of news regarding the big Ethereum 2.0 upgrade, YouHodler thought it was appropriate to examine everything from the tech point of view, giving our users a new perspective on the future of the Ethereum blockchain. Even though Ethereum is technically more advanced than Bitcoin, it still struggles with a wide variety of issues that are keeping it firmly in second place. Hence, founder Vitalik Buterin aims to address these issues in Ethereum 2.0, upgrade the underlying blockchain and hopefully, put an end to Bitcoin dominance.
Ethereum 2.0 will feature some incredible updates such as:
- migration from proof of work to proof of stake
- Introducing “sharding” to the network
- Replacing the Ethereum Virtual Machine language with eWASM.
- Continued maintenance and improvements
We wrote a comprehensive article outlining all the technical details, what they mean and how they will improve the Ethereum network. If you’re interested in the tech side of crypto, we highly suggest you read it.
Check out the article: “Ethereum 2.0: From the Tech Point of View”
YouHodler Ambassador Program: Be More Than Just a Client
YouHodler loves our clients. We really do. That being said, why limit ourselves to just a business-to-customer relationship when we can be so much more? That’s where our new Ambassador Program comes in. Now, you have the chance to become one of our closest friends, getting exclusive gifts, YouHodler branded merchandise, increased interest rates, commission discounts, video calls with our CEO, staff, and more.
Interested? We thought so. Here’s some more information. Check out the article: “YouHodler Ambassador Program”
YouHodler 2.0 “Affinity”: Sneak Peek
While we are on the topic of amazing 2.0 upgrades, let’s move on to another, and much more important upgrade, YouHodler 2.0 “Affinity.” Ok, well maybe it’s not as important as Ethereum 2.0 but we here at YouHodler HQ are incredibly excited about all the new features our clients can soon enjoy. Our talented developer team spent all of July working on the various preparations to get YouHodler 2.0 ready for its live release. Phase 1 is due this week and for the rest of August, the devs will be focused on releasing the following phases. Here is a quick glimpse into what phase 1 will bring us this week:
No limit savings accounts: choose your max rate for high-yield savings with Multi HODL
Previously, users of YouHodler Savings Accounts were limited by a max deposit amount, with no way of ever earning more than that maximum amount. In YouHodler Affinity, we’ve devised a completely new way to help you keep earning interest on your favorite coins and stablecoins while also giving you the option to earn over the max savings balance limit via the platform’s Multi HODL tool.
Wallets, savings accounts, and Multi HODL fuse together for a revolutionary future
Previously two separate features, YouHodler 2.0 brings them together to create a harmonious relationship where users can deposit, withdraw, store, and earn interest on cryptocurrencies/stablecoins all in one convenient location. In each wallet, users will also have access to new price charts (featuring both line and candlestick varieties) to easily monitor the price changes of their assets on an hourly, daily, weekly, monthly, 90 day and yearly basis for line chart and on 1M, 5M, 15M, 30M for OHLC candles.
Multi HODL buttons now integrated into wallets for easy multiplying
Lastly, another feature to mention here is that users will have the ability to open a new Multi HODL position directly from their coin’s wallets with the addition of integrated buttons found in the wallets themselves. This all comes with new updated charts, featuring both line and candlestick varieties for maximum convenience and usability.
In addition, Multi HODL is getting a big facelift complete with new features like the ability to adjust Margin Call in addition to Take Profit, a larger Multiplier range, and an overall upgrade to the user experience.
The finishing touches on Affinity should be ready at any moment. In fact, by the time this article is published, Affinity may already be live. Regardless, we’ll have an official announcement with more information, screenshots, and more. Stay tuned!