Investors Switch to Altcoins: Alphabit Fund Gives Boost to AELF Coin
Alphabit Digital Currency Fund has spoken positively of a new blockchain network to be the major investment play for 2018.
Alphabit Digital Currency Fund, an active manager of crypto portfolios with $300m in assets, has selected a new blockchain network to be the major investment play for 2018.
Speaking during a press conference in Dubai, Alphabit CEO Liam Robertson said that AELF (ELF) is his crypto pick this year, adding that the token would jump to $50 at the end of 2018. But Alphabit has been accumulating other niche digital assets:
I just published “LOCIcoin Token Sale Attracts Major Purchasers from Alphabit Fund” https://t.co/xlaplXxttA— Loci.io (@Loci_io) December 29, 2017
On Friday, ELF was trading at $2.07 and is ranked No. 74 with a market capitalization of $516.25 million. AELF is based in Singapore and was launched in December of last year.
"I think we are witnessing a turning point in the blockchain industry," Roberston said. "AELF is a new generation of scalable Blockchain computing network, using multi-chain structure and parallel processing to solve issues around efficiency, transaction throughput, and governance."
He added: "I think this is the perfect storm of high efficiency, flexibility, adaptability, and compatibility - one Blockchain to bind them, one chain to rule them all, so to speak."
Alphabit, a Hybrid Between Open-Ended Mutual Fund and Hedge Fund
Robertson launched Alphabit in April last year with a seed capital of $1 million from the founders and company executives. Since then, the fund has grown to manage $300 million in assets.
As posted on Alphabit's website, the fund claims it specializes in providing quality investment advice to institutional and professional investors. Alphabit says its fund managers use their extensive knowledge of cryptocurrencies and blockchain technology to develop successful investment strategies. “Our goal is to generate alpha for our clients while minimizing risk.”
During the launch, Roberton said that the “digital currency market progresses and grows, we have seen professionals come to the market, allowing the sector to become a more streamlined and professional space.” He added that the sector is now in “a great position to further strengthen and grow.”
One Million Cryptocurrency Wallet Sign-ups in a Week
In another roadshow in Dubai in December last year, Robertson said that institutional investment is pouring into secure digital money wallet development. In just one week last month, over one million people opened a digital wallet with just three providers.
"With some security breaches and crypto market cap at an all-time high, the industry is seeing an explosion of interest in secure wallet providers," said Robertson then.
A major beneficiary of investor interest is San Francisco based Metal Pay, (MTL), a new crypto app which stores currency and carries out transactions with other users – except customers earn rewards every time they spend or send money.
"I think Metal is changing the way we interact and view cryptocurrency and I believe they are currently closing a second-round investment with a prominent billionaire entrepreneur who has already invested in another wallet," Robertson said.
But some believe the presence of Alphabit may be a form of market manipulation:
For those that don't know, Alphabit Fund was the group that invested in $MTL #Metal at ICO and crashed Metal's market by 30-40% in November 2017 by selling most of their coins. https://t.co/d7Uiwat3aH— Jayden Crypto 💎 (@jayden_crypto) January 11, 2018
It is still unknown what trading decisions Alphabit would make about its porfolio of digital assets.