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Market news: Michael Marsh, a Goldman Sachs (GS.N) banker who has worked there for nearly 20 years, is about to retire.October 20: Building materials trading volume reached 97,700 tons, a 2.84% increase from the previous trading day. October 17: Building materials trading volume reached 95,000 tons, a 6.68% decrease from the previous trading day. October 16: Building materials trading volume reached 101,800 tons, an 11.38% increase from the previous trading day. October 15: Building materials trading volume reached 91,400 tons, a 3.38% decrease from the previous trading day. October 14: Building materials trading volume reached 94,600 tons, a 10.75% decrease from the previous trading day. Last weeks average: Building materials trading volume was 978,000 tons.On October 20th, Morgan Stanley strategist Michael Wilson noted that the stock market still faces unresolved risks, including trade tensions and slowing corporate earnings revisions, which will prompt investor caution in the short term. The S&P 500 has yet to recoup the losses incurred earlier this month amid escalating trade tensions. Meanwhile, the pace of earnings revisions (the ratio of upward to downward revisions by analysts) is slowing as earnings season enters its climax. Cracks in the credit market following the loan defaults of two regional banks have further exacerbated market anxiety. Wilson wrote in a report, "We must see clearer signs of easing trade tensions, stabilizing earnings per share forecasts, and more ample liquidity before declaring the risk of a further near-term correction definitively resolved." Despite his short-term caution, Wilson believes his "rolling economic recovery" theory holds true over the next 6-12 months.Market news: A 5.7 magnitude earthquake occurred in the Philippines.On October 20th, Monex Europe analysts noted that the euros near-term appreciation remains constrained by weak growth and fiscal concerns in the eurozone. The bank believes that if market risk appetite remains strong and interest rate differentials continue to tilt in the euros favor, the euro still has room for modest gains. However, the analysts emphasized that "persistent concerns about eurozone economic growth and fiscal pressures mean that sustained euro appreciation will be difficult until there are clearer signs of endogenous resilience," contrasting with Monexs relatively optimistic outlook for the eurozones medium- and long-term prospects.

3 Cryptos That Can Create a New Wave of Millionaires by 2026

Skylar Shaw

Oct 17, 2022 16:06

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An very harsh crypto winter is now underway. Undoubtedly, this bad market cycle has persuaded many investors to reevaluate their stance. A defensive shift away from growth assets and into safe havens has occurred in response to the general gloomy attitude. As investors wait through this selling phase, prices for the majority of cryptocurrencies have decreased as a result.


Particularly in the crypto industry, there seems to be a flight to safety. Many investors are shifting their focus from businesses with underlying intrinsic value to those with meme tokens and other more speculative enterprises. This makes sense since popular cryptocurrencies are likely to get greater capital inflows than their less popular competitors.


In light of this, it may make sense for investors wishing to diversify into this asset class to choose from the best-ranked and highest-quality cryptocurrencies. Here are three of my top recommendations for long-term investors seeking for cryptos that may help them become millionaires.

Coin Binance (BNB)

Binance Coin is one of the biggest-cap cryptos out there that, in my opinion, doesn't get enough attention (BNB-USD). The native cryptocurrency of the Binance exchange and the BNB Chain, BNB is ranked #5 among all tokens in terms of market capitalization.


The biggest centralized cryptocurrency exchange in the world is Binance. Investors in BNB may thus have direct exposure to a fairly reliable proxy for the whole space given the significance of this exchange to the efficient operation of the industry. This is a key tenet that many long-term investors in this initiative subscribe to.


In comparison to other crypto exchanges, Binance has performed well. Even if a recent attack raised some concerns about security, it is obvious that as an exchange grows in popularity, more people would want to test its security. In light of this, maybe this completes the fantastic environment that the development team at Binance has created.


I believe that this exchange will continue to rule the market in the long run. Although there is competition, Binance and BNB should continue to be on long-term investors' radar screens for cryptos that may lead to billionaire status.

Solana (SOL) 

Solana is another coin that I believe has the potential to be a top millionaire-maker in the future (SOL-USD). Investors are exposed to one of the crypto networks that is expanding the quickest. The remarkable ecology of Solana attracted a lot of attention last year. But among the top 10 tokens, this one's decrease this year has been among the worst.


Similar to Binance, Mango Markets, a Solana-based DeFi trading and lending platform, has had a significant attack. In this incident, $100 million worth of cryptocurrency were being held for ransom, and the hacker is purportedly wanting to restore the money awaiting the settlement of a bad debt.


Solana still has security problems, and its declining token price reflects the market's perceptions of this. Having said that, I believe this is a platform has the underpinnings to continue moving higher over the long run, should Solana be able to tighten up its code.

Ethereum (ETH) 

Finally, we have Ethereum, which is now among my top recommendations (ETH-USD).


The majority of the benefit we see being provided by the realm of decentralized finance is supported by Ethereum, a top-tier cryptocurrency project. Ethereum is the primary engine driving the majority of this innovation and disruption, whether it be in DeFi, NFTs, gaming, or a variety of other applications and use cases.


The "Merge," a recent large improvement to this network, has paved the way for future enhancements that will increase efficiency. This update now seems to have gone off without too many hiccups. As a result, one may anticipate some form of price increase.


Well, the market is no longer on a bull run. Following the Merge, Ethereum is now trading for less than $1,300, which illustrates the degree of market pessimism. I believe Ethereum will appreciate in value over time. It is unclear exactly when and how much will change.


Ethereum is one of the best cryptocurrencies to purchase right now if you want to become a billionaire by banking on the creative and disruptive characteristics of this industry.

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