10k Portfolio experiment – 10 Cryptocurrencies at 1k each #22.05.2018
Things are looking a lot better than at the beginning of april. EOS has had a tremendous run up, but so have the other coins in my portfolio.
I am still in the red with this experiment, but there is green light at the end of the tunnel with the first coin to come back from the sea of red and turn green.
The following table is a snapshot of coinmarket.com prices on the 22.05.2018
Here a quick throwback to the values on the 05/04/18
Bitcoin and ETH had
A small descryption of each currency in this portfolio
- Bitcoin – considered as gold 2.0
- Ethereum – programmable contracts and money
- Litecoin – Bitcoin with faster transaction and lower fees
- Raiblocks –
- NEO – Chinese Market Ethereum
- IOTA – Internet of things payments M2M
- Substratum – Decentralized VPN Network
- EOS – Decentralised applications on WebAssembly
- Cardano – Layered currency and contracts
- ICON – Crypto to Crypto transactions
We are currently at a loss of nearly 3865$. A 40% loss. However, the market has recovered quite a bit and we will soon be seeing greener days.
Thanks to the upcoming EOS Mainnet launch we experienced a very nice run-up up to 22$. The price corrected back down to 12.94 which puts us back in the green with EOS. Let’s see which coin will turn green next.
Bitcoin and Ether are also looking a lot healthier. Bitcoin at 8200 and ETH at 700$ is definitely much better than the aweful prices we saw at the beginning of last month. A small little Bitcoin nugget. Yesterday was the 10’000 BTC Pizza Birthday.
The #Bitcoin pizza is worth $83,131,600 today. (-2% from yesterday) Today is Bitcoin pizza day!
— Bitcoin Pizza 🍕 (@bitcoin_pizza) May 22, 2018
Even though I would have cut my losses at 20% in a normal scenario you can read here why hodling is not always the best strategy.
This experiment will be going on for a longer period of time, and I am confident that at the end of the year we will be in the green.
Not good right? In the case of this experiment I decided to hold my coins longterm. They can go to 0 and it would be written off as a learning experience.
Reasons for the bear market?
There are many reasons. Here are a few:
- Not enough new buyers and the hype died off. Look at the correlation between bitcoin price and “buy bitcoin” google trends
- Market cycles – Like stock markets the cryptocurrency market needs to find an equilibrium after a big bullrun
- Uncertainty and market manipulation by bigger players
What is the reason behind this experiment?
In many cases people say that you can profit more by doing nothing. Not trading and just holding your coins for a long time. I want to see if this statement is true. That is why I did this experiment.
At the same time I trade other cryptocurrencies selling a portion when they go up and buying back when it goes down. It is easier said than done because very often you get attached to a project and do not want to believe that you made a mistake.
You can find the backlog below:
Let’s see how our next update looks like.
Have a great day : )