DCU - Monero Breaks Out (21st Aug '17)


Portfolio Performance

  • 24-hour gains: +1.02%
  • August gains: +55.3%
  • Year to date gains: +1,226.7%

Portfolio Update

Biggest movers: 

  • Monero: +38.5% (more about this below)
  • Augur: +17.7% (another old fav)
  • Ethereum: +10.2% (heading back to $400)


Monero made an epic breakout this morning, flying through its previous all-time high of $59.53, hitting a high of $95.08 though it has now settled around $75 and joined the billion-dollar club.

I have been a long-term fan of Monero, first investing in January when the price was £9.03 and loaded up twice more in February at £10.08 and £10.99. I've held all year and again loaded up again in June at £40.43 as Monero has proved a resilient and stable coin, which you know I love.

I have often said that I think it is one of the most undervalued top 20 Crypto coins. It has one of the smartest development teams and a level headed community who doesn't get sucked into memes and price gains, letting the technology speak for itself. 

While I love Dash and the mining rewards structure which gives a budget for innovation and marketing, I've felt that Monero is missing this benefit. I even raised this on Reddit and was rebuked, which I accept. We don't all have to love marketing.



Only yesterday in the Daily Crypto Update I was discussing Monero and how it was underpriced. My prediction was that if it could break through the $60 price resistance marker then it could see some nice gains and I have been hopeful of a $100 target. I do though accept this was quite unrealistic as Monero doesn't tend to see parabolic moves, which is why it is one of my stable growth coins.

All this went out of the window this morning when I opened my Blockfolio app to see my holding had jumped over 60% in value. Turns out Bithumb have confirmed they will be listing Monero which has spiked the price. Bithumb is the second largest Korean exchange, and Korea itself has been one of the key drivers of volume for some currencies.

It's tough to say whether this is a time to enter Monero. The news might be priced in now. Equally, we could see another couple of waves up. My prediction is that the price will go up once trading commences on August 27th but please trade with caution as this is no guarantee.


Ethereum is also continuing to work back towards its all-time high of $415.31 and is currently trading at $331.81, a welcome relief to the long-term holders. The Devcon3 Ethereum conference is on the radar (November 1st - 4th), and this will likely see news and announcements to push the price further. I am confident of Ethereum setting a new all-time high within the next few weeks and subject to no major market crash, a $500 target this year could easily be achieved.


Dash is trading a little sideways/down, but I still think we have another short-term wave to come and the price could also reach $500 this year. I believe that it will be important for the next wave to push through and hold $300 for us to hit my price target by the end of the year.


NEO is continuing to trend down and is now testing resistance at $35, a drop of around 31% from the high of last week. My worry is that with everything happening with the coins mentioned above and the Bitcoin v Bitcoin Cash war ongoing it may drop further, but I am waiting for it to find a boring zone and trade sideways so I can enter again.


Iconomi has been making nice steady moves this week. My lowest market cap Tier 1 coin, a steady +15% for the week.


Other favs: Edgeless +8%, Steem, Factom +8% (+41% for the week) and Gridcoin +9% have all making moves. The problem I am finding with my portfolio is that all my gains are being wiped out by drops in other coins. I am considering that I will need to start rebalancing my portfolio more regularly to take account for pump days.

Global Market Cap

We're still moving sideways on global market cap hovering and butting up against the $145bn market cap, and even with all these big gains on coins, my total portfolio is only moving up slightly.

I'm feeling a little more confident than normal and think we may be heading for another market cap wave up which will be ideal for the smaller altcoins. Time will tell. Either way, I will be rebalancing my portfolio and considering parts of my strategy this weekend when I get back from Spain and before I head out to LA.