DCU - New Global Market Cap ATH
Market Performance (Global Market Cap):
- 24-hour gains: +7.6%
- August gains: +66.2%
- Year to date gains: +767.8%
- 24-hour gains: +5.2%
- August gains: +63.5%
- Year to date gains: +1,296.3%
- Gridcoin: +50.6% (long term hold for this)
- Swarm City: +20.6% (long road back after price retracement and ICO hack)
- CoFound.it: +20.5% (starting to show nice signs of growth following price drop when it hit the exchanges)
My portfolio made a nice +5.2% jump today, tracking behind the market growth of +7.6%. While most of the portfolio has made impressive gains, I am also tracking slightly behind for the month but well ahead of the year:
- Day: not holding a significant position against Ripple kept me behind on the 24-hour tracking
- Month: missing out on some high performing smaller altcoins such as QTUM and OMG and focusing on stable coins has de-risked my monthly growth at the expense of outperforming the market
- YTD: in opposite to my monthly tracking I am outperforming for the year as I was investing more in high performing altcoins before (lucky gambles)
Global Market Cap
The global market cap has finally broken out of the £145bn wall and lifted the whole market, crashing through the $150bn market cap barrier and currently sitting nicely at $153.6bn. While always cautious we have three future market cap targets which if we hit it will raise further awareness and global adoption of Crypto, $250bn, $500bn and $1tr. These may never happen, but if they do, we will likely see acceptance and wider adoption from traditional markets and institutional investors, bringing with it both liquidity and regulation (if they can).
While I am always cautious and get especially nervous when we hit new ATHs, fearing a correction, I am feeling more and more confident that we have a long rally ahead of us. Every day I am reading more and more news about investors joining the Crypto market and wider adoption within financial markets and reporting. There is still plenty of room for BIG money to come in as investors who have kept away from Crypto are unable to avoid the temptation of the gains they are hearing about.
Coindesk covered the breakthrough of $150bn. The blockchain is here to stay and the markets will trade it higher.
The price gains for Ripple has contributed to the growth of the Global Market Cap, and the coin appears to have broken its downtrend with +80% gains for the week. I am unlikely to invest in Ripple unless it sees some drop. I still have concerns, and I don't believe anything significant has happened in the last few days to justify this change in price. I can't invest in something which jumps so high after a couple of fancy Tweets.
Resilient as ever, Bitcoin didn't stay under $4k for long as it back at $4,205.61. I feel it is only a matter of time before we test the $5k price point. This is a time where I will be watching the markets carefully for a sell-off, which will happen. It is just whether it is a short term sell off followed by further gains or the market correcting.
- NEO: has broken resistance and back at $42.41, need to see where it finds range
- Monero: pushing closer to the $100 with a bumpy upwards range and will likely break through $100 by the weekend ready for trading on Bithumb next week
- Dash: looking like it will test $300 again soon, will be a good test if it can hold and I would expect another wave up before consolidating for a while
- Ethereum: ranging up too and I would expect a £350 test soon and hopefully push towards a new ATH
- Iconomi: flat for the week, I think this may be a longer term play now as they give time for the platform to perform, will likely spike on various news events so is a hold rather than trade against the charts so much
It is days like today which feel good; the market is buoyant, the news is good and almost everything is up. Don't be surprised if we retrace back tomorrow. All depends on how the leading market cap coins perform.