DCU - The Unstoppable Crypto Market (29th Aug '17)
I have been busy working on the site, traveling and making my first video blog so again we have another a 72 hour update:
Market Performance (Global Market Cap):
- 72-hour gains: +5.7%
- August gains: +78.8%
- Year to date gains: +833.3%
- 72-hour gains: +5.8%
- August gains: +85%
- Year to date gains: +1,480.6%
My portfolio continues to make excellent gains, tracking just ahead of the global market cap over the last 72 hours, nicely ahead for August and still considerably ahead for the year.
Global Market Cap
The Global Market Cap continues to set new highs as the Crypto market continues to make steady and continuous gains through August. The growth trajectory feels very similar to April/May so I am looking out for signals of a correction, but it just isn't coming. I track my daily growth for my entire portfolio, and I only have a single red day, 13th August, where my portfolio dropped 0.12%. Amazing really.
The market gains are being driven by strong performance for all leading Crypto assets through August with the top 13 coins now all having a +$1bn market cap.
After trading sideways for the last two weeks, Bitcoin made a new breakout today, hitting a +$4,625, though it is now sat at $4,592. Bitcoin is going from strength to strength and showed strong support above $4k, and it feels inevitable that it will attempt $5k very soon. I've mentioned before that this could have a variety of outcomes:
- As an emotional marker, it could see a sell-off, likely at just before $5k
- The price drives another wave of wider news bringing more investors into the market, driving the price up further
It is hard to predict as both Bitcoin, and the market is performing way ahead of any predictions this year. We are in unchartered territory so, as ever, my strategy will be to hold through this.
Bitcoin Cash is in decline from its peak of +$915, ten days ago. I am worried about it. I have always taken a neutral position in the battle between the two Bitcoin's, allowing those who understand the tech to battle it out and let the market decide if there is a demand for both.
Unfortunately, it feels like Bitcoin Cash does not have the support it requires to maintain its current price and I expect that it will continue to fall unless some serious investors get behind it. I expect over the coming weeks it will find a natural market price and then I can consider my strategy for it again. For now, I will continue to hold.
Good news with Ethereum, it is continuing to make nice gains and is now within $40 of its all time high. Back at the end of June, it was trading at +$400, but the price gains were too quick, and there was a sharp sell-off back down to around $141. Many new investors were burned though I know others have held tight.
Ethereum is a great project and deserves to return to previous trading highs. I expect we will set a new all time high in September and if there is no market crash, then a $500 - $600 price is possible.
Dash has maintained a good price range after breaking to $400 and is now trading between $350 and $370 having made a jump of +100% this month. Dash tends to not retrace back too much after new spikes, likely down to the restricted supply via Master Nodes and the different mindset I find with Dash investors. Still my fav coin and still a long term hold.
Very similar to Dash, Monero has maintained a tight price range after the massive +225% gains for August. It feels like the Bithumb news was priced in before trading started. I though feel that Monero will perform well through the rest of the year and I expect at some point it may even overtake and stay above Litecoin.
Others Tier 1 Investments
With regards to other top coins:
- Litecoin: also making gains having broken through the $60 marker, I had been tempted to sell off Litecoin since the Bitcoin scaling issues were solved. I had concerns about where it fits into the market but it is still being supported, so I am going to continue to hold.
- Iconomi: having been in slow decline for the last month I am aware of many people having concerns about Iconomi as an investment. It dropped quite heavily at one point today but found support. I do expect it to find a trading range and move sideways. I am considering another investment.
- NEO: continues to fall, has yet to find a range and is quite down from its all time high. Will likely present a new entry point soon.
There have been impressive moves across a lot of my altcoins, especially my tier 2 investments:
- Komodo: nice upwards trajectory and solid gains, could test its all time high by the Autumn
- Syscoin: huge gains today, +45%, could test its all time high price within a week if support continues
- Lisk: continues to make substantial gains though I am worried this is now overpriced, I am watching carefully
- MaidSafeCoin: set an all time high this week which I am pleased about as I made a significant investment in this project before the crash, it is one of my steady growth coins
- Ark, Pivx and Blocknet have also made impressive gains. The whole market just goes from strength to strength and every day I could just list who is making gains. Even some of my older negative trades are approaching green status, specifically BAT, ZenCash, RLC and Matchpool.
There are also some new coins making dents in the top 100 that I haven't heard about. It is getting too difficult to find about all new or growing coins and trade them. Today I became aware of HShare joining the $1bn market cap club, a coin I know nothing about. I do though have my suspicions looking at the trading volume, so I am staying away.
Hopefully, everyone is making money, let's see how long the rally continues. As long as new money keeps entering the market, we may continue to see gains. A correction will come, timing it is the key.