Last week our portfolio decreased by 6% and we were rebalancing. But just yesterday, one of the most dramatic and memorable falls in the crypto market happened, during which many cryptocurrencies fell by 30% – 50%. Let’s see how this affected our portfolio:
As you can see from the table, our portfolio was severely affected by this drop. Its cost has dropped from nearly $70,000 to $53,000. Thus, we have lost $17,000 or 24% over these days. The entire past week has been extremely negative for the crypto market. The volume of liquidations on the crypto market this week amounted to more than $15 billion. 99% of all altcoins fell, each of the coins in our portfolio fell significantly.
XRP fell the least this week, with a decline of 11.45%. At the moment, the price of the cryptocurrency is $1.16, and with yesterday’s fall, the minimum was $0.85. Despite such a strong drop, the XRP chart is still in an uptrend. We think that in the coming days we will see consolidation near the current levels.
But Bitcoin fell by 20% in a week. Moreover, during this time there were 3 major declines, during which there were large liquidations in the market. Bitcoin dropped to $30,000 yesterday, but today it has already bounced up 30% from the low. After such a strong fall, we expect the price to move sideways. Market participants are not yet eager to buy Bitcoin and this can lead to long-term stagnation on the chart.
Yesterday’s drop also affected CRPT, which dropped in price by almost a third. Throughout the week, the CRPT confidently held the $0.31 level, despite significant drops in Bitcoin. However, the whole market fell yesterday and this largely affected altcoins. CRPT rebounded from a strong support level and in the coming days may rise to a range of $0.28 – $0.30.
Ethereum fell even further in price and returned to the old upward channel. This drop was the culmination of a decline in ETH after hitting ATH at $4,372. As a result, many indicators were significantly unloaded and reached their lower bounds. Today, some of them have already begun to turn upward, which speaks in favor of growth. Over the next week, ETH may reach $3,000 – $3,200.
The biggest drop in our portfolio was LTC, which fell 37% over the week. LTC broke the uptrend from top to bottom and this is a warning. Now you need to carefully monitor whether the chart can return back and after that you can make decisions for trading LTC. We expect to see a retest of the trending line at $233.
We will not rebalance today. Despite the fact that all the coins from our portfolio fell significantly, they continued to remain in the acceptable shares for our portfolio.
The past week turned out to be one of the worst in the history of the cryptocurrency market. Its capitalization has decreased by a quarter and now stands at $1.7 trillion. On the other hand, altcoins fell stronger than bitcoin during this fall, which may indicate the end of the altseason. The next week will be largely decisive for the entire crypto market.