Today we continue to talk about our experiment with rebalancing a portfolio from the Top-5 cryptocurrencies.
Let’s take a look at how the current market situation affected our portfolio:
As you can see from the table, our portfolio has grown by $11,000 or more than 17% over the week. Thus, it has shown significant growth for the third week in a row. Our portfolio has almost reached its all-time high, to which it lacks currently only $600 or 0.8%.
The undisputed leader of growth this week was CRPT, the price of which increased by 68%. For the second week in a row, this coin holds the lead in growth, which may indicate strong fundamental events. We have already said that CRPT was in the accumulation phase and waited for such a development of the event. However, this cannot be called a final movement. A double bottom pattern has formed on the chart, which will only intensify the upward movement over time. In this case, the CRPT can quickly reach the $0.40 mark.
Ethereum is on the second line in terms of growth. Its price increased by almost 15% and crossed an important psychological milestone at around $4,000. Most of the gain has come in the last 2 days, when the chart is up 12%. The price came as close as possible to its past ATH, to which $200 was not enough. As a result of such a sharp rise, many indicators have moved into the overbought zone, so in the coming days a slight decline to the level of $3,900 – $4,000 is possible. This movement will be a retest of the downtrend line and will help accelerate the upward movement of the chart up to the range of $4,500 – $4,600.
Litecoin showed almost identical growth with Ethereum, which increased by 14.76%. The price broke through an important resistance level and consolidated above $200 for the first time in a month and a half. There is a high probability that LTC will reach the $230 – $240 range in the current growth cycle. At the same time, in the next few days, a slight correction may occur in the range of $192 – $200.
Bitcoin also showed strong momentum and rose 11% over the week. Moreover, yesterday it set a new all-time high at $67,000. At the same time, the situation now looks quite contradictory. On the one hand, there is high overbought, no correction of growth and a high greed index, and on the other hand, there are strong fundamentals that push the price up. Therefore, the best solution now would be to wait a bit and see how events unfold.
XRP showed itself the worst of all, the price of which practically did not change in any way and remained at the previous levels. However, on the 4-hour timeframe, the chart has formed several reversal patterns, which indicate a possible rise up to $1.31. It is there that an important resistance level is located, to which the price will strive.
Many assets in our portfolio have experienced significant growth this week, resulting in a large imbalance. Therefore, today we will carry out a new rebalancing. To do this, we will sell part of the grown CRPTs and use the proceeds to buy the rest of the coins in order to return them to acceptable shares:
The current month is very positive for the entire cryptocurrency market so far. Its capitalization for the first time reached $ 2.6 trillion, which is the absolute maximum. At the same time, the uptrend is quite strong, so we can see a new round of growth in all markets in the coming months.