Crypto Daily: Top-5 Portfolio Decreases Below $40,000

Jul 08, 2021
06:07
2 min reading

Choise.com team

Last time, its value increased by almost 7% and exceeded the $40,000 mark. There have been many changes in the market since that moment. Let’s take a look at how the portfolio has changed this time:

This time, it dropped below $40,000 again and showed a fall of 5.43%. It is important to note that all assets from our portfolio showed negative dynamics and lost in value. For two months the market has not been able to recover and is moving inside a side channel. The same can be said about our portfolio, the value of which has been around $40,000 for a long time.

Ethereum lost the least in price, which fell by 0.16%. It should be said that the fall affected him only yesterday evening due to the general decline in the market. Prior to that, Ethereum showed good upward dynamics and was almost the only asset that pulled the market up. We already said yesterday that the ETH chart is testing the lower boundary of the channel and may soon drop to $2,000.

Bitcoin lost slightly more, falling 4.33%. Interest in the first cryptocurrency dropped significantly after the fall. It is possible that the summer vacation period, during which investors leave the market, also had an impact. Significantly dropped trading volumes and low volatility indicate this. For a long time, the Bitcoin chart has not been able to break through the resistance and there is a high probability that in the coming days its price will again drop to $30,000 – $31,000.

Litecoin dropped 5.87% over the week. Last time we said that its price moves inside a descending channel. At the same time, over the last week, the chart practically stopped showing any strong movements. Its price has been moving exactly around the Bollinger Middle Line for five days, and this also indicates the weakness of buyers. Considering this factor, we expect the chart to descend first to $120 and then to $100.

Next came XRP, which dropped 7.7% over the week. Its price came out of the rising wedge to the downside, as we expected. Otherwise, the situation is very similar to LTC, as buyers are not at all eager to buy this asset. Over the next week, we expect to see an even stronger decline in the price of this asset up to $0.53.

The CRPT chart fell the most this week, shedding 14%. The price of the coin is in a downward channel and cannot get out of it yet. The increase in trading volumes could not have a significant impact on the chart and CRPT continued to descend. However, unlike other coins, all technical indicators indicate that the asset is oversold, which can be an excellent area to enter this asset.

Our portfolio structure has changed a lot this week and therefore we will be carrying out a new rebalancing. This time we will sell part of BTC, ETH and LTC and use the released funds to buy XRP and CRPT.

The current market has weakened a lot in the last month. That is why a downtrend is now the most preferred. If you hold cryptocurrency, it’s better to put them on a savings account and get interest up to 15% APR. Before the crypto market starts to grow again, we may see one or two major declines, after which we can think about entering positions and invest for a long time.