Crypto Daily: Top-5 Portfolio Decreases Below $70,000

May 13, 2021
07:05
2 min reading

Choise.com team

Last week, our portfolio grew by 11% to reach $74,000 again. After that, the crypto market showed growth for most of the week, but literally yesterday it has fallen by 15%. Let’s take a look at how this affected our portfolio:

The value of our portfolio has again dropped below $70,000 and currently stands at $69,827. Thus, the fall was 6.5% over the week. At the same time, until yesterday, the prices of almost all coins from our portfolio were higher than last week. The crypto market has once again presented us with an unpleasant surprise in the form of a collapse.

The leader of growth this week was CRPT, which gained 15.5%. The project team has raised $3.5 million in investments for the development of additional services and is preparing for listing on the KuCoin. This triggered a new round of growth. We assume that over the next week the price of CRPT may rise to $0.40 – $0.44.

Ethereum also posted strong gains despite yesterday’s drop. Its price rose 12% over the week and fell significantly less than the rest of the market. At the same time, literally yesterday, the price of ETH rose to $4,372, or by 25% in 7 days, but the overall market decline neutralized this growth. The chart has been showing an upward trend for a long time and, most likely, this will continue in the coming days. We expect to see Ethereum rise to the $4,500 – $5,000 range.

Litecoin has dropped by almost 7% over the week and is now trading near the $325 mark. As we expected, last week its price rose to $400 and set ATH at $413. Sellers activated at these levels and lowered the price by 25% in just a couple of days. Now it is difficult to say where the schedule may move in the near future. The nearest support from below is $300. It is possible that the chart will move sideways around these levels.

Bitcoin price dropped significantly over the week – by 12.5%. However, all this fall occurred yesterday, during which the price fell by $12,000 to $46,000. After that, the price bounced back to $50,000. The drop is attributed to Elon Musk, who said he is suspending sell Tesla cars for Bitcoin due to the environmental impact of mining. For Bitcoin, it is not clear in which direction the chart may move now, so the best option now is to wait.

But XRP has been falling for most of the week and as a result, its price has decreased by 23% and is now $1.31. The chart has reached the lower boundary of the even triangle and this could become a pivot point for XRP. In this case, the price of this cryptocurrency may grow by 20-25% up to $1.61.

As a result of yesterday’s fall, the ratio of cryptocurrencies in our portfolio changed significantly and went beyond the established boundaries. Therefore, today we will carry out another rebalancing of the portfolio. We will sell part of CRPT and ETH, and with the released funds we will buy BTC, XRP and LTC.

The past week was unsuccessful for the market due to yesterday’s collapse. In the course of it, there were liquidations in the amount of over $3 billion, which is a significant number for the crypto market. Now you need to carefully watch how the market will behave in the coming days because the likelihood of a fall remains.