Crypto Daily: Top-5 Portfolio Grows Along With the Market

Feb 03, 2022
12:02
2 min reading

Choise.com team

Today, we continue to talk about our experiment with rebalancing the Top-5 portfolio. Last week, it declined to $47,767, after a long time so we had to rebalance by selling part of the CRPT stash. Let’s take a look at how our portfolio has changed over the past 7 days:

As you can see from the table, the value of our portfolio has increased by 3.5% so far and amounted to almost $50,000. This was facilitated by an overall rise of the market, which has been slowly growing all this time. Meanwhile, if not for yesterday’s fall, these figures would have been even higher. Almost all assets in our portfolio performed well.

Ethereum grew the most, by a wide margin. The ETH price jumped 11.7% to $2,657. Yesterday, it even approached $2,800 but we warned that the chart could turn down soon and this is exactly what happened. Ethereum fell by 4% and this is just the beginning. We still expect the most popular altcoin to slide down to $2,100 – $2,200.

Next comes Litecoin, which rose by 3.25%. In this case, the chart is moving by inertia after Bitcoin and does not have a pronounced ascending structure. Moreover, LTC still sits at the global support level of $100 – $105. If we see another market drop, it will easily break this zone and reach $90 at best, or plummet to $67-$75 in the worst-case scenario.

Bitcoin showed a result similar to that of LTC. The BTC price increased by 3.15% and now it totals almost $37,000. Yesterday, Bitcoin tried to break the $39,000 level, but failed. Moreover, there was an intensive selling that finally triggered a bearish wedge pattern to appear on the chart. In addition, yesterday’s daily candle closed, forming a powerful bearish engulfing, which means that new falls are inevitable. Most likely, we will see a new collapse to $30,000 – $32,000 in the coming days.

XRP added 1.25% to its value, which cannot be considered a significant increase. The chart has finally started a sideways movement and has entered a downtrend. The $0.65 mark is now the main resistance level and there was no way buyers could overcome it. Moreover, XRP has bearly followed the market and this is a very bad sign, which indicates a lack of buyers. We expect to see the price fall again to $0.50 and it is possible that buyers will step up here. If this does not come into reality, then the price may decrease down to $0.40 by inertia.

CRPT lost 0.72% of its value. However, at the same time on Monday, January 31, the token price reached $0.32, thus soaring 45%. And then the chart began to slowly decline. Crypterium is still moving its own way and the market sentiment does not have a significant impact on it. As of now, the chart has begun to form a “falling wedge” pattern, so we may see CRPT drop to $0.17, which will be followed by a rebounce to $0.26 within a week.

Last week, all assets in our portfolio remained within acceptable limits. Thus, we will not rebalance the portfolio this time.

Over the past 7 days, the overall growth of the market has been rather weak and manipulated, which we have been talking about all this time. Yesterday, our predictions turned out to be correct. So far, this is only the beginning and the main fall still waits ahead. Most likely, we will see another 10-15% decline by the end of the week, so get prepared for this scenario to take place.