Crypto Daily: Top-5 Portfolio Is Slightly Higher

Jan 13, 2022
12:01
2 min reading

Choise.com team

Today, we continue to talk about our experiment with rebalancing a portfolio of Top-5 cryptocurrencies. Last time, it was down 6% and amounted to $52,000. However, the market experienced a few significant events this week which should have affected the assets in our portfolio. Let’s take a look at how it looks like now:

As it can be seen from the table, over the past 7 days the portfolio volume has increased by almost $1,000 or 1.7% and totaled $53,348. This growth can not be considered notable but it’s still a good result taking into account an overall bearish sentiment. The coins showed different dynamics which also indicates a shaky market.

CRPT has grown the most for the second week in a row. As of today, the asset has increased by 7.1% and, in general, the chart goes against the market. CRPT approached the upper border of the sideways channel and tried to break through it two days ago. That time, the chart failed to do this and slightly rolled back. Meanwhile, we saw an increase in trading volume which is a good sign for further growth. Within a few weeks, we expect CRPT to exit the sideways channel and rise to $0.20.

Next comes Ripple which has risen by 3.58% in 7 days. The chart has remained almost the same and XRP is still moving within the descending channel. On January 10, the price reached the lower limit again, but buyers managed to push it back up. There is a high probability of growth by another 10% up to $0.85 which is now a key level for XRP as this is where the downtrend line runs.

Litecoin rose by 3.17%. As a result, the price consolidated above the local downtrend, opening its way to $151 and then to $170. At the same time, LTC is copycatting the Bitcoin behaviour, so you need to take this into account when trading or placing short stop-losses.

The last asset that demonstrated growth was Bitcoin. However, it increased by only 0.5% which is more like the sideways movement Bitcoin has been showing for more than a week. In the last two days, Bitcoin has already grown by 10%. Despite this fact, the probability of further drop is still high. But before that, we expect to see Bitcoin going up to $46,000, which is a major resistance level.

The only cryptocurrency that lost its value was Ethereum. Its price has decreased by almost 3% in a week and now the asset sits at $3,345. Yesterday, the chart touched the local resistance level of $3,400 and stagnated around the middle line of the descending channel. At the present moment the situation looks uncertain, but we assume that Ethereum is more likely to fall even further.

The asset prices in our portfolio have not changed much this week and have generally shown an upward trend. Therefore, all cryptocurrency values remained in acceptable limits, so we will not rebalance this week.

The last 7 days turned out to be negative for the market which experienced a significant drop again. Meanwhile, the fact that prices managed to rebound does not inspire optimism and hope for a new cycle of growth. Now, the best option is to wait for some real reversal patterns.