Crypto Daily: Bitcoin Has Broken Through 20,000! Top-5 Portfolio grew by 13%

Dec 17, 2020
15:12
2 min reading

Choise.com team

Today we are continuing our experiment on rebalancing a portfolio from the Top-5 cryptocurrencies. Last week we saw a long-awaited 6% correction, resulting in our portfolio losing more than $1,000. Let’s take a look at how our portfolio has changed over the past 7 days:

Over the past 7 days, our portfolio has grown by $2,500, or 12.92%. This is one of the best results during our experiment. For the first time, our portfolio has broken the $20,000 mark, which means that since the beginning of our experiment at the end of May 2020, its volume has more than doubled. Much credit goes to Bitcoin, which rose 15% just yesterday.

However, it was not Bitcoin who became the leader, but Litecoin, which grew by 21.82% over the week. As we expected, Its price bounced off the downtrend and moved up. The Double Top pattern has been destroyed and the chart is now testing strong resistance at $92. If we manage to gain a foothold here, the price may rise to $120 and even to $140.

With a slight lag behind LTC is Bitcoin, which grew by 19% in a week! At the same time, most of the growth took place precisely on yesterday, when Bitcoin broke through the key $20,000 mark. We expected such a development of the event and predicted at the beginning of the week, that Bitcoin is preparing to break through and conquer the historic peak. It is difficult to plan anything now, so you need to wait and see how it will behave.

The third line was taken by Ethereum with a growth rate of +13.98%. Just like Bitcoin, the bulk of the growth fell on yesterday. Ethereum was able to set an annual high of $652. The next target will be the $690 – $720 range. This is where ETH may go in the coming week. This option is possible in the event that Bitcoin drops sharply.

XRP has been falling for most of the week, and even yesterday’s growth of 21% did not help grow in an interval of 7 days. The price dropped by 1.19%. This coin is the only one of the altcoins that have failed to approach the annual highs. All of this is due to the fact that at the moment, XRP has its own chart structure. At the same time, we expect continued growth to $0.70, as the price has broken through the “descending triangle”.

CRPT, on the other hand, continued to decline this week and did not follow Bitcoin. This may sound like a bad sign, but it is actually a good thing, as it allows you to diversify your portfolio. This means that soon, we will see a new big alt-season and CRPT will be able to show growth during this period by hundreds of percent. We have already seen this 4 times in the 2-year history of the coin.

We will be rebalancing this week, as the share of coins in the portfolio has changed a lot. We will sell Bitcoin, Ethereum, and Litecoin and buy XRP and CRPT with them. Last time, we managed to significantly increase income with the help of such actions as early as the next week. Let’s see what happens this time.

The past week turned out to be extremely positive for the entire market, but now it can be very dangerous to enter into Bitcoin trades. It is necessary for the market to calm down a little so that we can understand where it will go next.