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Today we continue to talk about our experiment with rebalancing a portfolio from the Top-5 cryptocurrencies. Last time the growth was significant and the value of our portfolio exceeded $20,000 for the first time. This coincided perfectly with bitcoin breaking the $20,000 mark.
Let’s take a look at how our portfolio structure has changed over the past week and what we can expect from coins in the last week of 2020:
Our portfolio continues to grow and this time increased by 8.8%. This is another historic record during our experiment. Our portfolio value has already increased by 228% since the end of May 2020. As you can see from the table, there were a lot of events during the week that significantly influenced the entire portfolio.
First of all, this concerns the CRPT coin, which grew by almost 100% in 7 days! No coin had such a high result during our experiment. Over the past month, we have constantly talked about the fact that the coin will soon see very strong growth. And 7 days ago, many signs indicated that CRPT is ready for explosive growth and we told you about it. Our forecasts came true.
XRP, on the other hand, set an anti-record during our experiment, as its price dropped more than 2 times in 7 days – by 52.63%. This was due to the fact that the SEC filed a lawsuit against Ripple and their founders for the illegal distribution and sale of XRP in the amount of $1.5 billion. This is all very bad for XRP in the long term. In the coming days, we expect a rebound in the $0.30 – $0.35 range.
LTC this time showed the 2nd result with a growth rate of 13.36%. As we expected, within a week it went down to the $100 level. On the 4-hour timeframe, a head and shoulders pattern has formed, which is a reversal in an uptrend. Therefore, we expect LTC to decline in the $85 – $90 range.
Bitcoin also posted good gains over the week as its price gained 5.26%. So far, the price continues to move in a wide sideways channel $22,000 – $24,000. The optimal trading strategy for this coin is to buy from $22,000 and sell for $24,000. If the price consolidates above one of these levels, then we can expect a new upward breakthrough (consolidation above $24,000) or down (consolidation below $22,000).
Ethereum fell 9.56% over the week, but the bulk of the fall occurred yesterday. Prior to that, the ETH price set a new annual high at $675, just a little short of our forecast for growth to $690. Now Ethereum has broken through the uptrend line and consolidated below it. Therefore, in the near future, we expect a retest of the trend line to the level of $600 and then a decline to $540 – $550.
Our portfolio has changed a lot this week. The long accumulation of CRPT finally paid off and helped grow the portfolio by almost 10%. It also helped offset the XRP crash. The deviations are very strong, so we will be rebalancing. We will sell 45% of the CRPT position and 4% of the LTC position. We will use the proceeds to buy the remaining assets:
The past week has been a busy one for our portfolio. The volatility in the market has increased dramatically and this is reflected in our assets. However, the next week may become very dramatic, as the end of the year is close and many will fix their positions.