Today, we continue to talk about our experiment with rebalancing a portfolio from the Top-5 cryptocurrencies. Last time, the volume of all the assets from it decreased and this has already happened 5 times in a row. This underlines the downtrend spreading across the entire cryptocurrency market. Let’s take a look at how the value of our portfolio has changed over the past 7 days:
After 5 weeks of decline, we can finally see some changes in dynamics. The total volume of our assets has increased by 2.5% and almost reached $60,000. However, it is important to note that none of our assets was in a downtrend this time, which had rarely been the case over the past month.
XRP experienced the greatest increase in terms of margin, with its price immediately increasing by 19% and almost reaching the $1 mark. This asset became the first coin to stop the two-week sideways movement and approach the levels of December 4. We expect to see the price stagnating for a while around $1 and then moving up to $1.12.
The second asset that showed great results was Litecoin, which has increased by 2.74% over the week. At the same time, the LTC remains in flat. In the last 5 days, the Litecoin chart has shown an upward trend, which feels encouraging. Most likely, we will see LTC growing rapidly to the level of $185 in the near future. This is where we can see the lower border of the channel, below which LTC fell on December 4.
Although Bitcoin was not in an uptrend, its price declined by just 0.02%. Therefore, we can confidently say that BTC has managed to hold its previous positions. Several reversal patterns have been formed on the Bitcoin chart at once, and taken together they enhance further growth of the asset. We think that the chart will overcome the important psychological mark of $50,000 and consolidate above it in the coming days. After that, Bitcoin has all chances to soar to around $54,000.
CRPT followed suit as its price has barely changed as well, decreasing by 0.3%. As we expected, the chart remained almost the same and now it keeps moving in a narrow price area between $0.12 and $0.14. We have not seen any significant changes that might lead to both increase or decrease, so far. The asset will stay in the accumulation zone for some time and this will be the best chance to acquire CRPT in the medium term.
Ethereum rounds out the list, being down by 0.39%. We cannot consider this as a notable drop as well. The ETH price is staying at the same levels and is trying hard to break them. Yesterday, we talked about the falling wedge that was formed on the chart and ETH has some other signals indicating the upcoming growth. These patterns are still relevant, and therefore, we expect Ethereum to rise rapidly to $4,800 in the next couple of weeks.
Despite the fact that XRP has shown the most significant increase in the past week, the shares of all assets in our portfolio remained within acceptable limits, so we will not rebalance it today.
During these 7 days, the market has experienced a reversal. Moreover, the level of market fear started declining, which only favors further growth. We may probably see most of the assets in our portfolio rising prior to the New Year. This will most likely coincide with an overall increase in the cryptocurrency market.