Crypto Daily: Top-5 Portfolio Held Out Despite the Market Fall

Aug 19, 2021
08:08
2 min reading

Choise.com team

Today we continue to talk about our experiment with rebalancing a portfolio from the Top-5 cryptocurrencies. Last time, the volume of the portfolio for the first 3 months exceeded the $50,000 mark and showed an increase of 20% in a week. The past 7 days have been very volatile for the crypto market, many assets have grown significantly in value. Let’s see how this affected our portfolio:

As you can see from the table, the portfolio volume remained practically unchanged and continued to remain slightly above $53,000. At the same time, some assets fell significantly in value, while others increased significantly. Due to this, it was possible to maintain the current value of the portfolio. The past 7 days turned out to be very volatile on the crypto market, but thanks to the competent distribution of assets, our portfolio did not feel this.

The growth leader this time was XRP, the price of which increased by almost 11%. At the same time, within 7 days its price increased to $1.30, which was growth at 30%. Now we see a slight correction, after a 200% increase. Most likely, we will see a smooth descent to the $1 mark, and after that the asset’s chart has a good chance of turning upward and retesting the $1.30 zone.

CRPT was the second coin to see growth in our portfolio. Its price increased by 6.26% and exceeded the $0.15 mark. During the week, the CRPT chart climbed to $0.175. Last time we warned about such a development of events. Now we see a small correction, which will unload the indicators and open the way to $0.20.

Bitcoin price dropped 3% in 7 days. At the same time, Bitcoin for a long time tried to overcome the $48,000 mark and gain a foothold above it, but it failed and the price rolled back down. At the moment, the price is testing an uptrend from top to bottom, along which it has been moving in the last month. There is a high probability that the chart will break it and move down to the $40,000 – $42,000 range.

Litecoin also showed a slight decline of 4%. During the week, the chart of the coin grew to the level of $185, but could not keep it and already fell from its peak by 10%. Just like Bitcoin, LTC tests an uptrend from top to bottom and with a high degree of probability it will be able to break it. In this case, the price will drop to $140, after which a reversal pattern is likely to form.

The leader of the fall this week was Ethereum, the price of which fell by 6.33%. In the past two weeks, a rising wedge has formed on the chart, which is a declining pattern. The chart has already started to work out this figure. At the moment, the price is in the support zone of $2,900 – $3,000. If buyers fail to maintain this level, then ETH may decline to $2,600 – $2,700.

This week the assets in our portfolio moved in different directions. This led to the fact that some cryptocurrencies went out of acceptable shares and it is necessary to rebalance. This time we will sell part of XRP and CRPT and use the proceeds to buy BTC, ETH and LTC:

The latter, we are seeing a correction in the entire cryptocurrency market. However, before that, many cryptocurrencies showed growth by tens and even hundreds of percent. That is why the current correction is natural. Moreover, in the near future it will help to reach new price records.