Bitcoin: $8,866.05
Market cap: $394,940,840,018
A very nice week topped off with a rare weekend in the green, something we haven’t seen for months. It’s been a tough time since January, but on reflection, an 8-10 week bear market is actually very good considering what the market has done in the past. We’re still not completely out of the bath yet, and a correction is expected either at BTC $9k or $12 that could lead to us being dragged under again, but hopefully the impetus we’ve got will mean we bounce back quickly after that. I’ll take profits when the waters get a little choppy, but I don’t want to be too hasty and sell given that alts have basically bottomed out so there’s nowhere really for them to go.
What this does mean is that I’ve done a fair bit of alt shopping, with some amazing results so far. The change in focus from medium-long term investments to short term catalyst-based trades, and especially low-cap picks, has proved a revelation – one of them, TAU, has got me 130% in about ten days. My current strategy is to trade shitcoins and then put the profits into ICX, WAN and VEN as my long, long term holds. I’ve picked up about ten coins, including buying back some TPAY which was the coin that was stolen from me, so I have a reason to want it to go up. My new approach of treating everything bar BTC, WAN, ICX and VEN as a shitcoin until proven otherwise and trading accordingly has got be £47k in the last week, whilst my managed fund has performed miracles and managed to earn me the equivalent of my annual salary within eight weeks. If I had my way I’d be quitting right now, but quite rightly my wife wants the money in the bank before I do anything terminal! I’m spending about 65% of my time at work doing crypto at the moment, getting everything right for the bull run, and I honestly don’t know how I haven’t been caught yet. And even if I am now I can leave with enough to sustain me for many, many months, but obviously I want to leave on my terms. It’s going to be a squeeze getting to my target before the pullback, which I’d like to do in case the pullback is longer than expected, but it’s not impossible – I should make it should we see the same gains we’ve seen in the last week. Then I can hand my notice in and start my life as a full time crypto trader/investor. It really is incredible to think that this level of financial freedom is possible, and we are so, so early into the game.
One big change I’ve decided to make is to sell my mining rig. It was a fun project to begin with, but I can make so much more by selling the gear and trading the returns than I can from mining. I’ll still use the computer for masternodes, but considering I should get about £1.5k for the graphics cards, I can easily 10x that in a bull run, which is far more valuable. I’ve been doing all the overtime I can get at work (and maybe claiming for a bit more!) and doing all I can to scrape together everything for the next bull run. If it’s only half of what the last one is then it will be incredible, and given how much I’ve learnt from the last one I intend to make this one stick. I’m going to write a post on how my attitude has changed between the last run and this, as I find I’m thinking more and more about my attitude and outlook on life and my future with the changes that cryptocurrency could potentially bring.