On 1 December 2020, I decided to take $5,000 and invest it evenly amongst 10 different cryptocurrencies. The 10 I selected were all projects I have done research one and previously invested in. Now let's take a look at the results.
The initial value of each coin was $500 and I provided the quantity initially purchased. Each week I recorded the value, red squares depict weeks I was at a loss and green depicts weeks of profit.
Biggest Winner: ZIL, value $1,429
Biggest Loser: XLM, value $351
Final Value: $5,817
Net Profit: $817
A majority of the weeks, I was actually at a loss. The only coin that was in the green all four weeks was ZIL. Five of the coins were in the red all four weeks, these were LINK, XLM, EOS, RSR, ZEN.
Comparing Today
Now, I'll see where the prices are today. With the recent surge in the price of BTC & ETH I figured my profits would surge.
Current Value: $6,751
Net Profit: $1,751
The biggest mover was RSR, which almost doubled in value. Following are BTC & ETH which are leading the bull run. Every coin except one (ZIL) increased in value. I am still at a loss on 5 coins, but hopefully these join the party and move up in value.
This experiment was helpful in realizing the importance of having a diverse portfolio. It's tough to predict how I coin will move, but not having all your eggs in one basket will help offset some risk and the profits can help negate some of the losses.
I'm going to continue holding these coins and see where they are in the next month.
Posted Using LeoFinance Beta
Some of us did a similar experiment two years ago. For us, it was best to forget it since the big drop happened weeks after our experiment started :)
It's good to see you ended on a positive side. And good that you didn't pick XRP :)
@tipu curate
Upvoted 👌 (Mana: 0/22) Liquid rewards.
I felt like in the beginning they all started to drop almost the next day. I was fortunate to leave XRP out, but when I was looking at it the price was .70 and I felt that was already overbought. Unfortunately, the XRP crash brought XLM with it but still not as bad.
Posted Using LeoFinance Beta
You did great indeed.
I know the feeling - when you buy it drops, when you sell it climbs :)
Wish you luck
Posted Using LeoFinance Beta
Thank you, appreciate it!
Posted Using LeoFinance Beta
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