This is a part of my blog for my journey from £300 to £60000 through cryptocurrency investments. For an introduction take a look here
Another week another update for my journey from rags to millions which doesn’t seem to go very well at the moment as I am still hovering in the rags area!
So let’s take a look at all my coin holdings for the purpose of this challenge starting with the one I purchased more recent, Red Pulse (RPX). RPX got recently listed in Kucoin which is a relatively new exchange operating from Hong Kong. The price of RPX at the moment is around £0.025 which is 1.25x the price that I bought the coins during the ICO. That is ok but not as good as I was expecting so I am in a holding mode at the moment. This means that probably I will not be able to sell anytime soon since most of the major developments regarding Red Pulse will happen next year, so there is no reason for the price to rise before that. The only opportunity to sell some of my coins with a good gain might be if the coin gets listed in a bigger exchange like Binance.
Next coin is Cindicator which is not doing very well at the moment. After the initial pump it was hovering around 1.5x-2x for a while but now it trades to something closer to 0.8x. The good thing is that the team behind the coin is very good and they have a very interesting roadmap where they are basically improving the product and adding new features every month. A combination of improvements, new features and maybe the coin listed on a known exchange might help the price to rise but I am not expecting this to happen during November to be honest.
Finally I have Blackmoon Coin which is the worst performing of all. The buyback protection fund that holding the price at $0.8 got depleted last week and the price as expected collapsed after that. At the moment it is trading close to 0.4x of the ICO price which doesn’t look good at all. As I said in a previous post I don’t expect the sentiment to change until they have a working product and this will probably happen at some point next year so I don’t expect to have any significant gains on this one any time soon.
Here are all my investements in a quick summary:
BMC - Initial Value: £154.04 Current Value: £62.31 Profit/Loss: £ -91.73 Change: -59.55%
CND - Initial Value: £177.06 Current Value: £133.39 Profit/Loss: £ -43.67 Change: -24.66%
RPX - Initial Value: £208.17 Current Value: £278.58 Profit/Loss: £ 70.41 Change: 33.82%
It seems that the sentiment is bad for Alt Coins and ICOs at the moment so I am thinking about how can I change my strategy. I have various ideas but nothing solid at the moment. According to a report, I read a couple of days ago by Tokendata, ICOs still have a better return on investment than portfolios of Bitcoin and Ethereum if you take into account all the ICOs that happened during 2017. It is actually 3x for Bitcoin and Ethereum and close to 8x for ICOs. The value of the ICOs though fell significantly after July and it looks like it keeps falling. Maybe a strategy with a portfolio with more coins looking for fewer profits per coin would be more effective but I have to take a look at some numbers to decide if this makes sense. For the time being though I am holding and waiting.
Disclaimer: I do not provide personal investment advice and I am not a qualified licensed investment advisor. I am an amateur investor.
I definitely think there'll be a switch to holding less coins in a portfolio but picking winners. I think the crypto space is going to move up no matter what but obviously some coins more than others.
I also think holding BTC is almost a must at the moment. Just picking it up at the right time is the next question.
Great post nonetheless. I own some RPX and think next year it should see some really nice gains, they are in a market that needs their sort of innovation.
Looking forward to your future posts!
Thanks for your comments!
I also believe that the crypto market will move up a lot it is just harder to pick winners at this stage. Moreover it seems harder to make quick gains on ICOs. I am trying to figure out what is the best strategy at this point but I don't have a solid idea yet.
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