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Week 25 Recap
As much as I'd like to say we're through the worst, I really don't think we've touched bottom yet. I haven't been folling the Tether and Bitfinex disaster all that closely but my guess is that it's going to unfold like a slow moving car crash rather than a very sudden and abrupt end like BitConnect.
Another important indicator (in my mind anyway) is the consistency with which these alts move in terms of price. Each week most alts gain or lose a very similar % of their value with a handful of outliers here and there. This hints at a market that is still fundamentally untethered (Tether, get it?) from reality because these price moves are consistent despite each alts intrinsic value. For example, if some of these coins had real value beyond just an imaginary store of value, they would retain their value better than others like Dogecoin. That's not the case and it means that most of the buying and selling going on is still largely hype driven. I will concede that this happens in securities markets as well, however it doesn't move in tandem anywhere near like what crypto does.
Week 25 Results
Yet another horrible week. We're edging down to 100% gain territory since we started. Probably not a terrible time to buy if you're looking for an entry point to add some crypto to your investment portfolio despite my comments above. Least worst this week was STX with a loss of -$1.50 USD (-40%). XDN lost the most at -$40.77 USD (-39%). The portfolio lost a whopping $420.22 USD (-35%) overall this week.
|Symbol||Quantity||Price||January 28th||February 4th||Week Change $||Week Change %|
Want to follow along?
If you're Canadian and want to try the same thing, I use QuadrigaCX (wire transfer, interac online) and Coinbase (VISA, Mastercard, AMEX) to purchase bitcoin, ethereum, or litecoin to transfer to an exchange that supports all these alternative currencies. I use Binance to trade as their selection of trading pairs is excellent.