Dear Community,
We hope everyone is having a very merry Christmas and is enjoying the fabulous holiday season! We are pleased to announce that our second-ever cryptocurrency trading competition has concluded and traders were once again able to utilize the Covesting platform to trade their way to profitability, despite the market’s recent volatility.
As a quick reminder to all of our competitors, we have separated winning traders into two categories: one for highest return on investment (ROI) based on percentage gain, and one based on the highest ROI by currency amount. For more information regarding the parameters and rules of the competition, please consult our Medium post titled “Trading Competition V2: $5,000 Prize Fund”.
For the Relative Profitability section of the competition, we have considered portfolio yields for the period of November 26th until December 24th. These figures may differ from the “Return %” shown in the public traders list, because the latter is calculated for the entire lifetime of the portfolio and might include periods of losses or gains before the November 26th.
As we announced earlier, we have excluded five traders from the rankings for deliberately exploiting illiquid trading pairs in order to inflate their Relative (%) Portfolio Profitability numbers without actually trading.
For Absolute Profitability, we consider both the ‘realized’ and ‘unrealized’ value of assets that are, or have been, in the user’s portfolio in the trading period. You can read more about realized and unrealized profits/losses.
3,2,1, GO! Let’s check the winners’ ranking!
Users were not restricted from moving assets to or from their portfolio during the competition, instead, traders were free to vary their portfolio balances throughout. Due to this, portfolio results may differ in terms of relative and absolute values. Some portfolios even had relative losses while showing absolute gains or vice versa which is allowed.
For example, a portfolio may show:
$50 or a 50% loss when its total value was small (e.g. $100) and 10% or $1,000 gains when it was big (e.g. $10,000). In this case, the portfolio would show a total relative loss of 45%, while showing an absolute gain of $9,950.
You can verify your own relative/absolute portfolio profitability by printing a report for the trading period (November 26th to December 24th) in the “Reports” section of the platform.
Our team will be contacting the winners of the competition shortly in order to issue them with their prizes.
It’s no secret that it has been a rough month for the cryptocurrency markets, which makes the profitability of our competition’s top traders all the more impressive. We want to congratulate all of the winners, and offer our sincerest thanks to everyone who participated!
As always, we welcome you to contact our 24/7 support team who would be happy to answer any questions you may have! Merry Christmas!
Yours,
The Covesting Team