A little over two weeks ago, I wrote an article about the cryptocurrency strategy that I felt was the smartest. You can read the original article here: https://steemit.com/cryptocurrency/@mattw/an-easy-way-to-ride-the-cryptocurrency-wave. It includes my breakdown of the strategy and looks at some historical data, had you followed that strategy.
To be honest, I wasn't invested in that strategy at the time of writing it. I wrote it as a way to do research on the strategy. By the time I finished doing my research and writing that article, I was convinced that it was the way to go for my hard earned money.
On November 30th, I took my own advice and invested across the top 8 currencies by market cap. I had roughly $340 sitting in just Ethereum at the time and I decided to take that $340 (in USD value) and spread it across the top 8.
As I write this, it's now December 14th. It's been 14 days since plopping my money into this strategy and here are the results...
The Spreadsheet:
This is my real money as of writing this. It's not example data of what "could have" happened. This is where my personal investment stands today.
I had $340.08 worth of money to spread across 8 coins (roughly $42.51 per coin). Each coin represented 12.5% of my portfolio on day 1.
I invested in:
- Bitcoin (BTC)
- Ethereum (ETH)
- Bitcoin Cash (BCH)
- Ripple (XRP)
- Dash (DASH)
- Bitcoin Gold (BTG)
- Litecoin (LTC)
- Monero (XMR)
The spreadsheet shows how many coins (or fractions of coins) I was able to purchase of each.
As of today, every single coin is up, with Litecoin and Ripple being my big winners (Ripple literally jumped overnight since yesterday).
My initial $340.08 investment is now worth $637.66... That's an 87.5% return on investment. No too bad for exactly 2 weeks.
Obviously, this is not investment advice and there's no guarantees that it will continue to move like this. However, I personally feel pretty strongly that it's the smartest way to invest in cryptos. When some coins go up, others go down. Since starting, I've not had a single day where all coins went down or even had a day where my current value was less than my starting value.
What's Next?
My next step is that I'm considering rebalancing already. My plan was to let this ride for a minimum of a month and more likely a total of 3 months before considering a rebalance. However. I don't like the fact that any one coin accounts for over 20% of my portfolio. Between Litecoin and Ripple, that's almost half my coin portfolio at the moment. A rebalance seems in order.
To rebalance, I'm going to, once again, look at the top 8. I'm going to move my coins around until all 8 of the coins I'm invested in equal roughly 12.5% of my portfolio.
Here are the top 8 as of this writing, with "Cardano" being the only one that I don't know a ton about.
On another note, I do hold one more coin, outside of the "top 8" strategy...
Steem has been doing great lately!
(Ignore the Tether row - I was using Tether to trade as close to the dollar as possible but I own less than $0.01 worth)
I invested a total of $20 into Steem and then I created (what I think is) great content. Between my initial investment and the sweat equity that I've simply put into writing posts like this, the value of my Steem is worth over $188. It pays to create content that people enjoy.
As far as my next steps with Steem... I'm gonna let it ride and continue to write content that I think will be beneficial to others.
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