I need to make a quick update to my "Top 8 Journal" today because a couple of things triggered a rebalance for me.
If you've been following along, I read about a strategy where you simply invest in the top 8 cryptocurrencies by market cap. It's a way of essentially crowdsourcing the best coins of the moment and diversifying across a few.
I decided to test this strategy myself and journal the results and update anyone interested in following along.
You Can See Previous Entries Here:
- Overview of the strategy
- The post where I invested my own money
- More details about my rules + how I handled a market "crash"
- Fun with daily interest
Today, two things happened...
- Iota dropped out of the top 8 coins by market cap (according to http://CoinMarketCap.com).
- Cardano continued to skyrocket to a point where it represented more than 20% of my overall portfolio.
Either one of those things would have triggered me to rebalance but they both happened on the same day.
Here's a screenshot from just before the rebalance:
It's only been 5 days since my last rebalance but things have been moving quickly lately.
In just 34 days, this strategy has turned $340 into $1,053 (since I took that screenshot). In the past 5 days, since the previous rebalance, I earned a 30.64% return on my capital and $247 in profit. Overall, since I started, 34 days ago, I've earned 209.70% on my original capital. That's insane! That is equal to 3.38% return PER DAY!
But the story isn't over yet...
Since my rebalance, earlier this morning, Cardano, NEM, and Ripple all continued to climb, earning me another $85 in just the past few hours!
As of this posting, my balance sits at: $1,152.89
From an original $340 investment just 34 days ago.
On another note, I created another tab in my Google spreadsheet to keep track of my rebalances.
It looks like this:
You can see:
- The date of the rebalance
- The amount I started with prior to the rebalance
- The amount I have at the rebalance
- The dollar amount of profit / loss since previous rebalance
- The percentage of profit / loss since previous rebalance
- The time between rebalances
- The DAILY return in the period between rebalances
This helps me stay on top of the progress and my moves.
That's it. That's my update for today.
Again, this is just my journal. It's not investing advice. It's just what I'm experimenting with personally. I hold quite a few coins outside of this top 8 as well but they are mostly speculations because I like the tech. behind them.
If you're curious about what else I hold, I'm happy to share what and why in a different post. Just comment and let me know.
Good luck!
If you enjoyed what you read here, don't just 'retweet' it, don't just 'like it' elsewhere. Make sure you sign up and UPVOTE it, here on Steemit and share in the rewards! Also, if you enjoy what I put out, be sure to follow me here on SteemIt as well.