Bitcoin: $9,544.31
Market Cap: $424,200,475,683
A very busy, very eventful weekend. I cut my alt portfolio almost in half, partly because I don’t fancy the alt market right now but mainly because I’m preparing funds for the mutual fund I’m going to invest in. I had to make some tough choices, a bit like being ruthless with a house clearout, but I got rid of all my PPP, PPT, TEL, cV and others, and a large chunk of my beloved DRGN. It felt very strange getting rid of coins that have such potential, but I have to remember that a) I’m not thinking long term, I’m thinking until the end of the bull run in June and b) the returns from the mutual fund should end up being far greater than the returns I would have got from those coins in the same time span. Still, it felt very strange selling projects I’d taken the time to research and buy. But it’s about making money, not emotion. Having said that, I will keep a small portion of DRGN to the grave, seeing as it was the explosion that rocketed me up to where I am now. Or I’ll sell it all at $20.
I don’t want to get carried away with the potential of the mutual fund, but it’s been running for 10 months with a profit of 41,000%, so 41% per month. So by putting in 1 BTC I could be looking at 1.4 BTC after a month…and 61 BTC after a year. Obviously if something is too good to be true it usually is, and past results can’t predict future performance, but the fact is that these are past results, and the market really is only getting started. The rewards for someone who can play the market are simply astonishing, which these guys clearly can. I’m yet to decide how much to put in, and I need to research and temper my enthusiasm a little until I see some actual returns myself AND I can take the money out easily. I tend to get carried away with things like this and don’t do the proper due diligence, which is why crypto has been so good for me.
So now my portfolio (other than ICOs and coins locked for passive income) is 50% bitcoin with the rest being made up from alts that have fallen so low I may as well keep them and see if they return to their former glory in the bull run. Alts won’t do much for a little while, and I still plan to be almost all out by the end of the spring bull run, leaving the mutual fund to continue the profits in the bear market.
All in all a strange weekend where I rowed back on many of the trades I’ve done in the past few months, but I’d rather have someone who can manage funds in a bear market as well as a bull market looking after my funds than me at times!