There was about a two day period at end of the week when Bitcoin and most other cryptocurrencies were tanking but I noticed one coin was holding up incredibly well...good ol' DOGE coin! This remarkable digital currency was created as something of a joke but has held on to be one of the higher market cap coins. Current market cap is approx 3/4 of a billion dollars in fiat equivalency.
I actually think it is poised to spike soon...impressed by the way it held ground during the tough times, combined with the low price per coin (which gives potential for exponential price rises that are harder for Bitcoin and others to achieve, mathematically) and the way the chart is looking...I added to my position.
I seem to have had good timing on buys before spikes recently...bought Cardano (ADA), Siacoin, Burst, BitBean, Ripple, Verge, ReddCoin, Potcoin, Groestlcoin etc all before really nice big spikes in price. The only one that hasn't spiked yet that I went for is NEM (XEM) and I think it is because nearly all coins took a beating in the past couple of days...but holding onto NEM as well because it looks good for holding for now.
You can do what you want but I follow a strategy of selling some of my position on huge spikes to take some profits. But I do keep a position on all of those coins also. I almost never sell all of my position on a coin (there was one exception).
It just seems prudent to me to take some profits when an asset spikes up a lot. And also keep holding some of the position for longer term. By taking profits, you can use that to 1) buy some other initial positions in other digital currencies 2) buy on dips other coins you like for longer term but that dropped in price some recently 2) put some money into your checking account to pay off debt, add to stock and forex accounts, etc.
