Coin Decipher weekly trading strategy: Altcoins sold in exchange for USD

Hi Folks, I think it has been some time before my last article.

I have been waiting for the markets to recover and never enter into any new buying positions as I have already positioned the portfolio away from Ether and mostly into altcoins. But this week was a week whereby I sold off some altcoins which were previously participated at ICO stage.

 

AltCoins sold

Propy:

Propy was listed on bittrex and the coin nearly doubled in value over a single day rosing to a high of around USD2.8. I sold off my position at ard USD2. This is slightly above the ICO price and I got back all the ethers which were previously invested.

Although, I think real estate decentralization and blockchain is promising which is the initial reason why I invest in the coin. I am uncomfortable with the total supply of 100m PRO vs actual supply of 17.5m PRO. So in tokeneconomics sense, a price of US2.0 should represent a valuation of US200m instead of its current marketcap of USD36m.  In my honest opinion this valuation is too high, and I would gladly sell PRO in exchange for cash.

 

 

Crypterium:

Crypterium was sold purely from a breakeven perspective as this was one ICO that I participated but did not recover to its ICO price after launch. This coin rose in value after they announce integration with kraken and appointed a new CCO  from London derivatives exchange.

CRPT was sold ard USD0.70. CRPT further rose to around USD0.90. This represents a loss below ICO price of USD0.80. Honestly, I should have queue for this at USD0.80, but I wanted to get rid of some altcoins I purchased during ICO and this was one of them.

 

Trading strategy:

The above 2 altcoins are all converted into Ether before cashing out at ard USD600/ ether.  As mentioned in my previous post, ether was purchased in phases at USD450-USD500 a month ago. Selling ether at USD600/ether represented a decent return of above 20% over a mth

 

Market view:

I think the market is finding some directions at this stage of around coinmarketcap of USD380-USD400bn. Notwithstanding, I am overall bullish of crypto on the long run. However, I think there may be a possibility of a correction to USD300bn. In view of that, I prefer to sit on some cash on the sidelines. In event marketcap corrected, I have the dry-powder to enter more. If crypto go into bull market, I can still enjoy the bull ride as I continue to hold more than 70% of my crypto-portfolio.

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