As the market picks up momentum and is in a clear recovery stage, we are looking to further position for the broader term. There is no need to rush, and impulsive actions seldom work for traders or investors. Often there is simply nothing to do but wait, and this is position we will take until the market provides an opportunity. The purpose of this article is to review where we are with our portfolio and future adjustments.
This is a pretty impressive move by any standard and though Bitcoin can swing into the 9k area, the run has come very far very fast. There are some Fundamentals that can keep the ball rolling such as retail exchanges opening up for crypto trading. On any news of this happening, expect some further moves higher.
We are starting to see the alt-coin market move up as well providing further evidence of an overall bull market. We are not focused on filling up with a lot of junk coins, as Ethereum has first mover advantage, a working product and is gaining market adoption for smart contracts. Gemini Dollar and Paxos are ERC20 tokens and though they may opt for other platforms, it will eventually come down to network size and speed. Ethereum has scaling issues and how the team handles this moving forward will determine the success of the coin.
Overall our Model Portfolio is within 8% of being green. This was our goal when we started it last year in June using April’s average prices. Though Bitcoin has reached our initial cost, most of the alt coins are still 50% or more below the Average April 2018 prices.
If you listened to the Henry Raines Show which follows our Talking Markets Show we discussed some of the companies now taking Bitcoin and others through Flexa and Spedn. No not a mis-spelling, that is correct. The four initial coins that will be used for transactions include Bitcoin, Ethereum, Bitcoin Cash and Gemini Dollar. This is big for the space and you can listen to the show to get some more info. It is also no wonder Ethereum and Bitcoin Cash have woken from the dead, or at least have been removed from critical care.