This week the crypto market came under pressure from the US and Indian regulators, following some statements about restricting or even banning the use of cryptocurrencies. As a result, most crypto assets returned to a downward trend after a short period of growth.
The total capitalization of the crypto market totalled USD 263 billion, dropping 8% in seven days.
The price of the most valuable cryptocurrency, Bitcoin (BTC), is currently around 9,551 USD, which is a decrease of 9% over the week. Bitcoin SV (BSV) decreased the most out of the top 10 cryptocurrencies by 14.5%. It is quite likely that the reason for this was the profit taking by traders after the recent rapid growth of the coin.
NEXO (NEX) showed the biggest gain out of the top 100 crypto coins, with an increase of 15.5% over the week, due to the expected dividend payout and the launch of their payment card in Europe.
Recently, the market has not been enjoying strong and stable growth. However, trading actively continues even under the circumstances of decreasing prices of the largest cryptocurrencies. Let’s examine the performance of our Plutus Wallet users, and see what strategies they used to achieve a successful result!
Please note, that with the release of the latest update, the competition system has been changed. Previously, you could evaluate the performance of the crypto portfolios using two currencies – Bitcoin (BTC) and Tether (USDT). From now on, all Top 10 Leaderboards in Plutus Wallet are based on profitability in USDT.
Top 10 Portfolios. Base Currency — USDT
The days when it was enough to go with only one crypto coin to top the leaderboards, are over. When the market experiences a decline, it might be more useful to apply diversification of coins in a crypto portfolio.
But don’t worry, since you can also benefit from a decreasing market. The most important thing is to buy low and sell high! And with our built-in auto rebalance feature it’s so easy to do! Try it for yourself.
This week’s best crypto portfolio chart winner, Blue Cat #7006, distributed his entire portfolio equally among five cryptocurrencies – Freyrchain (FREC), Bitcoin (BTC), Tether (USDT), Bankera (BNK), Alphacat (ACAT) and enabled auto rebalancing . This allowed him to almost double his portfolio growth, getting a result of +99.8%. In general, all users from tenth to second place used a similar strategy (diversification of cryptoportfolios). This allowed them to achieve high results and increase their cryptocurrency portfolio value in a range of 74.73% to 96.29%. It should be noted that choice of coins, their amount, as well as their proportions differed greatly between the users.
Don’t forget to participate in our other Plutus Wallet competitions – the daily and monthly top 10 leaderboards! Each user should grab a piece of the Crypto Pie! Download and install the Plutus Wallet app (iOS, Android, and Desktop versions are supported), log in, and start managing your crypto portfolio.
If you want to stay up to date with the most interesting news and develop a better understanding of the cryptocurrency market in 2019, please do join us on Facebook, Telegram, Twitter, Reddit, or Instagram.