Skeptical about holding a few alt coins

bala41288 in LeoFinance • 9 months ago

I took the right opportunity to sell whatever Bitcoin and Ethereum I had with me on Exchange wallets during the peak time. I wanted to sell them not because they were not going to perform well but because I wanted to book the profits at a very high price and then maybe buy them back if the price of BTC goes down in the next cycle.

I have been holding a lot of coins in my portfolio and have been holding them for several years now. As the price of BTC is at its peak, it is not a feasible option to keep holding them as the price might fall if the price of BTC or the entire market goes down.

Source

Reviewing the portfolio regularly

Today I got a chance to review my portfolio which I do regularly but today I was able to spend a lot more time reviewing every coin. While doing so, I noticed that I had so many coins that had absolutely no value. Maybe a few years back I would have bought them based on some recommendations but sadly all those coins are sitting like a stone inside a well. Reviewing the portfolio is one thing that gives us access to think about these coins that are not doing great.

Getting rid of some coins

Last week I got a chance to get rid of some stocks in my stock market portfolio. Luckily I was not at a loss and I was able to make a decent profit out of my investment. Maybe because I have been holding them for several years and have not considered the inflation, it can be less valuable. But I'm glad that I was able to sell them for a small better price.

Today when I reviewed my cryptocurrency portfolio the intention was similar because I wanted to get rid of some of the coins so that I don't spread too thin. Currently, most of my investments are inside Hive and sometimes it even makes me feel that I have not diversified enough. There are so many investments inside the Hive ecosystem but what if Hive itself fails? Even though the possibility is very low, there is a small chance that maybe some projects inside Hive might fail and the big value I have on Hive would go down.

Source

I was able to secure some Hive and HBD and use them to purchase a few other cryptocurrencies. I have Litecoin, XRP, CRO, IOTA and so many coins. Today looking at the value of those coins, it appears to be they are shit coins with no specific value. I decided to continue holding them because I don't get anything in return anyways but at least I get an opportunity when the price suddenly goes up and I would end up having enough money.

Some projects started off with a great bang and they made a lot of money and started slowing down. The coins are still actively trading in the market because some people use those shit coins to do easy fee less transfers. That's the only usecase with those coins.

If you like what I'm doing on Hive, you can vote me as a witness with the links below.

Vote @balaz as a Hive Witness
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#altcoins #investment #holding #neoxian #archon #pob #vyb #trading #market #ecency

9 months ago in LeoFinance by bala41288

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toofasteddie 9 months ago

I have already "transformed" some shitcoins in HIVE

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4 votes

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stefano.massari 9 months ago

This is a good idea

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bala41288 9 months ago

Lol good.

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wellingt572 9 months ago

Congratulations on a job well done! We are thrilled to see the outstanding results you've achieved. Your dedication and hard work have truly paid off, and it's inspiring to witness the impact you've made. Keep up the fantastic work, and know that your contributions are valued and appreciated.

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4 votes

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borsengelaber 9 months ago

I would not do these kind of speculations. BTC and ETH are core assets I consider holding longterm. No one knows if and how deep they will fall in the coming bear market. Especially Bitcoin, with lots of institutional ETF investors, will probably not do another -80%. Just my opinion.

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4 votes

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bala41288 9 months ago

In my opinion just keeping long term will not make us rich. I mean traders should sell them high and buy them low. That's the idea. No doubt that they both will keep going up.

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1 vote

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idea-make-rich 9 months ago

Namaste 🙏 bro, Nice to hear that you have sold out the Bitcoin/ethereum at the right time, I didn't review my crypto portfolio on time so, i am in loss due to a few crypto values that went on hell😅.

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4 votes

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bala41288 9 months ago

I had only a small amount of BTC and ETH on exchanges and sold them. I don't know if I will even be buying them anytime soon. But yeah it was a good sell.

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idea-make-rich 9 months ago

Good to know bro, as I also need to keep an eye on my small crypto profile. Thanks 🙏

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stefano.massari 9 months ago

I remember when Litecoin was considered the silver of cryptocurrencies, now in its place there are Solana and BNB Chain. Some Alt Coins, in my opinion, will no longer perform as well as in the past

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4 votes

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bala41288 9 months ago

Yeah many alt coins are losing its place and new coins are emerging every day.

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1 vote

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stefano.massari 9 months ago

Exactly if we were to take the Coinmarketcap ranking from 2 years ago and the one from now we will see many changes in the top 100 positions

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4 votes

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4 votes

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djbravo 9 months ago

That's right, now is the time to put money into ertcoins because within the next year we're going to see every coin that's out there is going to see us return seven to 10x, so that's where I'd like to go. I will wait for some time and then take entries again.

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4 votes

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india-leo 9 months ago

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4 votes

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milaan 9 months ago

I have been holding a lot of coins in my portfolio and have been holding them for several years now. As the price of BTC is at its peak, it is not a feasible option to keep holding them as the price might fall if the price of BTC or the entire market goes down.

I personally feel that Bitcoin and ETH will rise in time. But for Indians they should also take note of the fact that what they are getting PER USDT in INR may not be that attractive 4/5 years down the line. And I am saying this by taking cues from geopolitical events.

So even if BTC rises to 0.2 Million USD, for example, it may not give you that intended return if INR per USD trades at 60 rupees. I maybe wrong though but what I can see is that by 2029, INR will rise and might trade at 60 INR per USD.

As such 2025/26 through to 2029/2030 will be very chaotic, similar to dot com bubble. That said genuine coins with robust use cases will strive and survive, but mere speculative coins will have their ultimate death. BTC will stand tall during these turbulent geopolitical events. (NOT FINANCIAL ADVICE).

Thank you.

🙏🙏🙏

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4 votes

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bala41288 9 months ago

I'm doubtful that INR will go below and reach 60 Rs against USD. In the last few years it keeps going up and it will continue I guess. Investors are having their investments outside and the demand is outside. But yeah BTC will stay tall that's for sure.

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milaan 9 months ago

Geopolitically there are two divergences when it comes to the question of reserve currency. USA is trying de-dollarize by taking the route of BTC and crypto, in fact, BTC and crypto was a project started in USA amid the crisis of 2008 and for the first time USA itself wanted deDollarization.

BRICS nations are trying to dedollarize by taking the route of GOLD. You must have been hearing why Central Banks are heavily buying GOLD.

That said, USD is not going anywhere but the world will no longer remain uni-polar and by 2030 we are heading into multi-polar world order. Geo-economics is always embedded in Geopolitics. India has already started trading in INR in ASEAN countries, Russia and UAE. And that will further expand.

In time, when Global South does away from USD as an international currency or at least curtails its use, USD will lose value slowly relative to the local currency of respective nations(particularly resource-rich nations and manufacturing hubs). It will be a long-drawn process, but by 2030, you will begin to see the visible impacts of it.

The creation of Euro was the first de-dollarization even and that led to dot com bubble. The creation of BTC was the second passive attempt of de-dollarization under the guise of deflationary currency. To some extent, it is so. But geopolitical reading perfectly connects those dots.

Thank you.

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4 votes

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rafzat 9 months ago

It’s better to put all my money in Hive
That’s why I am not even stressing on any other coin…

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4 votes

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bala41288 9 months ago

That's also a risk.

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tough 9 months ago

From onset, I don't really fancy investing in Shitcoins because to me, it does not look like a best option

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