How I am playing the current cryptocurrency "bull run"

This is not financial advice - you would be crazy to act on this and it is opinion.

Well, we are apparently in the throes of a bull run. Except, in reality, Bitcoin is at 47% of its highest. Other coins such as LiteCoin and Ethereum are way down. People are claiming that once BitCoin gets going, the other coins will follow. Well, let's see it. 

29 Jan 2020 - right now, let's make the point;

Coin Today All Time High % of high 
Bitcoin £7,166.64  £14,759.86 48.55
Litecoin £46.20  £269.56  17.14
Ethereum £134.68  £1,054.80  12.77

My feeling is - I at least want to see Litecoin reach £100-£120 plus and Ethereum from £200 (More like £230) onwards before I start selling any. Litecoin has been highly sticky during this so called Bull run. The only selling done, has been tiny amounts of on-exchange crypto - mainly Bitcoin. It is very easy to get sucked into believing the whole market is pumping and sell alts too cheap.

The reason I don't have that much confidence is, we always seem to end up with more alts than you intend. Somehow, the trading vortex pulls BTC from you replacing it with alts. There is a hope I can finish my trading algorithm soon to publish some of these hunches with statistical verification.

When looking at what has happened over the last couple of weeks, Bitcoin is nearing the top end of what I expect. It could go to £9000, maybe £10000. However, there has to be a much higher value on the significant alt coins to give some buoyancy to this so-called bull run. Am hoping we can see this happen - of course. If Ethereum and Litcoin can get to 40% of its all-time high, then things are smoking.

Update 30 Jan 2020**

22:29

Litecoin at £53.

Ethereum £140 +.

Seems like the dominant alts are catching up. Still can't call it a bull run as they fell so far.

 

Add comment