Monthly Crypto Portfolio Update (Aug 2019)

The cryptocurrency markets continue to demonstrate their volatility as some assets continue to break their correlation with others. It seems to me like a classic “flight to quality” on what are perceived to be better assets as the market generally underperforms. Market capitalization was down over 10% to about $248 billion this month as no clear trend is being seen with the exception of bitcoin continuing to increase in dominance as it has gone almost to 70% from 64% last month.

I think the picture is somewhat getting more clear that most assets in the market will fail and other may just be deadweight as adoption continues to struggle given how challenging user experiences continue to be in what is becoming a highly regulated environment. There are still hopes for this to improve as we are seeing institutions become more involved which will align efforts to improve adoption and experiences to broadly distribute the technology. The question is whether that success will broaden past bitcoin into other assets which continue to struggle.

I slowed down my purchases this past month as the trend is still uncertain. I am also closely monitoring the traditional financial markets as they will ultimately all intertwine as capital flows always have a herd mentality. I continue to grow excited about the position I am growing in DAI as it is allowing me to have more deployable capital in a decentralized environment associated with blockchain and cryptocurrencies in general. Seeing how increasingly difficult it is becoming to use gateways from and to fiat, I think having more capital within the ecosystem will payoff in the future.

In addition to continuing my monthly Dollar Cost Average into DAI, I am also adding to my Ether holdings as prices have been attractive despite an ugly trend. I continue to believe that the decentralization of Ethereum and its continued support of communities and developers will help it move forward despite challenges. My bet is currently on POS and so I am growing my exposure to it in order to leverage my holding for future potential passive income by staking. However, it remains a risk in the short term as adoption stalls.

There are many more that seem to be on discount these days but the market may remain irrational as I have often said. Therefore, I have not added to any positions although my exposure and capabilities to do so are growing every month. Despite the strengthening of bitcoin dominance, I have honestly considered reallocating from some of my bitcoin position to try to play with the gains. However, I am always reminded how much more difficult it will become to get bitcoin over time which has led me to continue to hold.

In addition, precious metals like Gold and Silver on a hot streak as they have pierced their highest levels in years which may lead to FOMO there. However, seeing how easier it is to store value in some of these blockchain and cryptocurrency assets, I am astonished that more investors do not look this way. Considering the trillions of dollars in Gold and other metal commodities, it seems like an imbalance to have the whole cryptocurrency market capitalization below $250 billion! Perhaps an opportunity staring us all in the eyes for those that are brave! Remember, do your own homework!

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