Cryptoacademy week 11 Homework Post for Crypto-Prof @yohan2on on the topic: Designing a Crypto-currency Investment Portfolio. Written by @chinma
These are the choice of coins I bought and the reason why.
Bitcoin (BTC): As the chief of all coins having the other coins dependent on its value, I had no other choice than to buy BTC. As at 26th April, a day before I bought my coins, the opening value of BTC on coinmarketcap was $49,077.79 with a highest value of $54,288. I therefore wanted to gain a share of the fluctuations which may turn to my favour hence my choice of this coin.
Ethereum (ETH): Just like BTC, ETH is another popular coun that is also doing well. It is rated second according to coinmarketcap. Looking at the price chart of ETH between 23rd April - 27th April, 2021, the price had risen from $2200->$2500.
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I also hoped that at least in the next two days, it would sustain it's increaseTether (USDT) : My major reason for buying this coin is because of its stability in price in addition to the fact that nearly all the crypto coins are paired with it which gives ease of exchange.
Binance coin (BnB): The binance coin is rated 3rd according to coinmarketcap. I also bought this coin because I use binance exchange for all my transactions and the fact that it runs on the ethereum network. Again looking at the historical background of BnB, it showed fluctuations with a high of $549.97 as against a high of $530 between 23rd April - 26th April, 2021.
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I am keeping my fingers crossed on this one.
Steem: I chose this coin mainly out of sentimental analysis. Within the past week, the price of steem had dipped with the fall in price of Bitcoin but is slowly beginning to rise even as BTC is crawling upwards. I also hope to get a profit from this coin.
TRON (TRX): Ranked at number 20 in coinmarketcap, I bought this coin because it's not a scam coin plus it does not require a lot of my native currency (Naira) to buy. In addition, the price of TRX has been doing well in the crypto currency market having a closing figure of $0.1173 as at 26th April, 2021as against a closing price of $0.1027 as at 24th April, 2021.
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My initial investment of the six coins was a total of $56.27 while at day 3 it was $55.43.
Day 1
Day 3
TRX
Day 1
Day 3
STEEM
Day 1
Day 3
USDT
Day 1
Day 3
ETH
Day 1
Day 3
BNB
Day 3
Day 3
BTC
Day 1
Day 3
This is a summary of my investment portfolio.
| Coin | Day 1($) | Day 3($) | %profit/loss |
|---|---|---|---|
| TRX | 9.74 | 9.41 | (3.39) |
| STEEM | 12.64 | 11.84 | (6.33) |
| USDT | 10.33 | 10.33 | - |
| ETH | 13.33 | 13.82 | 3.68 |
| BNB | 0.3167 | 0.3472 | 9.63 |
| BTC | 9.92 | 9.60 | (3.23) |
| Total investment | 56.27 | 55.43 | (1.49) |
From the table above we can see that I made losses in my TRX, STEEM and BTC while I made profits in my ETH and BNB. There was no difference in my stable coin USDT.
Overall, I made a loss of 1.49%. I honestly thought my predictions and analysis would give me a profit.
Thanks to my Crypto-Prof @yohan2on for this practical assignment. I really have learnt so much.
I am a member of steemalive and this is my introductory post
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Hello @chinma,
Thank you for participating in the 3rd Week Crypto Course in its second season and for your efforts to complete the suggested tasks, you deserve a 6/10 rating, according to the following scale:
My review :
A generally accepted article that contains interesting experience in trading cryptocurrencies, although it has not been successful for several conditions such as a short period. There is a lack of analysis and reading of results, which is important in trading, so that we do not make the same mistakes in the coming times.
Thanks again for your effort, and we look forward to reading your next work.
Sincerely,@kouba01