Experiment on Sub 1 USD Cryptocurrencies

Background

The market had a great bull run last year. We saw Bitcoin and many altcoins reaching all time highs last year. There was even a post on Reddit showing an investment of $100 each in the top 10 coins on coinmarketcap.com at the start of 2017 will yield $42,700 of profit. Given my great luck with Ontology ($ONT) and the profit I had because of it, I decided to do the an experiment on sub 1 USD cryptocurrencies.

Experiment on Sub 1 USD Cryptocurrencies

Why sub 1 USD you ask? In my experience, these coins have more room for growth price wise compared to coins with higher price. A good example here would be Ripple ($XRP) from last year. A friend asked me if Ripple was a good investment because of its low price then. I told him no and my reason was because of the high market supply of $XRP. I even told him I doubt the price could go beyond $1.00. Those words haunted me few months later when $XRP’s mooned.

In this experiment, I’ll be purchasing roughly 0.01 BTC of each coin/token from Binance. I will also download their respective wallets and store the coins/tokens there for at least a year. I’ll be monitoring their prices and will provide a Google Sheet and a weekly blog update. I’ll also be updating both Telegram and Twitter for any relevant events or updates on the coins/tokens I’ll be investing in.

Cryptocurrency Choices

To make things more interesting for me, I chose 9 crypto at random which I have no idea with and 1 crypto which I am very fond of which still meets the sub 1 USD criteria. The 9 coins/tokens I randomly picked are the following:

  1. Zilliqa ($ZIL) – 0.00001167 BTC each
  2. Status ($SNT) – 0.00001411 BTC each
  3. IOSToekn ($IOST) – 0.00000617 BTC each
  4. Storm ($STORM) – 0.00000705 BTC each
  5. Substratum ($SUB) – 0.00009302 BTC each
  6. FunFair ($FUN) – 0.00000524 BTC each
  7. Nucleus Vision ($NCASH) – 0.00000524 BTC each
  8. Enjin Coin ($ENJ) – 0.00and 001705 BTC each
  9. Time New Bank ($TNB) – 0.00000688 BTC each

Out of all these 9 cryptocurrencies, I only have traded $FUN and $NCASH for a very short period of time because of some events I saw at coinmarketcal.com. Other than that, I almost have no idea what some of these crypto are for. Since I invested on them already, I’ll dedicate some of my time to these cryptocurrencies and create a least one post for each one.

I chose Cardano ($ADA) as the last cryptocurrency in this list. I consider $ADA as great project with good fundamentals and a solid project team. Their scientific approach with regards to their development and their regular monthly updates gives me a sense of security on how they handle things. The whiteboard discussions presented by the team is also very helpful in understanding the fundamentals in their very complex project. I’m bullish for $ADA in the long term.

Wrap Up

Investing in a very volatile market such as cryptocurrencies is very high risk. As a constant reminder, only invest what you can afford to lose. For this experiment, I invested a total of 0.09815364 BTC or roughly 891.50 USD based on current Bitcoin price.

I’m not expecting anything great out of this experiment. I could either end up being richer by a few hundred dollars or I could end up losing all of my initial investment. Either way, this should be an interesting year for me.

10 mBTC Challenge – Trade #2 Cardano ($ADA)

Updates

My first trade revolved around the Masternodes AMA of $TRIG. Before I slept yesterday I decided to put up a sell order which will give me exactly a 20% profit. When I woke up, I did my usual morning routine and went to work. On my way to work I read that the Masternodes for $TRIG will be delayed so I thought to my self I might end up waiting for the listing on January 9 to reach that number. I told my friend about it and he told me his $TRIG was already sold. Quite unsure why (because we almost had the same sell order amount set up), I logged in and checked Bittrex. Luckily, $TRIG went up high enough that it triggered my sell order for a nice 20% profit! That wraps up my first trade for the 10 mBTC Challenge! Next up, Trade #2 Cardano ($ADA)!

Note: Trading cryptocurrency is very risky due to the volatility of the market. Only invest what you can afford to lose.

Trade #2 Cardano ($ADA)

In my initial post in this blog series, I mentioned that I didn’t choose $ADA because I’m already holding it for the long term. After selling my $TRIG, I looked again at the list of events that I’m currently tracking. Nothing else caught my attention in what’s left except Cardano’s ($ADA) Roadmap updates and Triggers’ ($TRIG) Exchange listing. Since I just sold off my $TRIG, I went with Cardano ($ADA) for my second trade.

Reasons for Choosing Cardano

Other than the fact that I love the fundamentals behind Cardano, I considered other things like what will be my next trades after this and what would be the best time for me to exit Cardano. Let’s discuss them in detail.

  1. Cardano will be having its roadmap updates in 3 days time (January 5). I’m looking forward to updates in wallet performance, light client support and of course delegation and staking with Ouroboros!
  2. After buying in at 5171 sats (0.00005171 BTC), and seeing that the support level is at 5500 sats (0.00005500 BTC) as seen in the 30m chart below, I’m convinced that I should be able to wrap up this trade with at least 10% profit. 
  3. Most people in the Cryptocurrency market are getting hyped up with the new coins becoming available. Cardano is attracting lots of attention not just because of Charles and the entire team, but also because of its promises as a 3rd generation Cryptocurrency.
  4. My plan is to sell off the $ADA I bought with all my $BTC from the $TRIG trade prior to the roadmap updates. I know I might miss a big price bump should they announce something big like Ouroboros. However I’m also planning to go back and buy $TRIG in one of its dips to set myself up for the listing event on January 9.

Wrap up

That’s it for this post fellow crypto lovers/traders. Below you can find some screenshots I have from my Blockfolio. I also included a screenshot of the aggregated trades I have from Bittrex for this challenge. Finally, I also updated the google sheet that keeps track of all my trades on our road to 1BTC!

 

 

 

 

 

 

PS: I started talking to some friends because I got interested in participating in some ICOs too. I’ll be writing something about experty.io in the coming days so watch out for it. Happy trading!