This week’s CryptoCrash served as an eye-opener for this dude, fresh to the market, just trying to decode a little crypto.
It is a tale best told in gifs. This is me entering the crypto market and riding the wave up, up, up:
And then, after rubbing the sleep from my eyes and refreshing the Blockfolio app on Tuesday morning:
It’s been a week, dear crypto friends. The Great CryptoCrash of 2018 has provided for an entertaining few days but, as I type this, the sun seems to be rising again on the exchanges. Prices are going back up. The bleeding, for the most part, has subsided. The “I borrowed $500k to put into crypto and now it’s all gone…” posts to Reddit have drawn to an unceremonious close.
So, how did I do during the CryptoCrash? Here are the deets:
Portfolio by Percentage
- Litecoin (LTC): 36.43%
- Ethereum (ETH): 31.38%
- Ripple (XRP): 9.95%
- Bitcoin (BTC): 8.50%
- Verge (XVG): 6.37%
- Bread (BRD): 1.68%
- Monero (XMR): 1.65%
- Lumen (XLM): 1.45%
- Siacoin (SC): 1.39%
- DigiByte (DGB): 1.20%
Percentage Gain/Loss Since Last Column (January 11, 2018)
-10.6% (overall, I’m still up a bit since my first crypto purchase in November 2017)
Additions to the Portfolio for the Week
Flipped a little bit of Bitcoin ($BTC) for Lumen ($XLM) and more Verge ($XVG), added a bit of Bread ($BRD)
One Thing I Learned
Some of the Reddit content shook me. Like, shook me. I’m guessing some of it was trolling, but some of the stories of folks losing everything were sad. Even sadder were the ones where they were trying to figure out what to tell their significant others.
That all just reinforced that crypto is like any other investment. Don’t put in any more than you can afford to lose. I’m guilty of getting caught up in the excitement of really quick, really big gains. But this week showed me how quickly it can go away.
The CryptoCrash didn’t push me out of the market, but it reminded me that there is definitely risk in the investments I’m making.
I’m leaving the week thankful that I weathered the storm as a HODL-er. From the beginning, I’ve looked at the crypto market in the long term. I am a believer in blockchain and feel like we are standing at the foot of something transformational.
I know after this week, and watching all that I had “earned” get wiped away, that day trading isn’t in my future.
It was quite a ride … now let’s hope the market returns to its free-wheeling, mountain topping ways for a few weeks!
Let’s Go Crypto Crazy!
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