In This Issue
- My latest portfolio updates.
- Jesse has a deep dive for you on Fantom.
- Web3 Academy has an article on how Immutable X and Polygon are transforming the world of gaming.
- Sam has a report for you on AI art and NFTs.
- Rebecca breaks down this week’s trending coins.
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Lark’s Portfolio
Portfolio Updates
I bought some more BTC at $27,100. Although, I am starting to doubt whether or not to keep buying Bitcoin. We are now trading back above the 200 day and the 200 week moving averages. Assuming Bitcoin goes to 150K in late 2024 or maybe in 2025 then that is only about a 5X from where we are now. Pretty good. But, altcoins will deliver much bigger gains compared to BTC if we see a major run.
The run to 48k is something I have been thinking about. I have no idea how markets will actually play out. Obviously. But, what I am looking at from a technical perspective, which could be undone by the macro risks, is a target of 48k for BTC in 2023. If that happens then I will be reducing some exposure to the crypto markets in the weeks following a tap of 48 as that is when a major altcoin rally would be most likely. In such a scenario I would consider reducing BTC and ETH positions for a swing trade and even cutting some altcoins completely.
Another consideration tracking across my mind recently has been that I need to start being more active in the altcoin markets too. I missed RDNT and SPOOL simply because I have been too busy outside of crypto. Also, a bit of bear market PTSD still hanging around.
I also unloaded some altcoins from venture rounds RAIN, XDEFI, FINE, NUM, and WLKN. These were all sold for cash which I am currently holding. Might plow that into some other altcoins.
I have placed a bid at $0.75 for Arbitrum. May or may not get filled. Will continue to observe the ARB market over the next week or so and may adjust based on what I see. Much of the airdrop has already been claimed, so I am wondering what the selling pressure could be like.
Cycle Thoughts
Bitcoin has been going up recently, which is nice, in fact it now makes up about 52% of my total portfolio, but altcoins are still lagging a bit.
This is something that we see a lot in the crypto market cycles. Bitcoin tends to be an early mover, and the rest of the market will then follow behind it. As time goes on this correlation becomes a bit more muted, since a BTC pump does indeed pull up altcoins, but what you will see is while fiat pairings for altcoins might be doing ok, the BTC pairing tend to not do very well at all in a BTC trend.
Unless something really bad happens, and of course it can, then where we are right now with Bitcoin is likely a very important time. We are right now exiting a multi month capitulation zone and price range. Macro conditions are driving markets back towards risk assets for the moment.
While there have been some altcoins that have absolutely slayed it in the last few months, we are far away from a broader altcoin season. Such a time will…
Hi! My name is Lark Davis!
I’m a cryptocurrency investor with years of experience and I’ve been making consistent profits in the crypto space.
I’m passionate about helping others do the same, so I run multiple educational channels on crypto investing.
