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Author Topic: Do cryptocurrencies diversify each other?  (Read 176 times)
Bellarg
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January 22, 2020, 11:50:33 AM
 #21

Just look at btc dominance index. There are almost no real diverse in the market

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January 22, 2020, 11:54:56 AM
 #22

It's always better to have a portfolio of a multiple of good coins than holding a single coin. It's basically to make your money safe by not depending on just a coin or even just a wallet.
We can't predict the future of crypto, even the future of bitcoin with it's limited supply is debetable. To be safe don't put all your money on a single coin.

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January 22, 2020, 12:19:02 PM
 #23

Most coins do follow what Bitcoin's pump and dumps. Though this might be true, each coin still has some potential on itself and not relying on Bitcoin. Diversify if you truly believe in a specific coin, aside from it being a 'cryptocurrency'.

One notable example that happened is the BSVs pump due CSW claiming to have the list of addresses that contains 1.1M bitcoins. This led to a pump that hyped the BSV community, though it is short-lived since it is later clarified that there are no included private keys to access it.
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January 22, 2020, 01:43:04 PM
 #24

As many people know, cryptocurrencies are extremely correlated with each other. When Bitcoin goes up everything goes up and the other way around.

Does it make sense to buy a portfolio or should we just hold Bitcoin?

I've just posted an article on Medium analyzing diversification benefits! What do you think?

https://medium.com/velvet-capital/cryptocurrencies-not-only-diversify-other-assets-they-diversify-each-other-4266eee074ec?source=friends_link&sk=0ff4a0fa7a83eca9966fad28a2da303f

When Bitcoin goes up, it is either the altcoins go up as well or go down. Which means that the rise of Bitcoin does not have a consistent effect on the altcoins in general. We have seen it countless of times in the past that the rise of Bitcoin gave blood to the altcoins. However, there were also countless of times that Bitcoin and the altcoins are rallying together. Not to mention that there are also pumps that are quite independent from the rest of the crypto market. An altcoin could rise despite a bearish market if there is a significant update. In other words, there is no single pattern that rules the market.

My portfolio is made up of Bitcoin and certain top altcoins which I personally believe will grow bigger and bigger along with Bitcoin. I think it is better this way in case either Bitcoin or altcoins would pump or dump. I could easily shift from Bitcoin to an altcoin and vice versa depending on the market situation. On the overall, however, I am looking at my portfolio's value in terms of Bitcoin.

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January 22, 2020, 01:56:14 PM
 #25

No one knows really how the market moves. It is not always that when bitcoin falls, other crypto currencies will do too. Remember last year when bitcoin is expected to pump but it did not and while bitcoin is falling, the price of ethereum is increasing creating another ATH at that time. They are different and it depends on the user of that crypto currency not bitcoin.

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January 22, 2020, 03:44:32 PM
 #26

If you invest in crypto, invest in BTC. Diversification is about putting your money into stocks and real estate as well as crypto
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January 22, 2020, 04:47:21 PM
 #27

We cannot deny that Altcoin is still following Bitcoin, so I think holding Bitcoin alone isn't just enough. if you want to make a lot of profit then buy some Altcoins, because when the price of bitcoin skyrockets, then altcoins price will also go up, but there are some altcoins that can maintain its price and not affected bitcoin's price. I personally holding more bitcoin compared to altcoins, just hold coin who has a bright future.
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January 22, 2020, 04:52:45 PM
 #28

You can check the Bitcoin domination on a chart on tradingview. When BTC domination grows the altcoins general price in satoshi value decreases and vice-versa. Regarding your investments depends on what you want to achieve. If you want to multiply your dollars you should track your portfolio in fiat value and not against BTC.

I do think that altcoins have higher growth potential than Bitcoin just because they've got beat so hard by the bear market, but the risk higher too. Make your own analysis and come with a decision. Wink
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January 22, 2020, 05:06:20 PM
 #29

Plenty of shitcoins have fallen by the wayside and died while Bitcoin is still here and going up.

"Diversifying" in shitcoins is a risky move I definitely wouldn't do something crazy like 50% Bitcoin and 50% shitcoin. I personally think holding a bit of an altcoins you think has decent chances of long term use and future use isn't crazy and you just invest differently into them. For example you buys $100 of Bitcoin a month or week and you use your signature campaign funds on Ethereum until you have 32 for a full node and the keep everything as bitcoin. Going forward.

Sure it's risky but if you believe in Ethereum or whatever shitcoin it might just be a risk you're willing to take.
Bitcoin is the king of this digital currency and it is standing on top in the present time. The change in the value of Bitcoin affects all other crypto coins in the market. Bitcoin is more valuable, powerful and effective of all. I truly agree with your idea of going for diversification would be like welcoming risk. You yourself can better relate the value of Bitcoin with others and then take a decision whether you want to invest in Bitcoin or go for diversity.

 
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January 22, 2020, 05:21:12 PM
 #30

I think its a good strategy to diversify your investments but anything which you feel too much is actually not good, so too many alt in your portfolio will just make bigger fluctuations. Holding more than 70% of your money in Bitcoin is suggestible, then hold higher percentage in top alts like ETH or XRP or projects which you think will boom in the future. What people do is hold alts more than 70% of their portfolio, which is too much risky.

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January 22, 2020, 07:02:20 PM
 #31

As many people know, cryptocurrencies are extremely correlated with each other. When Bitcoin goes up everything goes up and the other way around.

Does it make sense to buy a portfolio or should we just hold Bitcoin?

I've just posted an article on Medium analyzing diversification benefits! What do you think?

https://medium.com/velvet-capital/cryptocurrencies-not-only-diversify-other-assets-they-diversify-each-other-4266eee074ec?source=friends_link&sk=0ff4a0fa7a83eca9966fad28a2da303f
I disagree with the first two sentences of the post. Bitcoin does not always pull other things up and vice versa. This correlation is sometimes the case, but it's not always so. I think there was a time when it made sense to diversify the portfolio, and I also did that back in the days before the ATH and what followed. I myself profited quite well with Litecoin and Ethereum, but ever since the great drop Bitcoin has been more or less gaining dominance rather than losing it as was the case when it approached the ATH. Along with Bitcoin establishing itself clearly as #1, other coins are getting fewer investments and are thus not as profitable anymore. The problem with the article is that it refers to research that was done about investments prior to 2018, and I think that things have changed radically since then.

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January 22, 2020, 08:28:11 PM
 #32

You already found the answers.
When Bitcoin goes up everything goes up and the other way around.

^ Bitcoin was leading almost all altcoins movement (but I dont think so about BSV, all I have known they are hype project), we noticed that they are also swinging when the price of bitcoin move. I dunno much about diversifying your crypto asset but for me, diversifying your bitcoin into a stable coin like(USDT) is a good help when immediately cutting your losses if you saw that the market was drastically down. To avoid losses, diversification is the best move. Nevertheless, not all diversifying will have good benefits.

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xiboothrezi
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January 22, 2020, 09:56:48 PM
 #33

diversifying cryptocurrency is a pretty good strategy to be able to take more opportunities. Basically, BTC does have the strongest opportunity, but there are also many potential altcoins that provide a great opportunity if we are able to get the right timing. Putting eggs in one place is a big risk, so diversifying it is expected to reduce that risk with support from others. What is clear, do not choose shitcoin or new coins whose progress is not yet clear.


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January 22, 2020, 10:02:52 PM
 #34

It does makes sense to diversify and you should also think outside of crypto if you're talking about diversification. You must be open into another investment that you believe can grow and you understand how you can make money out of it.

I have seen investors in crypto that are also more focused with diversification to the point that they are ignoring and forgetting bitcoin. This is a wrong strategy if they are missing bitcoin on their portfolio then they have multiple of altcoins to their choice. And as you know, bitcoin does affect most of them.

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January 22, 2020, 10:21:42 PM
 #35

bitcoin is the main benchmark to start investing. Holding a BTC will provide various benefits. In addition to the BTC price which is currently increasing because it will experience halving in May, BTC is also the most valuable.

Applying the diversification method to cryptocurrency will certainly make your altcoin diverse. But you need to analyze what altcoin you want to hold. Make sure that altcoin has a good future, technology that continues to be developed and has a good price.

Some altcoins do follow the price of bitcoins, but there are also some other altcoins that have no effect on the price of bitcoins.
Having a portfolio with a diversified method has many advantages, because not only one coin is held, but a variety of altcoins, but still must choose the best altcoin.

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January 23, 2020, 02:21:56 AM
 #36

It is better to stick with few good coin rather than buying handful of different coin. Also, apart from those period when crypto price went up few years ago, recently, when bitcoin price goes up, so many altcoin price remain the same while some even drop. This is because people sell altcoin to buy bitcoin during that period

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January 23, 2020, 03:29:32 AM
 #37

In terms of investment, we have the option to choose between sticking to an altcoin, a bitcoin, or both altcoin and bitcoin. Basically, to accumulate more than one or to stick with a stable currency interchangeably with bitcoin. But in my opinion, I only consider two option. The latter, and to diversify your investment. Because from the concept of diversification, you are making yourself safer from loss, mainly because altcoins have different market condition over time. Leading to a higher chance of profits. Though, taking risk with both bitcoin and a stable coin is effective, it is quite better to find opportunities from new coins especially those that are just starting in the market.

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January 23, 2020, 04:58:43 PM
 #38

In terms of investment, we have the option to choose between sticking to an altcoin, a bitcoin, or both altcoin and bitcoin. Basically, to accumulate more than one or to stick with a stable currency interchangeably with bitcoin. But in my opinion, I only consider two option. The latter, and to diversify your investment. Because from the concept of diversification, you are making yourself safer from loss, mainly because altcoins have different market condition over time. Leading to a higher chance of profits. Though, taking risk with both bitcoin and a stable coin is effective, it is quite better to find opportunities from new coins especially those that are just starting in the market.
Bitcoin is the more suitable option for all new comers as it is the more stable currency. Altcoin’s image has been wrong in the past time due to cases of frauds and scams. As new beginners have very low experience about the market. I would suggest the new beginners to start with short term trading in Bitcoin than move toward the long term trading for better results. As dealing with others coin is not easy for them

 
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January 23, 2020, 05:12:30 PM
 #39

It is better to stick with few good coin rather than buying handful of different coin. Also, apart from those period when crypto price went up few years ago, recently, when bitcoin price goes up, so many altcoin price remain the same while some even drop. This is because people sell altcoin to buy bitcoin during that period
The majority of altcoins are tied up with Bitcoin price, they move when Bitcoin price move. Diversifications are very common in trading when Bitcoin will go up the price they will sell those altcoins that they know it does not have the potential to hold. I will more stick on Bitcoin holding rather than choosing a random altcoin that we dont know if they belong to hype projects. Bitcoin is very safe to hold and it is clear to have an assurance of getting profit.


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January 23, 2020, 05:57:33 PM
 #40

Does it make sense to buy a portfolio or should we just hold Bitcoin?
Bitcoin is the king of the cryptocurrency market and all altcoins are dependent on it. Of course, a portfolio of bitcoin alone is quite good but I think we should diversify our portfolio because the cryptocurrency market is growing together.
There are many good and worth altcoins out there like ETH, BNB, LTC, EOS ... which are very good and potential coins.

inure 
 

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