A recap of the performance of Crush Crypto Core (CCC), a DAA on the ICONOMI platform, for the month of October 2018. At the end of October 2018, the price of Crush Crypto Core (CCC) was $1.0426, representing a decline of 4.5% from the previous month.
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October was the most stable month since early 2017 in terms of cryptocurrency prices. In fact, the cryptocurrency market was more stable than the stock market, something happens very rarely.
However, some altcoins, especially at the microcap level, performed well in October. We believe there are a couple reasons contributing to this:
- Bitcoin price was stable, so some thrill-seeking traders sought to make money from trading smaller coins.
- Coinbase started listing ERC-20 tokens, which is a positive sign for the altcoin market in general.
Meanwhile, there were quite a few positive developments in terms of shaping cryptocurrency as an asset class that has a place in every investor’s portfolio.
- Goldman Sachs invested in BitGo, a startup promising to help institutional investors securely store their cryptocurrency.
- Coinbase successfully raising $300 million at an $8 billion valuation. This valuation is a 5x increase compared to their last funding round in August 2017.
- Fidelity Investments, an asset manager with $2.1 trillion asset under management, is launching a cryptocurrency trading platform.
- Morgan Stanley issued a research report stating that Bitcoin is a new institutional investment class.
And these are just the developments that happened within 1 month. This is a vote of confidence from the “smart money” and quite remarkable in our opinion, considering that the cryptocurrency market has fallen over 75% from the peak.
Of course, these infrastructure investments still need time to play out. It will be at least 2019 before the institutional money actually comes in.
We are constructive in the performance of altcoins in the near term, especially if Bitcoin stays at the $6,500 range.
CCC dropped by 4.5% during October 2018. CCC stayed between $1 and $1.1 for almost the entirety of the month. In general, major coins all dropped to various degree, while tokens experienced a bigger divergence of performance.
The coins in the CCC portfolio were down across the board. The drop ranged from -2% (ICON, Qtum) to -15% (Ether).
Token performance was better, with 3 positions (Basics Attention Token, 0x, and Raiden) generating positive returns from 13% to 44% while the other 3 positions (FunFair, Binance, and OmiseGO) experienced negative returns from -5% to -13%.
Consistent with our view that altcoin is going to outperform bigger coins, we have shifted our portfolio in a more aggressive allocation. We reduced Monero’s allocation to 5% and increased the total allocation for smaller coins like Zilliqa and Wanchain by 10%.
The information in this video is for educational purposes only and is not investment advice. Please do your own research before making any investment decisions. Cryptocurrency investments are volatile and high risk in nature. Don't invest more than what you can afford to lose. Crush Crypto makes no representations, warranties, or assurances as to the accuracy, currency or completeness of the content contained in this video or any sites linked to or from this video.