Mark Yusko is one of my favorite crypto people to listen to. He's on a podcast every Staurday morning on Blockworks Macro's "On the Margin" podcast. The Bitcoin halving due in 2024 should happen in April. The ETF's and an overall change in sentiment has driven Bitcoin up from a cycle low around $16,000 per coin in late 2022, to peak over $63,000 this morning.
I wasn't planning to write another post about my $10,000 Investment Challenge for a couple of more months. Then I checked the markets this morning, and Bitcoin was well over $60,000. By the time I decided to "take some profits" in my experimental investments, Bitcoin was at $61,069. Again, this is a paper trading experiment I began on December 21, 2023. I did not actually invest any money. I'm just paper trading, pretending to trade, as an experiment, since I couldn't do it for real. I opened a Coinbase account, but wasn't able to transfer any money into it, because I have a free Obama phone, apparently. The account wouldn't accept it for my security check to transfer funds. That pissed me of. So I decided to paper trade $10,000, starting 12/21/2023. I could "invest" in anything, and chose to put it all in crypto.
Today's changes: I sold half of my Bitcoin for $61,069.39 per BTC. I sold half of my Eth for $3,352.28 per Eth. I sold 7 SOL (Solana) for $114.56 per Sol. I figure 5% gas fees for each purchase or sale. Here's how that works out.
Sold: .011995 Bitcoin for $61,069.39 per BTC = $732.53 less 5% fees ($36.63) = $695.90
Sold: .2259 Ethereum for $3,352.28 per Eth = $757.28, less 5% fees ($37.86) = $719.82
Sold: 7 Solana for $114.56 per SOL = $801.92, less 5% fees ($40.10) = $761.82
Total profits taken today- $2,177.54
Then I put all of that $2,177.54 into Apecoin which was at $1.98 per APE
After 5% fee, that's $2068.66 into Apecoin at $1.98 = 1,044.78 APE
This puts my total investment into crypto as follows:
.011995 Bitcoin
.2259 Ethereum
14.647 Solana
56.931 Avalanche
74.962 Polkadot
595.298 Polygon
2,279.34 Apecoin
490.196 Sandbox
510.204 Decentraland
Total Value of these right now (11:45 am Pacific, 2/28/2024) $11,028.06
Prices dropped a bit since I "traded" this morning.
So the whole basket of my cryptos, in this experiment, is up over 10% in less than 3 months, after all fees are covered. Not bad.
For any of you experienced gamblers or investors out there, you may have realized that the Bitcoin, Eth, Solana, and Apecoin are now all paid for in pretty good prices. I now have paid $21,183.82 per Bitcoin for the BTC I have (it's now $60,233). I've paid $1,018.95 per Ethereum for the Eth I now have (it's now $3,232). I've paid $67.25 per Solana for the SOL I now have (it's now $111.66). I'm not quite totally playing with "house money," but I can just let all those ride, with no fear, and see how high they go.
I'm over $4,000 into Apecoin, which is my main pick of this whole group, for $1.78 per APE. Apecoin is the token of Yuga Labs, who created the Bored Ape Yacht Club NFT's, Bored Ape Kennel Club NFT's the Otherside gaming metaverse (that's NFT friendly), and own the Crypto Punks, and other Old School NFT's. Apecoin is at $1.84 as I'm finishing this post, and it hovered in the $6 to $7 range for a long time, before the crash. APE peaked around $27 shortly after it debuted, so it has a ton of room to run. And the FOMO crypto market of this cycle, and the Bitcoin halving, haven't even happened yet. I'm pretty happy with this basket of cryptos now.
Here are the previous posts in this series:
There are NO paid links in this post.
I've been doing a lot of writing on Substack lately, a platform designed specifically for writers, check it out:
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