The "Wild Stuff" cryptocurrency tracking portfolio is already going crazy
And it hasn't even been a full day yet
As mentioned in a recent post, today I set up the “Wild Stuff” cryptocurrency tracking portfolio for 2021. I did make two small tweaks compared to my original plan by dropping Filecoin and Cosmos for 0x and Ethereum Classic. I did this because I wanted two coins that had a longer history for analysis. So, here is the actual setup of the tracking portfolio:
I did all of these purchases right after midnight, basically getting as close to the start of 2021 as possible. I also incurred a small fee of 0.18% on these purchases but, to keep things simple, I just baked that into the price in the table above.
Of note, these ten coins represented $664.0 billion in market capitalization, which covers 85.8% of the total cryptocurrency investable market capitalization of $773.5 billion, as of 2020 year-end. Coinmarketcap.com lists over 8,156 cryptocurrencies, so that shows some serious market concentration. Going further, that concentration is mostly in Bitcoin, which has 70.6% of the entire cryptocurrency market capitalization on its own.
After only a day, the portfolio is already acting, well, wild:
I’m not really surprised by this. My guess is that, over the year, the majority of these coins will be down quite a bit, as the entire cryptocurrency market is right around an all-time high. The fun part will be seeing just how much this portfolio goes down!
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