Well, Ripple has clearly been lagging in terms of performance but yesterday we bought our long position in XRP. This makes a clean sweep in terms of long positions. We have also taken the opportunity to rebase the valuation figures and our trading exchanges.
As discussed in an earlier post Bitfinex is suffering from an inability to send fiat currencies to their customers. This has caused a serious distortion in their price compared to other exchnages.
This problem also impacts Tether which is owned by Bitfinex and is suffering from the same restriction as a result of this tetherUSD is now being traded as approximately $0.92, distorting the price of the cryptocurrencies priced vs USDT (Tether).
We have elected to switch our trading to a combination of First Global Credit, Bitstamp, and Kraken – all exchanges that allow transactions vs USD (not tether). The prices we revalue our positions against will also reflect this change.
Even with this change, our performance figures have been impressive in the first month of trading. We are currently up 15.3% in USD terms. The largest % gainer by a long way this month is Etherium Classic; this is showing a gain of 92.21% from our purchase price of 2.696. In $ terms the largest gainer has been Bitcoin. While only showing a 13.54% gain this is by far our largest position.
|Currency||Starting Balance||USD||Crypto||Rate||USD Equiv||TOTAL||Gain/loss|
The lagging currency is Monero. It appears to have completely missed out on this recent rally and is languishing at a value of 19.7 (a 13.36% loss on funds invested). The model is still staying with Monero so maybe sees something that the rest of the market doesn’t (or is just plain wrong).