Project 2018 – Update week #5
As you know we’re running a project to hold $2,500 of cryptocurrencies for an entire year. Welcome to our fifth update! If you are new, check out our first post on the project.
Week 5 Introduction
Ouch. For those of a nervous disposition, don’t look! Our portfolio got hammered this week (but then, who’s didn’t?) – Bitcoin and every other altcoin had a massive sell-off as the cryptocurrency market shed over $200 billion dollars (but don’t be fooled, the US Stock Markets also had a terrible week!)
Only one of our cryptocurrencies is still in profit since we started currently.
Week 5 Data
Project 2018 - week 5
|Cryptocurrency||Jan 29th Value||Feb 5th Value||Gain / Loss %|
Week 5 Charting
Click the images to view in detail.
Week 5 Summary
In total, our portfolio plummeted from $2,416 to $1,282 – which was a huge $1,133 (-46.91%) decrease.
If we had invested $2,500 in just Bitcoin it would be now worth: $1,325
Best performer: Litecoin (LTC) -$23.91 (-30.12%)
Worst performer: Funfair (FUN) -$63.86 (-59.67%)
Coin Profile – Monero (XMR)
Why we picked it? We think Monero, although ultra-unpopular with Governments around the world is set for great growth throughout 2018. Whereas Bitcoin is great to get people involved in cryptocurrencies, Monero is known as the anonymous cryptocurrency!
Monero uses cryptography to shield sending and receiving addresses, as well as transacted amounts.
Monero is fungible. By virtue of obfuscation, Monero cannot become tainted through participation in previous transactions. This means Monero will always be accepted without the risk of censorship.
Additionally, The Kovri Project, currently in development, will route and encrypt transactions via I2P Invisible Internet Project nodes. This will obfuscate a transactor’s IP address and provide further protection against network monitoring, making this cryptocurrency very popular with the privacy-conscious.
We’ll be back next week – keep following! (Sign up to our weekly newsletter in the header!)
Don’t forget you can catch up with all of our posts in this series by bookmarking: https://coinguide.tv/project2018