At the end of April 2018, the price of Crush Crypto Core (CCC) was $2.8345, representing an increase of 71.7% over the previous month.
CCC is a digital asset array on the ICONOMI platform. Starting with a $100,000 seed capital in October 2017, CCC had assets under management of $2.9 million as of April 30, 2018.
In our report last month, we wrote that “we believe it is a good time to enter into the market” and it turned out to be true. Within the span of a month, the market sentiment went from being extremely bearish to fairly bullish.
One month ago, some people had a bitcoin target price of $2,000. Today, Charlie Shrem tweeted that he thinks this month will be the last month ever for bitcoin to go below $10,000. This goes to show you how quickly the mood can change and fast-paced the cryptocurrency market is.
If you have been following Crush Crypto for a while, you know that we like the famous quote by Warren Buffet: “Be fearful when others are greedy and be greedy when others are fearful.” Remember that awful feeling you had about the market one month ago – that was the bottom and a buy signal.
During the month of April, Bitcoin underperformed altcoins. As a result, Bitcoin dominance is now down to 36%, only 3% above its all-time-low in January 2018. The fact that different cryptocurrencies are showing divergence in performance is a good sign that the market is becoming more mature than before.
Looking at the fund flow into CCC, many investors are still hesitating to put in funds to pursue higher risk instruments. As Bitcoin price is still over 50% below its all-time-high, we believe that the current bull cycle is far from being over.
CCC rose by 71.7% during April 2018. In general, smaller coins outperformed bigger ones with the exception of ether, which rose 69%.
All the coins were up across the board, with some (Steem +158%, Icon +96%, Bitcoin Cash +97%) up more than others (Bitcoin +33%, Monero +35%).
All tokens in the portfolio did well, with performance ranging from +56% (Funfair) to +164% (Kyber Network).
Our overweight call with Kyber Network has paid off – Kyber secured a partnership with the most popular Ethereum wallet at the moment, MyEtherWallet. The project also made strong business and development progress, and had their token listed on Bithumb.
We are in the process of reducing our overweight weighting in Kyber Network and adding back our long-time holding, 0x Protocol.
* The information contained in this article is for education purpose only and not financial advice. Do your own research before making any investment decisions.