Crypto Investment Update – New Additions

This Opinion post first appeared in my blog here: https://pwlcm.wordpress.com/2024/12/12/crypto-investment-update-new-additions/

Disclaimer: This post is just for educational sharing purposes. Please do your own due diligence on any products mentioned in this post.

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As mentioned in my blog posts Crypto Investment Update – BTC Next Target Level and Crypto Investment Update – November 2024, I sold part of my BTC holdings at SGD100,000 and SGD130,000 on 7 and 21 November 2024 respectively.

As I mentioned at the end of my November update post, I intend to gradually liquidate and withdraw my capital eventually. So I examined the composition of my crypto portfolio and split them into 3 categories:

1. Main Coin: BTC, ETH
2. Alt Coin: LUNA, SOL
3. Utility Coin: TKX

Out of the 5 coins in my portfolio, TKX actually had the highest allocation, slightly more than the combined allocation of BTC & ETH. I had a Sell Limit Order on TKX in April 2024 at SGD23, and added another TKX Sell Limit Order at SGD20 on 2 December 2024. These 2 sell orders were triggered on 4 and 7 December 2024.

With the sales proceeds from BTC and TKX, I was able to withdraw half of my crypto investment capital from Tokenize Exchange, midway to my goal of full capital withdrawal. I was also taking this opportunity to test out the withdrawal process from Tokenize Exchange, and it went through without a glitch. I saw the fund credited to my bank account almost instantly.

Even with this half-capital withdrawal, I still have some cash balance left in Tokenize Exchange. So I decided to deploy the cash balance to add some altcoins to my portfolio, with the intention to capture spill-over effect from the main coin bull run.

I started my search of altcoin candidates from the market cap perspective, believing that the higher the market cap, the longer it can stay in the game. Here is a snapshot of the top 10 market cap coins on CoinMarketCap:

I already had BTC/ETH/SOL in my portfolio. Both USDT/USDC are stablecoins pegged to USD, and I couldn't see the reason of carrying a stablecoin instead of the fiat currency. Don't forget stablecoin has an additional depeg risk, as seen in the UST Depeg Saga in May 2022.

DOGE was out as I didn't want to speculate in a memecoin. Both BNB/TRX were out as they are not available for trading in Tokenize Exchange. Hence, I was left with 2 altcoins in the top 10 market cap for consideration: XRP and ADA.

Cardano a.k.a. ADA was another altcoin I looked at when I bought the second altcoin in my portfolio in December 2021 (refer to my blog post Crypto Investment Update – December 2021). I was deciding between SOL and ADA then, and finally chose SOL. Interesting that things had come around for me to look at ADA again.

Here is the ADA chart I captured yesterday (11 December 2024):

I decided to place a Buy Limit Order at SGD1.55, and it was triggered at SGD1.5491 at the long red bar on 9 December 2024.

Ripple a.k.a XRP was in the news recently, although I didn't pay much attention to it. I was surprised to see XRP at the 3rd position on the top 10 market cap table.

Here is the XRP chart I captured yesterday (11 December 2024):

Similar to ADA chart, XRP started its strong rally from November 2024. Without delving too much into XRP, I simply placed a Buy Limit Order at SGD3. My order was triggered at SGD2.997 on 10 December 2024.

ADA and XRP are the 2 new additions to my crypto portfolio, and will be included in my December performance update.