Does the recommendation of no more than 5% into cryptocurrency mean 5% of total investment or 5% of assets?

It shoud be 5% of total investment, I personally do not live by this 'rule' (99% of my investment is in crypto)

I believe that if you are still young, it's okay to risk a little bit more for the alpha, dont have to be extreme like me and invest 99%, but 10-20% is probably a good number to start

When you dig deeper and research further, you will have the conviction that crypto is inevitable and when you are comfortable, increase your crypto holding.

Sidenote: even if you start with 20% portfolio in crypto and never pump in money again and never rebalance, that 20% is going to grow to at least 50% of your entire investment portfolio in a year or two :)

Usually, it's 5% of invested assets (which is also what I've done). The whole idea is to manage it in relation to the remaining part of your portfolio so as to manage the overall risk as a whole.​​​