…EOS, followed by Ripple and the Bitcoin. This is according to a new ranking released by Weiss Crypto Ratings for its 2019 annual review. Welcome back everyone to yet another exciting update from the world of cryptocurrencies which I merged with forex trading in order to create my Bitcoin - Forex Combo Strategy. It is always a challenge to determine which cryptocurrency is the best and different firms will come to a different conclusion as they use different metrics and analytics. Weiss Crypto Ratings analyzed 122 different cryptocurrencies and determined that EOS topped their list. Currently only Weiss Crypto Ratings offers rating on cryptocurrencies, but more firms are likely to enter the sector which will give a more comprehensive view of the overall market.
Weiss Crypto Ratings has five different ratings: A (excellent), B (good), C (fair), D (weak) and E (very weak). The 2019 annual overview had four B- ratings, the highest achieved, and was attributed to EOS, Ripple, Bitcoin and BNB (the cryptocurrency/token from Binance). Completing the Top 10 list was Cardano, NEO, Stellar, LiteCoin, TRON and Ethereum which received a C+ rating. Overall, 27 cryptocurrencies received a C rating, 75 were rated D and 16 were rated E. On March 13th 2019 I have written about Ripple and why I believe it is poised for a very good future. You can read up on my views at “Bitcoin - Forex Combo Strategy: Ripple Opening New Frontiers”.
According to the research and analysis conducted by Weiss Crypto Ratings, EOS will challenge Ethereum in order to build the backbone of the internet moving forward. Ripple was highlighted as a challenger to the global SWIFT network which is currently handling a large share of international financial transactions. The firm view Bitcoin as the best choice for investors to store value and save capital, especially with the launch of its new Lightning Network. A sub-category for technology adoption showed cryptocurrencies Steem, NEO, Stellar, Zcash and BitShares, Ethereum and Dogecoin in the Top 10.
The firm did point out that plenty of risks remain in the sector and added “Investors must not ignore the risk of loss, which remains far higher in crypto markets than virtually any other asset class. Thus, the overall Weiss Crypto Ratings, which include risk and reward factors, are lower than the Weiss Tech/Adoption grades.” There is a big difference between technology as well as reward for investors. There are plenty of coins which are making great use of new technology, but this doesn’t necessarily mean that their coins will appreciate in value. The trend is overall positive as I outlined in “Bitcoin - Forex Combo Strategy: Cryptocurrency Acceptance Grows”.
EOS snatched the top position as founder Dan Larimer stated a big announcement will take place in June and will be the biggest one since January’s EOSIO Version 1.6 release. Since then developers have been quiet, but the community is gearing up for something big. While Larimer refused to give more details, he took the opportunity to lash out at competitor Ethereum by adding “Quality over quantity. ETH has many devs because their solutions are overly complicated by poor initial design. No amount of Devs can fix what is wrong with ETH unless they pitchfork to something like EOSIO.” He also lashed out at LiteCoin by claiming that “The fact that you consider LTC and EOS in the same category shows that you only care about currency use as a token.”
Bullishness across the cryptocurrency space continued to rise which has lifted all my positions. Bitcoin moved above the $4,000 on an intra-day level, but retreated as it could not hold on to it. The reversal was halted as price action met and ascending support level. I will keep hodling my 200 Bitcoins which carry an average entry price of $4,315. Ripple continues to struggle with the $0.3000 level where bulls and bears are fighting for control. I added another 3,000,0000 Ripple at 0.2900 and currently hodl 6,000,000 Ripple which carry an average entry price of $0.2975. Ethereum enjoys a healthy build-up in bullish momentum which is great for my 7,500 Ethers which carry an average entry price of $120.00. The three images below show my cryptocurrency assets.
Gold is caught in a bullish price channel after pushing back above the $1,300 level and I believe this trend will extend as the global economy continues to cool down and save haven assets will further attract bids. My 4 lots of Gold were purchased at $1,282.00 for a margin requirement of $51,408 with a pip value of $40.00. The image below shows the bullish price channel as well as my position.
I had four open forex positions as of last week’s update and all four of them were closed for a profit. Three of them were straight forward stop loss executions and on one I took a bigger risk on the back of central bank policy which paid out a small profit rather than a large loss. You need to know when to make adjustments and when to stick to strategy. The three normal closures all appeared on March 21st 2019 and were all 100 lots in size. My USDCHF short position was closed at 0.9915 for a profit of 125 pips or $125,123, my GBPUSD short position was closed at 1.3050 for a profit of 250 pips or $250,000 and my EURGBP long position was closed at 0.8710 for a profit of 150 pips or $198,409.
I made a high-risk decision in my NZDCAD short position which rallied after I sold 100 lots. While my floating losses accumulated, I adjusted my stop loss level to the upper range of its resistance level as I wanted to wait for this morning’s RBNZ interest rates announcement or rather the press releases which followed it. It worked out in my favor and as the New Zealand Dollar tumbled and I was able to close my short position at 0.9115 for a profit of 25 pips or $18,744. I usually don’t divert from my risk management parameters, but as I said there are always exceptions. The profitability of my other trades allowed me to be more flexible. The images below show all four exits.
I added a 100 lots short position in the NZDUSD at 0.6915 on March 21st 2019 according to this trading recommendation “NZDUSD Fundamental Analysis – March 21st 2019”. The margin requirement was $13,608 with a pip value of $1,000.00. This position was closed earlier today at 0.6800 for a profit of 115 pips or $115,000. On March 22nd 2019 I added a 100 lots short position in the EURJPY at 126.100 for a margin requirement of $22,520 and a pip value of $905.06. The original trading recommendation can be found at “EURJPY Fundamental Analysis – March 22nd 2019”. The following day this position was closed at 124.100 for a profit of 200 pips or $181,012. The two images below show both complete trades.
Earlier today I sold 100 lots in the GBPNZD at 1.9430 for a margin requirement of $26,449 with a pip value of $680.39. I acted on this trading recommendation “GBPNZD Fundamental Analysis – March 27th 2019”. Today’s non-binding votes in the UK House of Commons in regards to Brexit could push the British Pound to the downside. The image below show my position.
Here is what my overall Bitcoin - Forex Combo portfolio looks like: I hodl 200 Bitcoins worth $793,420, 6,000,000 Ripple worth $1,789,200 and 7,500 Ethers worth $1,001,100. My 40 lots of Gold are worth $174,448 and I have $2,089,984 in cash plus one open 100 GBPNZD short position worth $27,129. My overall portfolio is worth $5,875,281, up $738,144 as compared to last week and at a fresh all-time high. I am looking forward to add to my trading gains, powered by my forex portfolio and seek to eclipse the $10M mark by the end of the second-quarter. Start your own trading portfolio right now at PaxForex where I operate my Bitcoin - Forex Combo strategy and join the fast growing community of forex and cryptocurrency traders who enjoy a great partner in PaxForex. The perfect time for you to start trading, is the time you decide to open your PaxForex Trading Account!