Monthly Crypto Portfolio Update (Aug 2020)

in #steemleo28 days ago

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I am still trying to catch up with everything happening around me but wanted to log my monthly crypto portfolio update before it was too late. I cannot imagine the amount of opportunities I have been missing with latest excitement provided by the Decentralized Finance (DeFi) movement. However, I am somewhat risk averse to some of these contracts as I am not saavy to read through their protocols to see the risks involved so I have mostly avoided them. However, they continue to demonstrate the interest in development within the Blockchain and cryptocurrency space.

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Source

Proof that the latest jumps in the market cap have been due to DeFi is the fact that the growth to $390 billion now has also dropped the bitcoin dominance to 55%. This is probably the lowest since the 2018 move to Altcoins which we mostly in the ERC-20 space as ICOs were the craze. While similar this time, it is now the DeFi protocols that are immediately taking space in the Top 100 coins interestingly.

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No major changes to me as I continue to sit on my hands as the environment is not only a little too rich for me but also not having the time to do homework before I invest. This is across the board so my cash set on the sidelines continue to grow. DAI continues to be the only asset I am accumulating at the moment.

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The good news is that my portfolio is once again in the positive. This proves that the invest and hold for the long term continues to work as dollar cost averaging has helped over that time. So while not much activity, I continue to remain on the sidelines to look at ways to participate in the longer term.

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