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Bittrex Cryptocurrency Trading Update (July 2017)

My cryptocurrency profits for the second quarter of 2017 were simply incredible!

The Bitcoin price more than doubled and Ethereum went up 10x before settling around 7-8x. It’s fair to say that it was virtually impossible not to have made a significant return during such a bull market.

Now… we all know that these types of market don’t last forever. With that in mind, I have sold some coin so that I have my original Bitcoin investment back and a very healthy profit on top. My remaining portfolio is worth approximately $270,000 and mostly made up of Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP) which have cost me nothing at all.

In addition, I have been trading cheaper coins on Bittrex. I started around three months ago and in this post I will explain exactly what profit I have made and how I did it.

To be clear… I do not make a single penny from anyone joining or trading on Bittrex (or any other exchange). If you want to start trading, use any exchange you like – it makes no difference to me whatsoever.



Bittrex Trading

Ok… so I’m not particularly tech minded and I don’t have time to do a lot of reading. I figured that there are a ton of people already researching cryptocurrency though, so I decided to buy cheap coins which had good trading volume on Bittrex.

That was literally all the research I did.

I spent varying amounts buying coin, sticking to the cheaper end of the market. As soon as each buy was complete, I set up a sell order at double the price for half the coin. Once a sell order was filled, I’d have my original money back and half the coin for free.



Free Cryptocurrency

Because of the bull market, I really couldn’t miss! This is a list of the free coin I have acquired so far:



  Units HeldCurrent Value (BTC)
AGRSIDNI Agoras5000.135495
ANSAntshares10003.09802
ARKArk25000.52
BITBBitBean500000.0575
BTSBitShares15000.134025
CLOAKCloakCoin5001.404635
DGBDigibyte50000.0376
GAMEGameCredits5000.61159
GNTGolem10000.18059
GRSGroestlcoin10000.0612
KMDKomodo15000.92568
LBCLBRY Credits25000.56815
RDDReddCoin1250000.0825
SCSiacoin250000.13175
STEEMSTEEM7500.47703
STRATStratis5000.03572
SYSSysCoin25000.155175
XDNDigitalNote500000.0485
XVGVerge1000000.137



That’s a pretty tidy little portfolio, worth a total of 8.80216 BTC ($23,000 or so).



The Big Winners

AntShares (ANS) have been a terrific investment and my 1,000 free coins are worth in excess of 3 BTC (around $8,000):



AntShares (ANS) price movement to July 2017
AntShares (ANS)



CloakCoin (CLOAK) has also returned more than 1 BTC profit:



CloakCoin (CLOAK) price movement to July 2017
CloakCoin (CLOAK)



Komodo (KMD) were above 1 BTC profit recently, but have dropped back a little lately. Nothing ever goes up in a straight line though, so I’m not worried about some profit-taking:



Komodo (KMD) price movement to July 2017
Komodo (KMD)



However…

I didn’t hit a home run with every coin – and I really didn’t expect to. This is a list of the coin I own which hasn’t doubled in price yet:



  Units HeldCost (BTC)Current Value (BTC)Profit/Loss (BTC)
ABYArtByte250000.14661560.06725-0.0793656
BATBasic Attention Token20000.2385950.10216-0.136435
BAYBitBay200000.220549980.0575-0.16304998
BURSTBURST100000.064159980.0618-0.00235998
CANNCannabisCoin50000.10325750.06995-0.0333075
CFICofound.it10000.0822050.07407-0.008135
COVALCircuits of Value200000.070894690.0504-0.02049469
DOGEDogecoin100000.008020.00980.00178
EGCEverGreenCoin10000.068671250.06112-0.00755125
FLDCFoldingCoin100000.150094870.0872-0.06289487
HMQHumaniq25000.12531250.1597250.0344125
IONIon5000.217542480.150465-0.06707748
LMCLomocoin50000.1704250.12005-0.050375
MAIDMaidSafe20000.407240.36896-0.03828
MUEMonetaryUnit20000.084957520.095020.01006248
MYRMyriadCoin500000.08020.053-0.0272
NXTNXT20000.127377650.10816-0.01921765
OKOkCash20000.102194540.08666-0.01553454
PINKPinkCoin100000.100250.0747-0.02555
PIVXPivx5000.322855120.460360.13750488
QRLQuantum Resistant Ledger5000.175437460.146955-0.02848246
QWARKQwark25000.175247790.125-0.05024779
SNGLSSingularDTV50000.309772460.36910.05932754
STARTStartCoin20000.0597490.03572-0.024029
THCHempCoin100000.046616220.0368-0.00981622
TRIGTRIG Token10000.173410130.0485-0.12491013
VOXVoxels20000.064290320.0549-0.00939032
VRCVeriCoin5000.12531250.1467350.0214225
WINGSWings DAO10000.2420.16225-0.07975
XEMNewEconomyMovement20000.11528750.133660.0183725
XLMLumen50000.08020.0515-0.0287



The total value of these coins today is 3.62947 BTC, 0.82927206 BTC less than I bought them for. 7/31 are in profit though and many were only bought recently, so there’s plenty of time yet.



The Overall Picture

My total profit so far from this venture is 7.97288794 BTC. That works out at almost $21,000 which isn’t at all bad for hardly any research and three months of doing very little!

I will continue to reinvest Bitcoin back into small coins as prices double and sell orders are filled. Bitcoin itself is taking a breather after recently breaking through the $3,000 barrier and I believe it will soon be back there and well beyond. Once Bitcoin starts moving up again it will drag other coins with it like it has done for the previous three months.

That’s when this strategy really motors!

About 
Steve first invested in Bitcoin during 2015 at a price of just $230. He has since diversified into Ethereum, NEO and many other cryptocurrencies.

3 Comments

  1. PJ Pires

    July 7, 2017 - 2:50 pm
    Reply

    Nice numbers. The BITcoins market is something I really need to watch close.

  2. Rob Miller

    November 23, 2017 - 8:43 pm
    Reply

    Could you please do a post on how you calculate this. The numbers are all confusing and I want to make sure that I am indeed doing this correctly.

    • Steve

      November 23, 2017 - 9:23 pm
      Reply

      Hi Rob

      Nowadays, I prefer to use a spreadsheet so I can keep track of everything no matter where it is. There’s nothing more to it than calculating the current value, then taking off the cost price. Not sure I could flesh that out enough to warrant a post! Takes me no more than 3-4 minutes to update the prices and done.

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