Solidum Prime (SOPR) Monthly Report for July 2019
In July, the crypto market experienced a pullback, but it hasn’t turned out as most predicted it would. Up until the 10th day, the market stood steady and even recovered some of the losses it had experienced in June. However, in the days that followed, the crypto market started to take a turn and fell from $355 billion on 10 July to $251 billion on 17 July, marking the lowest monthly point. Thereafter, the market stabilized and moved at the range of $260-$275 billion till the end of the month.
The common speculation in the crypto community was that Bitcoins’ pullback would fall to $7,500, which turned out to be false (at least for July). Bitcoin reached its monthly peak of $13,102 on 10 July and dropped by 28.61% in the following week, losing its $10,000 support level and falling to $9,353. Yet the pullback did not last long, as the king of crypto bounced back to almost $11,000 in the next four days. After 21 July, Bitcoin swang around the $10,000 level, ranging between $9,500 and $10,800. Regardless of these fluctuations, Bitcoin ended up as one of the best performers in July, with monthly performance of -6.76%.
Altcoins, on the other hand, experienced a more drastic drop in value. Ethereum, for instance, depreciated by -24,78% in the past month. Looking at the Bitwise 70 index — which is a good representation of the altcoin market — the average net loss of the top 70 altcoins in July was -24,90%.
Since the Solidum Prime portfolio consists mostly of altcoins, its monthly performance was on par with the altcoin market with -24.76%.
Our Investment Committee made a decision to change the investment strategy of Solidum Prime from active to passive, in effect from 1 August 2019. Please, read more about this adjustment, its reasons, and implications, as well as the new SOPR portfolio structure in the following announcement.
Solidum Prime maintains the same rebalancing structure, with the portfolio being rebalanced once a month — every first Monday of the month.
Find more information about our Solidum Prime (SOPR) Crypto Fund on our website, in the latest SOPR Fact Sheet, and on the ICONOMI platform.
Solidum Capital offers easy and proven cryptocurrency investment solutions for both, beginners and experienced investors.
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DISCLAIMER: This article is for informational and discussion purposes only and does not constitute a marketing message, an investment survey, an investment recommendation, or investment advice. The article was prepared exclusively for a better understanding of market dynamics.
Published at Sun, 04 Aug 2019 11:05:38 +0000
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