Facing the Binance lawsuit today, popular Youtube channel Bitboy Crypto is redesigning its strategy after losing a large portion of its altcoin portfolio in the Celsius crash.
Bitboy shares new strategy after losing altcoin portfolio
Popular cryptocurrency phenomenon Ben Armstrong, known as Bitboy Crypto, recently shared a video update on his channel detailing how he lost most of his altcoin portfolio due to his investment in Celsius Network. According to the analyst, the value of his portfolio dropped from $35 million to $3 million and he had to rebuild from scratch.
Investing in these altcoin projects
Bitboy’s strategy to rebuild its altcoin portfolio diversifies its investments between Bitcoin, Ethereum, tier two and tier one. He said he plans to invest 30% of his portfolio in Bitcoin and Ethereum, while the remaining 70% will spread to the following cryptos:
- Polygon (MATIC)
- Optimism (OP)
- Arbitrum (ARB)
- Hedera Hashgraph (HBAR)
- Cardano (ADA)
- Internet Computer (ICP)
- Left (LEFT)
- Polkadot (DOT)
- XRP
XRP is the most important player
Bitboy believes that these cryptocurrencies will be the key players in XRP, which it expects to skyrocket in the next bull run, especially once its lawsuit with the SEC is settled. cryptocoin.com As we reported, XRP increased its weekly earnings by more than 25%, accompanied by Ripple, which gained the upper hand in the case. The altcoin broke records in trading volume on South Korea’s three largest exchanges, UpBit, Bithumb and Korbit.
dollar-cost average
To avoid losing too much money due to high volatility, Armstrong plans to average the dollar-cost of his investments in these altcoin projects over time. This approach involves investing a fixed amount of money into a cryptocurrency on a regular basis, regardless of its price. The dollar cost averaging helps investors reduce the risk of overbought and undersell.
Ben noted that it is particularly bullish on the second tier, which are solutions built on top of existing blockchains that aim to increase scalability and reduce transaction fees. He believes that the second layer will play an important role in the future of DeFi and will help solve the current problems with high gas fees on the Ethereum network.
While Ben’s approach is not universally applicable, it serves as a valuable warning for investors to conduct thorough due diligence and expand their cryptocurrency portfolios to mitigate potential risks.
Binance case
About 5 days ago, the US regulator CFTC sued Binance and its CEO, CZ, for trade violations. According to Fortune, on March 31, Binance is involved in the trading of unregistered securities and influencers are also being sued for $1 billion for the illegal promotion of such services. These influencers include NBA Miami Heat star Jimmy Butler, YouTuber Graham Stephan, and YouTuber Ben Armstrong (BitBoy Crypto).
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