My top 3 Alt coin focus for DCA
I did not have any huge holdings of altcoins until recently. Most of my focus had been on Hive and HBD and I was trying to increase my stake on Hive and increase my position on Hive. But recently something made me feel that I have to also focus on some of the altcoins I have been holding for years. Though I don't hold a huge quantity of any Altcoins, I do have decent holdings of some of the coins. Recently my portfolio had a very nice pump after the BCH jumped high suddenly.
This rang a bell and made me feel that I should not leave my altcoin investment alone and start focusing on them too. Some of the coins I had purchased for nearly 3 or 4 times the current price. I did not do a DCA during this bear market, which tells me that I cannot wait until those coins reach my previous bought price. So it would be better to do a DCA right now and reduce my average buying price to be happy during the next bull run.
For example, I bought Polkadot when the price was around 40 dollars. I believe 60$ was the peak price of the Polkadot and thankfully I bought it only when the price was around 40 dollars. But I feel sad that today the price has gone down drastically and it is 8X down than my bought price. I cannot do a huge investment to balance out the bought price. But I'm sure I can definitely contribute a little and reduce the price to do a DCA. Below are my top 3 picks for doing DCA.
XRP
XRP was my first altcoin after I did a decent trade on Bitcoin. I bought them on an Indian exchange called Koinex and I had to move them to another exchange when they closed the exchange. Since then I have been holding my XRP tight and I didn't even bother to do a DCA. Today something makes me feel that I have to do a DCA. I don't know how it would perform during the next bull run but I think it is wise to do a DCA and be ready for the next bull run to book some profits.
XRP fought against SEC and won the case. There are many good vibes around XRP and many banks have been using it for cross-border transactions. One of the biggest advantages that XRP has is that it has a fixed supply. So, I personally think that if not now, it would definitely have a great value gradually in the coming years.
Polkadot
DOT is a token that I purchased for their Parachain feature. One of my friends was very active on the Polkadot chain and he insisted that I should buy at least a small quantity of Polkadot. I missed all the great opportunities and bought it when the price was around 40 dollars. My intention was to sell it when the price reached 45 dollars. Those days the price was fluctuating from 40 to 50 dollars frequently. Today it is trading at around 5 dollars which is 8X lower than my bought price. This is one of the primary reasons why I would like to do a DCA on this so that I can be ready to exit my position or book profits when the bull run starts.
ADA
This also happened as an accident. I actually did not know anything about Cardano and when my friend asked me to invest, I blindly invested. He also invested and made a massive profit out of ADA but I bought the token and have been holding it continuously since then and the price has also not improved. Hopefully, if I do some DCA, I should be able to sell it and book my profits during the next bull run. People say great things about ADA but I have to probably find some time to read and understand about ADA and that way I can decide whether to stay and wait or to exit my position.
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