So I'm relatively new to crypto. I bought some bitcoin and messed around with trading a really small sum to see if I could pick up day trading techniques (so far i've broken even) and feel like it's not really worth it without a lot of experience and or luck. In response to this I followed the advice I read from multiple sources which is to diversify my portfolio. It's relatively conservative with about 40 percent BTC, 35 percent ETH, and the rest broken up into alts that I researched and believe have some kind of value or potential utility like BAT, BNB, Tezos, ADA, and EOS. Having watched my portfolio for a bit I noticed everything seems to pretty much follow bitcoin right down to the chart shape. If this is the case, why put money into alts when Bitcoin is seemingly primed to be the most stable or profitable with the current environment of it gaining more popularity and nearing its halving?TLDR, is diversifying in crypto not equal to diversifying in stocks because of a too strong correlation between BTC and alts?
Submitted February 10, 2020 at 10:34PM
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