 | The 2024 Top Ten Cryptocurrency Index Fund Experiment Has Begun!For the seventh year in a row, I am happy to announce the launch of the Top Ten Cryptocurrency Index Fund Experiment for 2024. For those unfamiliar with the Experiments, my annual tradition is to buy $100 of each of the Top Ten Cryptos every New Year’s Day since January 1st, 2018. The Top Ten Experiments have now purchased a total of $7,000 in crypto since January 2018. The 2024 Top Ten Portfolio includes the following cryptos, in descending order as per coinmarketcap.com on January 1st, 2024: That’s a $1000 investment on the 1st of January, 2024, ($100 each) of #1 BTC, #2 ETH, #3 USDT, #4 BNB, #5 SOL, #6 XRP, #8 ADA, #9 AVAX, #10 DOGE, and #11 DOT. Fun fact: all 2024 cryptos have appeared in past Top Ten Portfolios, marking the first year no new cryptos have joined the overall Experiment. Long time Top Ten Experiment followers will notice I’m again breaking the tradition of strictly investing in the Top Ten by market cap, no matter what. To stay consistent with past Experiments, I will only include one stablecoin, so #11 DOT is in and #7 USDC is out. I made a similar decision with the 2022 Top Ten and 2023 Top Ten Portfolios. USDT will remain in the 2024 Top Ten Portfolio. So: The 2024 Top Ten Portfolio = Top Ten – USDC + #11 DOT. Q: Why keep a stablecoin in the portfolio at all? A: Consistency. For better or worse, I included USDT in the 2019 Top Ten Portfolio and one stable in every subsequent year since. Including a stablecoin in the 2024 Top Ten is my attempt at an honest/fair comparison between each year’s portfolios. Q: Why were stablecoins included in the Top Ten Experiments in the first place? A: Check out the FAQs. Where Did You Purchase The 2024 Top Ten Crypto?Details/proof of purchases below: I used LlamaSwap for WBTC, WETH, USDT, BNB, and AVAX: Coinbase for XRP, ADA, DOGE, and DOT: And finally, I used Jupiter to purchase SOL: Battle Royale: My Homemade Top Ten Crypto Index Fund VS AMKT Total Crypto Market TokenThe first Top Ten Crypto Experiment was started on 1 January 2018 in an attempt to capture the gains of the entire cryptocurrency market. No crypto indexes existed, so I created my own. Crypto has rapidly progressed in recent years and now such index products do exist. In a tradition started a few years ago, I thought it would be interesting to see how my homemade Top Ten stacks up to emerging Crypto Index products. Last year’s friendly competition was between The Top Ten Portfolio and The Alongside Crypto Market Index Token (AMKT). AMKT is an ERC-20 token that represents a cap weighted index of 15 top cryptocurrencies (minus stablecoins) backed 1:1 by the underlying assets represented within the index and completely onchain. Since the index tracks at approximately 98% efficiency the value within crypto, AMKT is an excellent proxy for the entire cryptocurrency market. Last year’s results? It wasn’t even close. AMKT ended 2023 severely outperforming my homemade Top Ten +141% to +73%. As was the case last year, Alongside has kindly provided $1,000 worth of (7.17788) AMKT on the 1st of January, 2024, to allow for a fair comparison. Also, as was the case last year, the AMKT provided by Alongside will be sold at the end of the year and donated to charity. Here’s the question I’ll be tracking: as the year goes by, would I have been better off just buying $1,000 of AMKT instead of going through the effort of creating a homemade $1,000 Top Ten Index Fund? Excited for a rematch with AMKT this year, but it will be an uphill battle for my Top Ten Portfolio: mirroring index products of traditional finance, AMKT has a 0% fee and is currently offering a 5% APR match, essentially creating their own dividend. All Systems Go!Like every year, I’m excited to launch the latest iteration of the Top Ten Crypto Index Fund Experiment. If you’re new to the Experiments, welcome! If you’ve been following over the years, many thanks for sticking around. The first monthly report for the 2024 Top Ten Portfolio will drop in early February. Other reports from the 2018, 2019, 2020, 2021, 2022, and 2023 Top Ten Portfolios will be released over the course of the year. In the meantime, you’re welcome to pour through years of data here. Happy New Year and here’s hoping for an up only 2024 (insert rocket emoji here). [link] [comments] |
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