Eco-friendly investors are looking for new ways to make a decent ROI from their efforts. A growing number of them are starting to look for eco-friendly cryptocurrency trading strategies.
Cryptocurrencies aren’t known for being exactly eco-friendly. However, a combination of a new generation of digital coins with a focus on sustainability and conventional cryptocurrencies like bitcoin have contributed to making the practice of investing in them more sustainable. In the past, some people wondered if eco-friendly cryptocurrencies actually existed.
There are a lot of ways that eco-friendly cryptocurrency investing is emerging. One of the reasons that investors are making money off of the practice is that they use tools like PrimeXBT.
Using PrimeXBT for Eco-Friendly Cryptocurrency Investing
If you spend any time on any crypto related forums or social media channels, chances are you’ve heard the news about the Covesting trader who reached a milestone of 100,000% in total profits. Not only did they make themselves some serious money, they made over $3 million for their followers and further put the copy trading platform on the map.
This particular trader wasn’t exactly motivated by sustainability. However, green cryptocurrency traders can consider using the same practices to bolster their own ROI. They may find that combining this practice with the fact that cryptocurrencies are becoming more sustainable will be a boon for them.
The world is now paying close attention to Covesting and to the trader’s fully transparent performance metrics to get an idea of how they pulled off the miraculous feat during one of the most unusual times in global markets ever. We don’t know exactly what methods they used, however, using what data is available and by comparing and contrasting against what tools and assets are offered by PrimeXBT where the copy trading module is located, we can come up with a compelling case as to what we think they used. Green cryptocurrency traders can benefit from these insights as well.
Covesting Spotlight On Record-Breaking 100,000% Profits – What Can Eco-Friendly Investors Learn from This?
Covesting strategy manager ChamelX has been making headlines across the crypto industry and has been the subject of conversation and watercooler talk all over finance. The reason for the buzz is that the trader has smashed all records previously set at the Covesting copy trading module with a massive 100,000% in total profits and still climbing.
Covesting traders are all ranked by total profits, so ChamelX is number one, but the platform is filled with hundreds of other traders who must also prove their skills via total profits. Performance is made fully transparent so followers on the platform can pick and choose the strategies that best suit their needs or goals. Followers must regularly monitor performance, because – let’s face it – not every trader can boast 100,000% profits.
ChamelX has remained the number one trader for several months in a row now, bringing their total profits to unprecedented levels. Covesting lets anyone become a strategy manager or follower using BTC, ETH, USDT, or USDC based accounts. ChamelX’s main account is BTC based, but according to their profile they have also created new ChamelXETH, and ChamelXUSDT. This means that although the main strategy is already at max follower capacity, followers have other ways to get a piece of the profits ChamelX can generate.
This is great news for eco-friendly traders for a variety of reasons. They can use this process to invest in eco-friendly cryptocurrencies, such as SolarCoin, BitGreen and Chia.
ChamelX BTC Strategy Goes Long Bitcoin as It Becomes Greener
The trader only started their strategy in late June to the early July timeframe, during a time when Bitcoin was crashing and so was the rest of crypto. A period of sideways trading began, and that appears to be when ChamelX took a position in Bitcoin using BTC-based margin contracts on PrimeXBT.
Because the total profits appear to mimic the trajectory of Bitcoin price action, the likeliest scenario is that ChamelX went long on Bitcoin at the bottom of the most recent downward correction to around $28,000 at the low. From there, Bitcoin broke up out of that range, and it appears ChamelX then added to his positions in early September just before Bitcoin made another leg up, compounding returns.
Bitcoin hasn’t even made new all-time highs yet, so that means ChamelX’s returns could continue to soar if the data correctly suggests that a Bitcoin long was the winning position. That would also suggest that ChamelX is a contrarian trader, who went long when the market was beariush, essentially buying the blood in the streets, so to speak.
This news happens to coincide with recent revelations that bitcoin is taking new measures to go green. This means that the demand for bitcoin should increase even more as it starts to attract eco-friendlier investors that ignored it due to its harmful environmental impact in the past.
Bitcoin price is currently trading at around $55,000, or about $10,000 below the current all-time high. The rise from $40,000 in BTC to $55,000 took ChamelX from around 30,000% to 100,000%. Another rise toward all-time high if the trader did actually add before the big breakout, could continue to compound and multiply as Bitcoin price flies higher.
A break beyond the former all-time high would immediately send Bitcoin back into price discovery mode, which would cause FOMO all across the globe and the crypto market moves into a mania phase.
At that point, ChamelX will need to prove they are capable of calling tops as well as they can bottoms, which could be beyond $100,000 per coin. And if ChamelX is already at 100,000% in total profits and Bitcoin is only around halfway to that incredible target, what could their final PnL ultimately look like? The trader is already making headlines, but beyond here is legendary status and possibly history books.
The Benefits Of The Covesting Ecosystem as Cryptocurrencies Turn a Corner Towards Sustainability
You may want to make a greater effort to invest in eco-friendly cryptocurrencies in the near future. You should also be more open to the idea of investing in traditional digital coins like bitcoin as they start to find new solutions to their environmental issues.
All of this is possible through PrimeXBT, an award-winning Bitcoin margin trading offering crypto, forex, commodities, stock indices, and more all from a single account. Built-in charting tools give traders like ChamelX the extra edge to predict the trend ahead, which as you can see produces real world results.
PrimeXBT is also the exclusive home to the Covesting ecosystem which includes the copy trading module where ChamelX is the top ranked trader and the reigning record-holder for highest profit percentage ever, and the new Covesting yield account module.
Copy traders can access global markets without having to do all the hard work and heavy lifting themselves, and can instead rely on the skills of traders that prove themselves through transparent performance metrics.
Boosting Covesting Performance And Total Profits For Eco-Friendly Traders
Are you a cryptocurrency investor that is concerned about sustainability? You need to make sure that you use the right tools to lower your carbon footprint and improve your ROI at the same time.
Covesting yield accounts also present an alternative for green cryptoucrrency traders to access passive income offered by top DeFi protocols like Curve, Yearn.Finance, Uniswap and others. APY rates can reach as high as 10% under the best market conditions, and can be accessed directly through the PrimeXBT account dashboard.
COV token staking can also unlock additional features for followers, strategy managers, or users of yield accounts. For example, yield accounts can earn an additional 2x on APYs, while followers can improve profit shares, following counts, and more. Strategy managers can also get a discounted rate on trading fees, which if ChamelX took advantage of, would have improved their own bottom line.
Boosting profit share for followers would also have resulted in more of the $3 million ChamelX made them going back in their pockets. Consider COV token staking if also considering giving one of the new ChamelX strategies a follow.
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