The new year started on a relatively low note for the cryptocurrency market. The likes of Bitcoin and other major altcoins fell through the majority of December and started the year at $46,000 — down from its all time high of $69,000 on November 10 last year.
Regardless of the downward trend, Bitcoin does look to have bottomed out and even though prices have been dropping, there have still been big profits coming out of the Covesting copy traders.
Big returns from Covesting strategy managers that ranked in the thousands of percent meant that their followers were alongside them earning great profits as well
Here is a closer look at the fully transparent Covesting global leaderboards, the current standings, and a spotlight on the top five traders of the month.
Understanding Covesting and how Users Profit
The Covesting copy trading module is a massive peer-to-peer trading community that boasts hundreds of strategy managers who have their trading performance tracked and shared for the entire community base to see. From here, followers are informed who is doing well and which managers are on a hot streak based on performance metrics and leaderboards.
A ratings system spotlights safety and skills of traders based on user feedback, and this can help followers make their decision, but the leaderboard and pure success is also a good indicator of a successful trader.
The Top Five Strategy Managers for January
Looking at the current top five traders on the platform we can see the current best performer is showing profits of over 2,000 percent. In fact, the top seven are all boating gains of over 1,000 percent.
The top strategy manager, toootheemoooon,is sitting pretty with a 2,207 percent total profit with the runner-up, BitPros just under 1,908 percent profit. Toootheemoooon has been active since September of last year and has only shown negative returns of a small percentage for a single day.
Dean s Notes is taking the last spot on the podium for January thus far as he is showing a 1,589 percent profit. Positions four and five were taken by Bilie and Kuiper with a 1,495 percent gain and 1,327 percent respectively.
Taking Advantage of a Down Market
Looking deeper into these top performers, we can see there being some similar trends between all five. Most of them have managed to take advantage of a market that has been falling since mid November.
For example, toootheemoooon managed to make a thousand percent profit in the last two weeks alone. This is a massive spike as the price of Bitcoin bottomed out near $40,000.
“Bilie” is another who has shown some good trading through the falling market. His profit on December 9th was only 113 percent — whis is still good — but since then he has managed to reach profits as high as 1,792 just a few days ago.
The spike in profits during a falling market seems to suggest that traders might be going short on Bitcoin after recent all-time highs. In fact, toootheemoooon has said in his trader profile that he is “Trying to catch reversal trades on oversold/overbought markets.”
These strategy managers might have their own systems and procedures they use to try and make such impressive profits, but they are also aided by the advanced trading tools offered by PrimeXBT.
Covesting copy trading is available exclusively at PrimeXBT, an award-winning margin trading platform. The platform offers everything from long and short positions, to built-in charting tools, and more than 50 different trading instruments all from a single account.
What Can Covesting Copy Traders Expect This Year?
Seeing as Bitcoin has been falling since its all-time high in November, eyes are focused on what is to come in the short term, which could dictate what is going to happen in the next 12 months.
Bitcoin already looks to have hit its floor and is trying to climb back up. With the price not dropping below $40,000, this is good news for higher prices to come in the rest of the year.
For Copy Traders this is of course a good thing because even though you can make profits on a falling and rising market on Covesting, rising markets are always more popular and there is plenty of profit to go around.
We saw last year, in the Covesting yearly review there was a story of a Covesting trader who was able to make as much as 100,000% in total profits before taking their profits and retiring as a legend.
The Covesting copy trading module over the last year has earned itself a reputation for minting a new generation of iconic traders. Anyone can become a strategy manager with a low starting deposit.
Source: https://coinfomania.com/primexbt-covesting-module-month-in-review-january-2022/#utm_source=rss&utm_medium=rss&utm_campaign=primexbt-covesting-module-month-in-review-january-2022