The surprises and exploits found in the Covesting copy trading community never cease to amaze, but the latest figures are shocking to say the least. Thanks to Cowesting's global, public and fully transparent rankings, anyone can keep track of who's getting big and who isn't.
The stories of strategy managers range from a 4.000% profit to a trader turning six figures into over $ 8 million while making a fortune for his followers.
However, this latest story implies a much-needed ray of hope during this cryptocurrency dark age. While most investors and traders have been eliminated, a top-tier Coovesting trader has more than 8.000% return on investment (ROI) to show, all during one of the most extreme corrections that the cryptocurrency space has. I've ever seen.
A quick summary of the recent cryptoactive bloodbath
Widespread bans in China, ranging from mining to cryptocurrency trading, have rocked the market. Additionally, Elon Musk's concerns that BTC mining involves high consumption of "dirty" energy turns the dreams of those hoping to see cryptocurrency join Space X's leader on the moon turn into nightmares.
The price of bitcoin dropped from $ 65.000 to $ 28.000 and Ethereum dropped from over $ 4.000 to well under $ 2.000. Altcoins have been wiped out across the board. Twitter was full of traders licking their wounds and counting their losses.
Settlement data hit billions and suddenly the market stopped expecting prices of $ 100.000 or more for BTC for fear of a trip back up to $ 20.000 and another bear market. The sentiment has also shifted from greed to extreme fear, but that could mean that now is the time to look around.
Coovesting's number one trader makes 8.000% profit
Seeing the reversal before it happens is the key to being more successful in the markets, as one of Covesting's leading traders demonstrated. ETHMAN operates a BTC margin account and has over 8.000% ROI to prove in the recent cryptocurrency market crash.
As the bloodbath was completed, ETHMAN was enjoying the profits. The remarkable ROI of this player while everyone else has suffered shows the value of the short positions offered via the Covesting module on PrimeXBT. What's also remarkable is that this strategy has only been active for 20 days, so this luck was entirely realized during a downtrend.
Traders who are still scared after such a volatile and violent move can rest better knowing that orders can be protected with options such as stop-loss. Additionally, PrimeXBT's reliable platform has little or no slippage, so orders are executed as expected.
The second highest scoring strategy is at the top of the leader rankings
Next on the list is Master YODA, who has half the time at Coovesting than ETHMAN and nearly 600% profit to show during his first week of trading.
Despite his brief stint on the market, he quickly climbed the charts and recently finished second, with a 93% gain in one day so far. With Bitcoin and other cryptocurrencies on the move, these numbers are subject to change and tend to change in large amounts due to the volatility of cryptocurrencies.
But this is how Cowesting traders can convert 5-10% intraday moves into nearly 100% ROI.
The third highest rated trader has a four star trading system
Last but not least, there is BitcosaurusApp, a verified user who has been on the platform for 241 days and still remains in third place.
This user also works with the largest Covesting group or with nearly half a million followers. He is also one of the few to have achieved the status of four stars, with only one star remaining below the elusive five stars.
The only thing missing is the billing star for exchanging over 50 BTC in a 30 day period. But do not worry; patience can be a virtue and overtrading, when not necessary, can be harmful. Regardless of what this trader is doing, you can keep going because he is up and running and has a profit of over 350% while the cryptocurrency market is in chaos.
The cleanliness of the market leaves little room for strategy managers to follow
The recent cryptocurrency crash has pushed many traders out of their positions, freeing up many strategy managers to follow. For user safety, there are limits to the number of followers and the amount of money followers can be online at any given time. Once the maximum initial follower capital limit is reached, no new followers can follow this strategy. Only when other followers stop following and the follower starting capital has dropped below the threshold, can more followers be added.
This means that there is currently an opportunity in Covesting to copy a trader's trades with 8000%. The market is forgetting that, with PrimeXBT, it is possible to make profits on both sides and allows the negative sentiment to get in the way of what could be an unprecedented ROI opportunity.
Feel free to take a look to the Covesting rankings to double check these statistics.