20,000 is a number so many crypto enthusiasts know all too well as a psychological stunner. It is the price per Bitcoin at the top of the 2017 rally, which was the bar to beat up until the end of 2020. 20,000 is significant for so many reasons. It is a rounded number and a massive milestone for any metric that reaches it.
20,000% is also the total ROI that a Covesting strategy manager has amassed and is the new record for all-time high total profits according to the fully transparent global leaderboards. What’s even more shocking is that this strategy achieved this incredible feat in just one month’s time.
Covesting Strategy Manager Reaches 20,000% Profit Milestone
Stories about big winners stemming from Covesting’s peer-to-peer copy trading community are common. In the news recently, one strategy manager turned a low six-figure position into more than $8.5 million in booked profits. Even more substantial was the life-changing wealth they generated for their grateful followers.
At the start of June 2021, a new story began, and while the dollar amount isn’t as high as the tale above, the ROI itself in this story is record-breaking. Covesting strategy manager ETHMAN created a BTC-based strategy, and the rest is now history.
In the chart below, which shows ETHMAN’s rise up the ranks to number one on the Covesting leaderboards, total profits have gone parabolic. For comparison’s sake, we’ve also included the Bitcoin price chart over the last year.
How Copy Trading Can Beat Crypto Market Returns
From the Black Thursday bottom in 2020 to the top in April 2021, Bitcoin rose by a massive 1,500%. ETHMAN, in one month, however, was able to achieve 20,000% in total profits or more than 13x that of the top cryptocurrency by market cap.
The data suggests that with the right strategy manager on Covesting, copy trading can beat any crypto market gains hands down. What’s even more notable is the fact that ETHMAN has made such profits, all while the crypto market has been crashing.
Bitcoin and other assets might have seen a 1000% or more rally over the last year, but they’ve since dropped by more than 50%, wiping out the unrealized profits of any traders who held on too long. For ETHMAN to be so profitable during a downtrend, the strategy must be relying on short positions or is highly skilled at trading chop.
With a name like ETHMAN, it is also assumed they’re trading crypto; however, because Covesting is on PrimeXBT, there is also forex, commodities, stock indices, metals, and more – so any number of positions or trading instruments could be responsible for the runaway success.
Take Profits To The Next Level With New Covesting Feature
A new feature was recently added to Covesting that lets followers hold onto more profits and successful strategy managers like ETHMAN. As we’ve explained, the drawdown wiped out unrealized profits and liquidated others. Using Covesting, however, followers can set a Stop Loss to protect against drawdowns or a Take Profit on any followings with more than 5% in total profits.
Taking profit on a follow previously meant closing out that following, which could result in another follower stealing that spot with the strategy manager.
Followers were less likely to close out even big winners in fear of missing out on future gains. For example, imagine following ETHMAN and wanting to book a portion of 20,000% profits, but also worrying about missing out on whatever this strategy is capable of in the future.
But now, the Take Profit feature instantly closes a following, secures profits, and immediately re-follows the same strategy manager. There’s no risk of losing your slot due to initial follower equity caps or follower limitations.
Taking advantage of the new feature can protect against times like recently when the crypto market flash crashed by more than 50% in a week or so. The new Take Profit feature is now live at Covesting on PrimeXBT.