So with the current peak on Bitcon, Ethereum (and nearly all of my alt coins) is it wise to:
1) Take out the profit to either bank or reinvest when there is another dip
2) HODL in the hope that it keeps rising and rising
Depends on your goal but personally, I would integrate #1 and #2 together with the thought of maximizing my investments.
For #1, you may reinvest the money that you gained but you may opt to at least claim 60% of the profit as your and reinvest the remaining 40% for further profit at the end. In order to integrate it, you may also use the 60% from #1 and HODL the remaining for #2 choice as a separate type of investment. Personally, HODLing BTCs had been very effective on my end due to its natural inflationary value. That is also the reason on why most people prefer to HODL their BTCs rather than to spend it in trading or gambling.