5 Golden Rules to Print Money on the Crypto Market
When it comes to printing money on cryptocurrencies, then there are some rules and tips that need to be followed. Here at CoinGyan, we have cherry-picked tips backed by solid research and years of experience in this industry. Let’s have a look. Buy Low and Sell High Don’t Involve Emotions Avoid FOMO Long Term Game Diverse Portfolio
Jatin Kumar Hota
If you have been following the news lately, then Bitcoin recently achieved a skyrocketing growth in a short time. If you don’t know, Bitcoin recently crossed its all-time high-figure of $19,783 and touched the figure of $33,000 as of January 5th, 2021. Forbes made a very close prediction of this upscale way back in January 2020. Right now, Bitcoin has a total market capitalization value of around $500 billion. This is a big amount, and the opportunities to print money on the crypto market have also become big. Also, it is not just Bitcoin, but many other cryptocurrencies have also shown a promising potential and a bright future. Have a look at the market position of the top ten coins in 2020 below to understand the outshining current prices and trading volume-
If you are not quite satisfied with the above graph, then have a look at the graph shared below that illustrates the total market capitalization (from April 29th, 2013 to December 20th, 2020)-
As you can see in the above graph, the total market capitalization is following an upward trend from mid-2017. Now, for the year 2020, the following graph can be consulted-
Moreover, the analysts indicate that this surge will keep rising, and there is always an opportunity to invest. If you believe in a dynamic investment like cryptocurrencies and want to cash-in your belief, then this is the article for you as we have disclosed 5 golden rules you need to note down today to already start printing money. The points discussed have been backed by careful and detailed research to help you in the best possible way.
But before we get started, you should know that you need to buy the cryptocurrencies first to turn on the printing machine. The only place from where you can buy the coins is an exchange.
Some of the top exchanges you can trust to buy cryptocurrencies in 2020 and beyond (based on trading volume, liquidity, and traffic) :
Binance, Coinbase Pro, Huobi Global, Kraken, Bitfinex, Bitstamp, KuCoin, FTX
You can trust these exchanges above for buying the coins as they have been in the market for quite some time and have great reviews on platforms like Trustpilot. Now, let’s discuss those five golden rules to print money on this Cryptocurrency Market.
Start Printing Money on the Crypto Market with these 5 Golden Tips
When it comes to printing money on cryptocurrencies, then there are some rules and tips that need to be followed. Here at CoinGyan, we have cherry-picked tips backed by solid research and years of experience in this industry. Let’s have a look.
1. Buy Low and Sell High
Buying low and selling high is the basic thumb rule in the world of crypto trading and is very easy to understand. As a smart individual, you should buy the coins when it is trading at its low price. Keep an eye on the graphs and purchase them through any of the above-listed exchanges. The objective is to buy at cheap and then sell them once the price shoots up once again. This rule works on cryptocurrencies because of their volatile nature (which can be verified by analyzing the price history). The prices go up and down frequently, and you can take advantage of this volatility to corner your profits.
2. Don’t Involve Emotions
It is always best to keep the emotions out of the door if you have decided to make serious money on the crypto markets. Mixing emotions while investing can cause some serious damage. Also, have you heard of FUD? It is a slang which means “Fear, Uncertainty, and Doubt.” These three are the most common feeling an investor might experience when trading the coins. As a human, it is natural to get excited or nervous, but we need to control these emotions and not let them interfere with our trading decisions. Trading requires an analytical approach. So, study the charts, do your homework, and consult experts like Jatin.
3. Avoid FOMO
FOMO means Fear of Missing Out. This FOMO factor has been found as a common thing among crypto investors, but it is not good at all. FOMO happens when a trader starts thinking that others are gaining something satisfactory while he or she lacks behind or not in that expected picture. FOMO factor takes birth in the mind of a trader when the prices of the coins start rising. As such, an impression is created that everybody would start selling, and the trader starts thinking of selling the holdings because of the fear of losing the earning opportunity.
FOMO also happens when a trader observes other coins starting to rise in which he or she didn’t invest. Result? It forces the trader to sell existing crypto holdings to buy such other rising coins.
Hence, it is recommended to avoid FOMO and play smart with long-term financial goals in mind.
4. Long Term Game
If you want to win in the world of crypto trading or any investing market, then start planning a long-term investment plan. Let’s take the example of Bitcoin. In May 2010, 1 BTC was equal to less than $0.01. In seven years, the price touched the figure of $2000 as of May 20th, 2017. After 3.5 years, as of December 17th, 2020, the price of 1 BTC equals $23,000. Isn’t this amazing? This is the power of long-term investment in cryptocurrency. Just imagine how much the investors must have earned who purchased this coin during the initial days. Even those who invested in 2017 made huge profits. You still have time, but you need to make sure to stick long-term to this game. Also, this growth is not just limited to Bitcoin, but many other coins like Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH), etc.
Cryptocurrency is only gaining more and more reputation, and this growth is not expected to stop anytime soon. Many banks and financial houses are releasing cryptocurrency services to profit from this growth. Stay in this game for a long time, and you will thank us in the future for sure.
5. Diverse Portfolio
The volatile nature of the cryptocurrency not only brings massive profits but some risks as well. The prices are not up all the time. Hence, it is recommended to have a diverse portfolio, i.e., keep your investment in more than one coin. Don’t keep all your eggs in one basket. The loss, if any, from one coin can be covered by the profit of the other coin. Sometimes, all the holdings can harvest the profit. The nature of all the cryptocurrency is not the same. They are different from one another in some aspects. This difference creates all the difference in the profit generation. Hence, invest in more than one coin and maintain a diverse portfolio.
In this article, we have covered up the five golden tips that can help you get started with the money printing process as soon as possible. Always keep these five tips in your mind and have a long-term strategy in mind. Don’t let the FOMO factor and emotions ruin your game. Always have an analytical angle in your approach, and you will reap maximum benefits from these growing digital assets.
I authored this post and initially posted it on coingyan.com as 5 Golden Rules to Print Money on the Crypto Market
Jatin Kumar Hota
A Writer, Author, Blogger, Tech Geek, Crypto Investor & Solopreneur. Founder of JM Bros Technologies