On looking at the history of the cryptocurrency market, it sure has risen profusely over time. Yet at times subject to certain downfalls too. The recent crypto market crash which has prolonged for nearly a month, has brought mostly all the cryptocurrencies down. Now, skeptics are debating whether this is the right time to invest in cryptocurrencies.
Can We Invest Now in This Dip?
The past year has been one hell of a roller coaster ride for the cryptocurrency industry. Most of the cryptocurrencies reached their highest peaks this year. Despite this, the recent crypto market crash has completely shaken the whole industry. The whole cryptocurrency market has been down for the past whole month, literally plunging all the prices down extremely.
Moreover, all into the industry were affected, including the blockchains, the crypto exchanges etc.
Furthermore, it’s a well-known thing, buying the cryptocurrencies at lower prices and selling them at the time they reach high prices obviously is profitable. Also, one has to be patient about this at times. Not all cryptocurrencies spike up overnight. The best thing with cryptocurrencies is to hold them for a long period of time. This eventually for sure will be profitable as the prices will increase over a long period of time.
On the other hand, quick trade and daily trading are also yet another attribute contributing to profit at a much shorter period. In contrast, this consumes a lot of time and continuous monitoring. Moreover, daily trading can bring one good profit but at the same time, it’s highly risky too.
One should have enough knowledge on what crypto they are going to invest in and it’s advisable to always go for the prominent top ten. They usually have a better reputation. Also, another major aspect is the time period for which you have decided to hold it up. The more time, the greater will be your profit.
Best Notable Cryptos
Investing upon cryptocurrencies should be one’s own decisions. Also, it’s advisable to risk it only for the amount you are capable of and not to risk much. At the same time, it’s also the best to invest in the top few cryptocurrencies.
The top two game players of the crypto industry, Bitcoin (BTC) and Ethereum (ETH) are prominent reliable ones always. This is because of their long-time reputation and moreover their real-world usability in many aspects. Investing in these two and holding them for a longer time period for sure is fruitful.
On the other hand, recent coins with much hype like the Dogecoin (DOGE) are not quite advisable. Owing to the fact it’s the sudden rise and sudden fall down is extremely speculative. It’s better to avoid such standardless cryptocurrencies.
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