Do not study Сrypto Market and Cryptocurrencies
If you do not conduct a fundamental and technical analysis of cryptocurrencies, and rely only on intuition or recommendations in a chat from a user with a name like @BitcoinRich, you can lose your investments in the shortest time.
For example, this week, March 5, the Ripple cryptocurrency rate rose almost 20% and reached $ 1.08. This happened on the background of news about successful testing of South Korean Woori Bank cross-border payments based on Ripple technology, as well as rumors of the imminent addition of cryptocurrency to the listing of the crypto-exchange Coinbase. However, on March 7, the crypto-exchange has denied this information, as a result of which the exchange rate of the cryptocurrency fell by 14% to $ 0.92. Those who entered at the maximum, believing only in rumors, now have to wait for another wave of positive news to at least go to zero.
New investors and traders who do not want to conduct proper analysis of the cryptocurrency, but only make decisions based on recent events, can invest in assets at the time of growth and sell them at the time of the fall, thereby incurring losses. According to the crypto investor Rishaba Baldi, on average, if a new investor plans to enter this highly volatile market, then in the first three to four months he should be ready to spend five to six hours studying the market, players, cryptocurrency and cases. According to the investor, for a year of careful analysis and good planning of investment strategies, you can increase the size of your deposits by 1000% – 2000%.
Write: Richard Abermann