It can be a rough time for newcomers to crypto when their portfolios drop $10,000 in one day, and some coins experience massive sell-offs. But if you learn to play strategically, it’s not all bad. The easiest way to start Investing in Crypto If you hold Bitcoin, Ethereum, and Cardano in your portfolio, for example, you’ll be able to see a really cool dashboard that shows you how much money you’ve made or lost depending on how many of each coin you have.
The volatility in the cryptocurrency market led it to huge ups and downs over time, which I think can really add up over time to some nice gains. So don’t narrow yourself down to short-term gains and losses; instead, look at the bigger picture. And you can learn a lot from it. In this article, we will discuss the Easiest way to start Investing in crypto.
Where to see the current prices of Cryptocurrencies?
Let’s look at a website where you can see the value of different cryptocurrencies, the prices of those cryptocurrencies, and what’s currently happening in the market. This site is called CoinMarketCap.com. I use it every day to analyze where the market is at and to discover new cryptocurrencies. You can also check out CoinGecko, Coinbase or Binance, or even CoinDesk to see these prices.
Easiest Way To Start Investing In Crypto: One of the most common mistakes that people make when they invest in cryptocurrencies is to look only at the price in dollars. For example, they might say, “Oh, $40,000 for one Bitcoin is way more expensive than $2 for one Cardano.” But in fact, it’s important to look at the total market cap and how much the markets are moving on a 24-hour chart and on a seven-day chart. I like that CoinMarketCap displays these numbers in a very clear and easy-to-read way. Also, you can press on a graph to see which coin has seen the most growth over the past 24 hours, and which coins sold the most in that time period. The same is true for 7-day graphs.
This is the first time you’ve used this website, so I encourage you to experiment with it. Using it can be very helpful when you’re trying to decide what time or momentum is best to buy a certain cryptocurrency in order to maximize your gains.
What cryptocurrencies you should invest in?
There are probably thousands of different YouTube videos and articles out there endorsing many different cryptocurrencies. This might confuse a lot of people on which one we should buy, especially if we’re on a limited budget. The easiest way to start investing in crypto is to find less volatile coins or the world’s top 10 cryptocurrencies.
How to Figure out which one to buy?
In my opinion, there are two main easiest ways to start investing in crypto. The first step is to purchase the most widely used cryptocurrencies, such as Bitcoin and Ethereum. The main difference between Bitcoin and Ethereum is that Bitcoin acts like gold, whereas Ethereum is like electricity. Because Ethereum is a technology used by companies to build programs, Bitcoin and Ethereum operate on what is called blockchain technology.
However, Cardano could also be part of this group of most commonly bought Crypto in the past couple of months, but for the last five years, it’s been predominantly Bitcoin and Etherium. In general, these coins are less popular and have lower market caps, or they can be newer. Traders who use short-term strategies try to earn profits within a matter of days or even hours. Long-term investors, on the other hand, are not too concerned about how much the market has crashed within the past six hours. They may check their portfolios every month or every year.
Most people hold Bitcoin as a long-term investment because it has been around for so long. You can also make a lot of money over time without having to watch over it. But the risk is that it’s hard to predict the future of any cryptocurrency because the markets move really fast. It’s really volatile. And therefore you could also lose a lot of money, now talking about short-term strategies (like scalping day trading and swing trade) to name a couple.
Short Term Strategies
The easiest way to start investing in crypto, There’s news about crypto, the market value of crypto, what’s happening with those prices and so with that information, you’re more active in this sense. You can start investing in crypto by setting up a wallet and an exchange account. Most major coins have wallets that you can use to store your coins, so I personally use Metamask to store my Bitcoin. You can also use Coinbase if your country is supported by their app, and there are lots of other exchanges that you can use as well. You should have an understanding of different types of wallets like custodial and Non-custodial wallets etc.
Related: What is a Crypto Faucet? | Cryptocurrency Faucets Explained
The easiest way to start investing in crypto is to select a safe cryptocurrency exchange. The most popular exchanges right now are Binance and Okex. Of course, you’ll want to secure your account, enable two-factor authentication, and buy a physical wallet if you have millions of dollars worth of bitcoin. I think the crypto space is one of the largest opportunities we’ve had in a long time and I want you to be part of it. There’s a famous quote: “The best time to invest might be yesterday or last month, but the second-best time to invest is today.” Alright, Let’s make this money! If you got value from this article, feel free to like and comment on it.
A beginner can Invest in cryptocurrencies by following these 5 steps.
1- Select a crypto exchange.
2- Create and fully verify your account.
3- Deposit cash or buy Stablecoins like USDT or USDC.
4- Putt your first order at a good price.
5- Hold or sell for profit.
You can start off with the very little amount of what you can lose in this way and gain a better understanding of what it means to be a cryptocurrency investor.
Any recommended cryptocurrency exchange accepts investments of even $10.
Investing in cryptocurrencies can be a wild ride. It’s crucial to consider when to sell cryptocurrency in addition to when to buy it if you want to maximize your chances of success. Buy and hold for at least two years when making stock investments.