When You Chose The 'Hype' over 'Fundamental'

As a newbie in cryptocurrencies environment, you can surely encounter things that may break your expectations. Things that makes you puzzled because you know, everything is new and that makes you confused.

Speaking of confusion, don't forget the curiousity upon entering a new space just like what was I experienced as beginner in these kind of things or in Crypto-Space to be specific. We couldn't escape from the possible mistakes we can experience and those things that makes us enlightened and knowledgeable at the same time.So it's more like a balanced experience.

I'm sharing this kind of experience. This was happend 2 months ago during the bullish market when every coins skyrocketed into their All Time High(ATH) especially Bitcoin (BTC) and Bitcoin Cash (BCH). Of course, there was a 'hype' during that time like newbie like me was forced by myself to try new Coins other than Bitcoin Cash. And I broke my loyalty in Bitcoin Cash that time due to the hype by other people XD.

First, I joined Binance group in Facebook to learn about trading even it is spot or advance trading. Of course , all members there was, let say that they are crypto experts by giving their advices and experience too.. So, there was a blog post there about the tips on how to gain(passive) profits in those new coins that is going to be listed in Binance Market. So , I read it and pushed me to try it.

In that post, it stated that if a new coin is listed in Binance Market, it will going to the moon or its prices will skyrocket. Of course due to curiosity, I tried it and bought some of it . The coin was Internet Computer (ICP). The worst fact is, I haven't read it's background ,roadmaps and fundamentals and etc about it. I just ride with the hype lol.

And there it is. Yeah it's confirmed that every new coin listed in the Binance Market was starting with good price. Well , I am not saying that a 100% guaranteed with all coins. But we all that Binance is so strict when it comes choosing coins that they're going to list in the Market based on CZ's interview. The coins should pass the Binance's listing process.

Let's go back to my story.So yes! ICP that time was in a starting price of $400 per coin and that's a huge stating price for the new coin. I immediately buy mine and store for atleast 1 day. Yes! I gained small profits from it by just hodling like Bitcoin Cash. But the problem is, I just let it like how I trust Bitcoin Cash. Like I hodl it for too long like I used to with Bitcoin Cash. I forgot that the coins is new XD.

The next happenings was made me surprised and disappointed at the same time. In just a 2 or 3 days, the coin's price was dumped to 10-20% from mooning. So my profits got lost and I got lost too. I just thought that it will going to surpass that highest price of it too. And yes! I'm too brave to hodl more with that coin depite of its dump just like my power and in trust in hodling Bitcoin Cash. Anyway, I'm hodling 80% of Bitcoin Cash too and just 20% of that coin. I just tried it for the sake of the 'hype'.

So the nightmare has come finally! The actual amount of my fund was halve. Let's say I bought at $500 as my actual fund then after the dump, the actual amount goes $200 and that's a big lost. And I decided to trade it to USDT and buy Bitcoin Cash instead. I promises to myself that I would not involve again in that 'hype'. But yeah, I'm lost but gained new experience because of it.

There are few things that I have learned. First,

• You should try at your own risk and Do Your Own Research

TYOR(Try at Your Own Risk) and DYOR(Do Your Own Research) are the most famous abbreviations and terms in Crypto-Space. You should put these in your mind. Researching about the fundamentals and potential of one coins if a must. They can help you to give a background knowledge about it. In my case, I just go with the flow.

Try at your own risk! If you entered that one thing, you should be ready on what will happen next. In that way, you can't blame a specific coin or other people 'cause that your decision. Me? I don't blame the coin I just blamed myself and take the risk 'cause thats a part of crypotlife. Stay positive!

• Don't Just Go With The Hype

During the bull market, there was coins that really skyrocketed and reach their ATH including Doge, XRP and the new Shiba. To be honest these coins except XRP can really give hype to newbie in crypto space. Like once you read those statements of them like" Hey, we should ride with these coin" then put DYOR on last of the post. You could probably ride with them due to it.

My only advice is that, do not just go with the hype and the power of tweets market movements , just ride with the coins created with good purposes and solid backgrounds. I mean like Bitcoin Cash. I'm so biased isn't it? Haha.

Bottom Line

Cryptocurrencies is more like a mind game. You need to have a observant eyes, instincts, understanding and funds of course. Cryptocurrencies are volatile and that we should focused our eyes on. Yeah! expect the wrong move we can encounter and the perfect move that makes us win.

"If a cryptocurrencies is a card game, just make sure that you hold the Ace Card too!".

Thank you for reading 💚

How about you? What was your best experience as newbie in cryptocurrencies and trading? Share yours in the comments section🤗