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This won't be the first time I will go with public opinion. "Diversify your portfolio," they say. And when this hit home the most is when other coins are rising at a fast pace compared to your lead asset. I FOMOed into buying some coins during the recent rise in the price of some cryptos.
So many times I've been advised not to put all my eggs in one basket. Being a noob in crypto trading, I started buying different coins and I lost a lot of money. At some point, I was close to buying $100 worth of SHIBA since they said it was the next Dogecoin. Thankfully I didn't get to buy it before the hype went down. I've tried different coins but I sold them all out. Right now I have less than $10 of 4 to 5 different coins, excluding BCH.
The first coin I got about 4-5 months ago was Litecoin. It was on the rise and was walking at the same pace as BCH. May 2021 BCH was over $1500 and I was expecting it to cross the $2000 mark. On the other side, LTC was also on the rise and my friend who had a lot of it was cashing out steadily each day. This prompted me into buying it. Ever since it's been falling. With the current price, one would think it's best to get more of it but I'm a little bit bias- I stack up more BCH instead.
Cardana (ADA) is another fast-rising coin. It's ranked number 3 on CMC and its value was increasing each day. While reading testimonies of people who invested in it, I decided to get some. I got a few at $1.48 and just like what happened to LTC, it started falling and I was forced to sell some of it, for I didn't buy the coin to Hodl but to trade with. Presently I have 4.04 left.
Solana is also in the top 10 according to CMC. This month it crossed the $200 threshold. Before that, a friend asked me to get it but I was too scared to. It was close to $150 when he asked me to get it but I was reluctant. The FOMO set in again when I see it cross $200. I rushed in getting it and the usual happened again. Maybe I'm the reason why these coins are falling.
Dogecoin- The story of Dogecoin and I has never been pleasant. Around February when Dogecoin was still 0.005 or something. I started mining and investing on various platforms. I got over 1000 Dogecoin but due to the low price, I went into Father Christmas mode. I gave out over 200 Dogecoin to people and taught them out to invest. I decided to go all-in and I invested over 1k Dogecoin too. The next day the site stopped working, I got scammed!. A few weeks after. Elon musk started his charade and dogecoin started rising. It got to its ATH and my friend who was also into it withdrew $500. While I was left to bite my finger. I still have a few on my binance but the transaction fee is an eyesore.
Bitcoincash- Our story started nicely and then being covetous I fell into the scam trap again (i talked about it here). I came back and it's been a pleasant story. I got the majority of it from noise and readcash. I bought some during various dips and it's been of help to me. How much do I have? I can't tell. I've deleted the wallet to my major hodling, but I have the seed phrase written down. The only secret I can reveal is that it occupies over 90% of my assets/portfolio.
I hope I've answered your question well friend (you know yourself). And I hope you've seen the reason why I am the wrong person to ask for advice related to the diversification of assets. I sold over 50% of each coin I bought and left a little to hodl till it rises again. Overall the worth of all the coins is below $50. The only coin I go all-in for is BCH.
I could have been patient, and wait for the right time to sell but my mind was never into it. I will hodl on to the few I got left and maybe with time, I will start investing in other coins. And it's always been my dream to have some ETH in my portfolio.
I'm still open to suggestions on which coin one can invest in. I'm planning to stick to the HODL style, so I believe this is the perfect time to buy. Though my story at Diversifying hasn't been pleasant. I'm willing to try again and this time I'll be patient.