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Many people new to cryptocurrency markets may feel they are too late and it will be impossible for them to accumulate a substantial portfolio. We were all in this position. The truth is we all felt too late when we entered the markets. People who entered the market in 2017 envied people who could only buy bitcoin for a few hundred dollars a long time ago. And now people entering the market are jealous of people who were able to buy Bitcoin for less than $ 10,000 last year. As the price continues to rise, each price point will be lovingly reassessed and we all wish we could buy more.
The point is that many people who feel they are entering the market "late" are trying to find alternative ways to grow their portfolios or catch up with their peers. I will confess that I have been a victim of this in the past. And if you make this mistake, it can prevent you from making any substantial money in the cryptocurrency market or investing in general. This error was buying too many coins; spreading my portfolio very thin.
I was a huge fan of intense research projects that I thought had great potential and would see a price increase soon. Most of the time I was actually right and the price would go up. However, my portfolio did not grow as fast as I wanted. At one point I had more than 20 coins. I thought having such a "diversified" portfolio would reduce the risk for me and also increase my chances of finding hidden gems. I found some of these coveted hidden gems, but I also had money going nowhere.
When the coin price rises; I realized that I don't have enough coins for the increase to have any effect on my portfolio value. But this was not the biggest problem.
The biggest problem was that it was difficult to save a significant amount of money since I had a lot of coins. I would buy some bitcoin for a week. Then I would buy some ethereum, some chains, a few hidden gems and you can start to understand what I mean. If you are a low budget person, trying to buy everything is not the best idea. It is better to focus on only one or two coins; if you have a tight budget.
I looked at my portfolio long and carefully and came to the conclusion that I was not satisfied with the amount of bitcoin I had. I knew the price potential that Bitcoin has, and I also knew that I didn't have much time for the price to rise significantly. At that moment I decided to focus solely on buying bitcoin, and it was the best decision I have ever made. Because I just focused on this entity and saved up almost to the point of addiction. I was able to turn my portfolio into something I am completely proud of.
When I reached a personal target level with Bitcoin, then I started focusing heavily on ethereum. Taking the same approach has significantly increased how much ETH I can acquire. And when that goal was achieved, I switched to Polkadot.
Personally, I just prefer to save money I really believe in, I'm a fan of what he's doing and I think he'll be here in the long run. I call these crypto blue chips. While it's true that I missed some profits by not going after deFi or altcoin ores, I think I will be fine in the long run. Cryptocurrency is already risky enough and I'm working hard to get my money to go after something more risky.
The most important thing you should do is understand what your own cryptocurrency saving plan is. What is your ultimate goal? If buying as many bitcoins as possible. I recommend that you focus on this. If you want as much ETH as possible, go after this. If you look at the richest investors in the world. Often times, they don't have an extremely thinly spread portfolio. They have extremely high beliefs about what they're investing in and they hit a home run with it. The goal is to earn as much money as possible, but to get as many different coins as possible.
Even to date, I mostly focus on BTC; as it is my favorite and at the same time what I believe. But I'm also heavily buying Ethereum, a bit mixed with Polkadot. For me, having a more concentrated portfolio has worked much better and also allows me to focus more on the coins I am more passionate about. For most people on a budget, I think using a more intense strategy would be the best option. Of course you can ignore this idea for people with big budgets.