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How to make money in volatile crypto markets and also take advantage of promising projects
In crypto trading timing is the best thing you should know, you have to be patient enough to wait for the right moment to buy your coins and being patient enough to hold them while the price is being pumped up. The rule of gamblers applies here as-well "know what to keep and when to run away", and this also applies in crypto trading. A lot of people doesn't really know why they are buying coins, finding yourself is the first thing to do.
Do you want to hodl or you just want to take opportunities in the going up and down in the market, that is the first step. We are going to take a look at a few alt-coins, BTC, ETH, BNB, DOGE. Before we jump into these coins lets first look at the factors we should consider first when we are about to invest that's our first step:
Maximum Coin supply
Current Price of coin
Market Capitalization: It is the turnover or the value of transactions for a specific asset and it can be 24hour capitalization which shows the value of coins being traded per day, then there is overall capitalization which show the amount of coins value traded overally. If an alt-coin is not well adopted by the investors then its turnover will be low and mostly the movement of that coin will not be that much.
Maximum Coin Supply: The number of coins in circulation plays a pivotal role in this trading business. Supply determines value and scarcity, if an alt-coin is readily available with too much supply then the demand will be low because everyone has access to it but if the supply is low and the coin becomes scarce then the demand will be higher since everyone will be looking for it: there the price will go higher
Current Price of coin: The current price of coin will determine the amount of money you will make depending with the amount of money you are investing. Lets say you have $10,000 and you buy BTC worth that much and if price goes up with 25% then you will make $2500 profit, but with that same capital if you buy Doge coins with value of $0.2417 you will have 41,373 Doge coins and if the price rise by $0.15 only then you will have $6,205 profit so the price determines depending with your investment strategy and plan.
Lets us now get down with our cash cow markets and see how they have been performing since this year started and see how volatile are they. Firstly lets dive into
Bitcoin. In January bitcoin was trading around $30,000 per coin but in 3 and half months it managed to reach an all time high of $63,000 on 14th of April but it then retraced and now its rising again and the price is sitting at $61,000 and its still going up.
If you take a good look at the below picture you can see it has huge swings it made and a lot of people ride those and made a huge of money, now it falling and they are selling it taking their profits. So we can conclude that this altcoins is so liquid and you can make money if you scalp it.
Ethereum has been sitting of number 2 for so long and we don't know for how long it will remain at that spot as there are other altcoins performing very well but even though its going strong each and every day. It once reach an all time high of $1400 and then fell then last year that's when it started promising and this year it sky rocketed and broke the previous all-time high and set another new high of $4,362.35, it is volatile just like bitcoin. It also has huge high swings and lows you can ride.
Then we have Binance coin which is also promising fireworks, last year around august it was trading around $16 per coin, then on 1 February it was trading at $50 per coin but everyday its proving to be a powerful coin with a bright future like ethereum and there are chances that it might overtake ethereum. Today it is trading at $490 and on 12 April it set a new all time high of $630 which is a huge rise, i can safely say this coin is worthy buying and store it in your portfolio the leave it for some years and you will rip you profits and enjoy.
Last but not least, we now wrap it up with the most underrated crypto coin which has been struggling to sett new records but eventually it surprised a lot even me, the "DogeCoin". I know you agree with me that people had no faith in the doge because it was always going round and round on 1 place and people ended up thinking maybe is supply is affecting it since it is so huge. 0n 28 January it reached $0.85 per coins and now its trading at $0.24 per coins and there are higher chances that it can reach $1 so it a good long term investment.