The Current State of the Cryptocurrency Market + What I’m doingKehinde LAWAL
Good morning and happy productive new week guys.
Below are some of my thoughts about the current state of the cryptocurrency market and what I’m doing presently.
First thing we must know is that we have had over 5 months of upward trend in the cryptocurrency market, and if you had invested earlier, you should lockin some profit in USDT or FIAT because the upward trend won’t be forever.
There’s season to everything. Personally, have converted some of my profit to USDT and locked it on Binance savings. And if there happen to be a big crash or any emergencies, I can then deploy it.
Secondly, the coins I’m buying at the moment are the ones with good fundamentals (that is use case, teams, community, ecosystem, marketcap, supply etc).
I also don’t hold much Bitcoin and Ethereum at the moment because I believe my capital will do better in cheaper coins with good fundamentals.
Those cheap coins could do 5x while Bitcoin/Eth might only see 2x from their current price before things start crashing.
Currently, majority of my holdings is the following coins:
- HARD and some others.
Holding them majorly due to their fundamentals, and besides, we have seen 4x on each of this coins already.
If you’re searching for coins to buy on Coinmarketcap based on fundamentals, look for the following:
- Exchange coins or tokens
- NFT coins
- Smart contract coins.
- Payment network coins
As regards active trading especially with the use of leverage(futures market), I don’t do that always and I don’t recommend it to newbies.
I only place about 10 futures trade in a month and sometimes when I make profit, I just sit on it. No more futures trade for the month.
As a newbie, it’s advisable to just focus on spot market and growing your portfolio gradually.
Note: before when I use to trade futures actively everyday, I make money but I realise I endup giving much of the money back to the market. That’s why I don’t advice it.
So now, I place few trades and when I make some tangible returns, I just sit on the profit. No more trades for the month. Like this month, I’m not trading futures again. Already seen the profit I want.
Anyways, if you’re new to trading or not making cash at the moment, don’t give up, with time and practice you will get profitable.
Also, don’t forget you can make cool cash with the spot market, so don’t rush to the futures market.
Take small simple steps.
I hope you have learnt something new🤔. And should incase you have any question, don’t hesitate to put it in the comments section below 👇.