The global crypto market cap was up by about 3 per cent to $2.28 trillion compared to the last day. However, the total crypto market volume soared over 33 per cent to $147.85 billion.
The idea of decentralised currency, first coined by Satoshi Nakamoto. Many currencies under this idea are Bitcoin, Litecoin, Ethereum, Ripple, Dogecoin.
For the next generation all have a single currency globally recognised. It will be a huge support for the Globalisation era, and can make it very successful. At Least that was the idea when it was created.
It’s market it like any other financial market.
Basically it’s very volatile (value varies very early) ,emotional control,and large players involved. It important to atleast know the basis of such wide market.
Here are some do’s and don’ts in the crypto market:
1. Know the risk before you invest: As we mentioned earlier, cryptocurrencies are risky. A good idea is to keep in mind a percentage of your investment that you can risk and always keep it in mind.
2. Control your emotions: Fear and greed are two emotions that lead to impulsive decisions while trading. If you want to avoid bad trades, you should control your emotions, especially fear and greed. These are also the reason why people fall prey to scams. Even the most professional traders feel greedy and fearful.
3. Have a trading plan: Plan it out before execution. There is no prosper without plan in market. Make sure you know what is up for you daily.
4. Fix limit yourself: See the margin of profit before setting limit.Don’t expect huge profits overnight and be prepared that the valuation may go down as well.
5.Follow time-tested strategies: Are not sure where to start you can follow established trading strategies. You will find many on the internet. Read trading tips and learn about common mistakes committed by other traders. Then slowly as you get experience in the cryptocurrency market, you will be able to make your own trading strategy.
6. Choose a reliable crypto trading platform: These days, many platforms are available for crypto trading, among which a lot of them are scams. Hence, you need to choose a reliable crypto trading platform before you start trading. When you hear a crypto offering, go online and learn about its legitimacy. You will find discussions on online forums such as Reddit or Quora. Be very sure that the trading platform is reliable before you transfer any funds for trading.
7. Have realistic expectations: Just because Bitcoins have performed extremely well in the past, it doesn’t mean it will do so in the future or all other cryptocurrencies will perform in the same way.
8. Don’t fall prey to fake news, or marketing gimmicks: The crypto market is still evolving. Lots of news arise which make traders act irrationally. This leads to bad decisions and losses. Don’t follow the herd.
Thank me when you start making money!