Cryptocurrency is the best investment right now which gives 10 to 100 times profit within just a year. Very few people across the globe have invested in crypto and became rich within 3 to 5 years. Still, the percentage of people that invest in crypto is very less compared to other investments like stocks.
Every year the crypto investors are growing exponentially and this exponential growth is leading the crypto price to explode. There are more than 1000s of cryptocurrencies that you can invest in. Bitcoin and Ethereum are the two most popular crypts which are completely out of reach to the middle-class people.
It is better to invest in other cryptos whose price is less than $1. Many people invest in these cryptos as the price is very low and there is a high chance that these cryptos make 10 to 100 times profit in just a couple of years.
In India, only 1 crore people are invested in the cryptocurrency. It is good time to jump into the crypto space right now as there are not many Indian traders. Just imagine, if 10 crore people show interest and start buying the crypto, the price of any coin will skyrocket and make you easy 100x profit.
Crypto investment Tips
By following these tips, you can invest in the right crypto and earn a good amount of profit.
Before buying any cryptocurrencies, try to know about the project as much as possible. Go through their website and make sure it looks genuine. They should have a proper roadmap listed on the website.
Check for their social media accounts like Twitter, Telegram and see how active they are.
Join Reddit, telegram groups and go through the posts. If you have any questions, please do post and get replies from other investors.
Always check for the max supply of the coins. Do not buy coins that have trillions of max supply. These types of coins are not going to bring you much profit.
If you are not sure and want to blindly invest in crypto, then select the top 100 coins by market cap and then invest in any of the coins.
If you are not a professional day trader, then buy the coins and hold them for at least one year without selling. Otherwise, day trading might incur losses to you.
When the price doesn't go up have patience and stay away from looking at the price charts. The key to success in crypto is holding the coins for long term.
Don't get tempted to sell the coins when the price doubles. Wait at least for the price to become at least 10x and then sell the coins
Never buy coins when the price is going up. Wait for the price to become stable or fall down.
Some of the terminology that widely used in crypto world are listed here:
Hodl / Hodler: It is a typo for Hold word. It means do not sell the coins and hold them for longer periods.
ATH: All time high. The highest price of a coin in its lifetime.
RSI: This means relative strength index. It measures the speed and change of price movements.
Alt coins: Any coin other than bitcoin is called Alt coin.
DCA: This means Dollar cost averaging. When the price of coin goes down, it is recommended to buy more coins so that your average cost of all the coins remains at the new fallen price and looks like you won't be in loss.
RCA: This means Rupee cost averaging. This is similar to DCA