If you are constantly browsing coinmarketcap for 2 hours or more a day looking for the next hidden gem coin that will make you a millionaire then this might be a good read. While I think it's important to keep up with the market and probably knowing the price of Bitcoin every day if you plan on trading frequently, it's clear that there are many coins and projects out there with lots of risk.
But what does it say about your investments in crypto if you are currently invested into 10, 20, or even 30 different cryptocurrencies? Well I think that it means that you were not confident enough to just choose 1-3 cryptocurrencies that you really believe in.
For me, I learned my lesson about investing in too many different projects in the last bull run. I didn't have a lot of money at the time to put into crypto, so I put some of my money into Bitcoin, some of my money into Ethereum, and I put some of my money I had to invest in projects like Iota and Tron because I could see tons of excitement about these projects at the time. I also put some money into riskier projects with potentially higher ROI's like Dent coin. While I ended up making good investments in the last bull run, I could have made a lot more money by investing into fewer projects/coins I was really confident about.
I also invested some of my portfolio into Dent coin around November 2017, and managed to turn about $200 into $15,000 before I waited too long to sell it and only came back with a few thousand dollars from this investment. I should have invested at the time something like 50% of the money that I had in crypto to invest in Dent coin and 50% of the money I had into Bitcoin.
For example, let's say that you have $1,000 that you want to invest in crypto right now. If you find 10 projects and invest $100 into each, if the marketcap of these coins is extremely low it's possible that you could make a good return on your investment but it's probably more likely that you end up making a few hundred dollars to potentially a few thousand dollars if we enter a bull market. However, let's say you choose that your favorite project as Dent coin, and you invest $900 into Dent coin which will currently buy you about 1 million tokens. Let's say you have faith in the long-term value of Dent coin, so you are confident that it will reach it's previous all-time high of about 10 cents.
The return on your investment in Dent coin here would be about $100,000 which is more than likely a much better return on your investment than investing into 10 different extremely high-risk cryptocurrencies. I'm not saying that Dent coin isn't a high risk coin to invest in, I'm just saying that if you're confident in a project then you should be confident enough to make it a larger part of your portfolio. Also, I've been trying to find this website again because this helped me in the last bull run, Cointrackr is a great deal for tracking your crypto investments in a pie chart, which helps you visualize your largest investments a bit more clearly. https://cointrackr.com/ This website also tracks you with cookies, so unless you browse privately you will be able to see your portfolio just by updating it with your coins and then re-visiting the website. I'm not sure we all want to be tracked though.
I have recently been reducing the amount of cryptocurrencies as a whole that I am invested into because the lower the trade volume of the coin or token right now, it's seems to me the more likely that it will not be around once the next bull run starts. Coins that I believed would have a good chance of sticking around for the next bull like No limit coin, a fantasy sports betting token, have low trade volumes and could possibly be delisted from some of these popular exchanges like Bittrex, we'll see. So my advice would be to choose a few cryptos that you are confident with and start to make these a larger part of your portfolio. However, I am not a financial advisor, so this is just my opinion. We've had a few positive days in the green now for crypto, but I think we need to see a few weeks worth of growth before we announce something like the end of this bear market
Yes I agree. Conviction, which is earned through research, enables an investor to have the confidence to buy when things are going against him and sell when things seem too euphoric. Not knowing anything about a coin literally causes the investor to do the exact opposite.
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I'm right there with you with buying too many projects. I've been focusing more on building nodes and projects where I can participate. Excited to build a Steem node once the hardware requirements become more reasonable.
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That seems like a good idea. Commit to 1-3 projects, I would say no more than 5 where you place the bulk of your money in crypto. You can always take a chance on some risky coins with the rest of the money. What are the hardware requirements for a Steem node?
Right now it's a full server level of memory. I think 200G+. With updates they are planning, they think they can get it down to 4G so it runs on a regular PC.
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Thanks, for the reply. That's pretty reasonable. What other nodes might you set up? I think Ethereum's staking rewards are going to start in the next few months and it looks like it will only require 32 ETH, but Steem is probably better here...
For nodes, bigger projects I like are DCR, PIVX, and ZEN. Also like more speculative like LINDA, NLC2, GBX. Starting to accumulate 32 ETH as well, and will set up a Lightning node once it matures a little more.
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Thanks, now more than ever since they are so low in price.
I definitely hear what you’re saying and diversifying your portfolio is a safer option I feel like. It also depends on what coins you are investing in especially if we are referring to coins in the top 50, but doing your due diligence and research is a key as well.
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You are right that we should invest in few top coins rather than putting money on dozens of coins. Sooner or later top coins will perform well and we can grab the profit. Nice post @the4thmusketeer
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Yes, I think you are correct. Hopefully Bitcoin, Ethereum, Litecoin, and more will recover in the future.
I think it is very true but you always see good to have three to five options to diversify, more if this is dedicated, good post, greetings
Definitely true and I learned this the hard way. Haha
great read thanks mate!
Awesome. I'm totally Agree to you!. thank you, you are very helpful
I've got the top 3 and some additional BCH, NEM, and LTC
Yeah, those seem like good picks. NEM hasn't gotten the attention I think it deserves.
I have to say I like your Steem account name 'feelsomoon'. I wish I'd thought of something like that.
Agree with you. Everybody should invest some strong crypto. Thanks for this post.
Well, I would say that 70% of your crypto portfolio should be in Bitcoin. I would add that a 10-crypto portfolio would be less risky than investing in just 3-5 cryptos.
Good advice!
Will Dent be back, shall see..
Good news everyone. Thanks to the shenanigans of Patreon in closing down accounts arbitrarily and thanks to the SJW's destroying the only remaining other alternatives, investors are leaving Patreon in droves. At least half a dozen of the largest are now adopting bitcoin and the blockchain. Most will already know this I'm sure, but I just had to share. What a lovely present Merry Christmas one and all LOL
Considering how bitcoin has going this year, it's not a bad idea to do a little bit of research on new cryptos
Its a risk to put large amounts of value in already known cryptos, because you dont know how good or bad it will be tomorrow.
I've lost my investments in some shit coins. Do you think this kind of events which is trading competition can help me to recover?
https://www.kucoin.com/#/rank/KAT
Trading competitions are short term project awareness strategies.
Currently i don’t think they have a major impact on the price but they have an impact on the awareness of the projects through daily trading volumes that raise interests.
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Well, of course you can have an extra profit with it because having a trading competition is a win win situation you are investing while having a opportunity to win a rewards and kambria's rewards are now distributed by kucoin you can check this
Very well said... Invest well in what you're more confident of than just scattering your investment. Yes, diversifying is good but not an all cases.
BTC and ETH They are always the strongest.
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Well also the most overvalued. Ether was terrible this year and crashed hard below 200 is unbelievable. Bitcoin is what controls the market trend, but BCH is up almost 100% from its 80 USD low. Other coins will offer better returns than bitcoin. If you are betting bitcoin will go up, you might as well diversify.
Agree!
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Ripple XRP is also not to be forgotten. 2019 will be the year of the crypto currency...
I don't think XRP is going anywhere, but I'm not sure it's the best crypto on the market to invest in right now?
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STOPTo support your work, I also upvoted your post!
Aergo has trading competition today, but i still dont know if it's worth to invest. I have trust issues from last experience in investing in wrong crypto
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STOPcan you make a review about kambria? i saw that they are having a trading competition on an exchange which will end today. https://www.kucoin.com/#/rank/KAT it will be helpful to us to know if kambria is a good token to invest of you will make a review on it.
I invest a lot on jse coin. Hope it succeed...
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how about xyo? its decent too right? and theyre having an ongoing trading comp which is also nice.
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STOPI've been through on the times i don't want to invest again. Should i join here in trading competition to get back all my losses?
https://www.kucoin.com/#/rank/XYO
great analysis, thanks!
Let's win together !!
Im planning to invest here in XYO, i found an article about them. What can you say about this? I still dont know what to do.
https://medium.com/xyonetwork/its-kucoin-learn-about-xyo-s-newest-exchange-live-now-9b4db4e90072
I love bitcoin
Every coin is not a shitcoin butt at the same time not every coin is going to replace bitcoin or ripple, so do your own research go to coins giving website, check there social media following and if you feel coin has a real use case and real working products or services, then invest in it by doing that you can get a good ROI returns on investment, you can also check team and developers of a cryptocurrency project and exchange listings of a coin if you need more information about a cryptocurrency coin
thanks for the read, and opinion
I would go for NEO, BAT, ZIL, ADA, TRX, ONT
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