Are you looking to change your portfolio a bit and invest in some new cryptocurrencies? Perhaps you've never invested in crypto before and want to take the plunge. Either way, many think you're making the right choice. The market is primed for some good price movements, and there's still plenty of money to be made. Some people think it's too late to invest in crypto, and while it might be too late to enjoy some tokens' rises (the ones that have already had them), it isn't too late to enjoy potential across much of the digital currency space. But there are a few things you might need to know before you invest, especially if you're new to crypto investing. Let's look at these 3 things, alongside 3 recommendations for where the savvy money should be invested right now…
While most newcomers come to the space because they heard about Bitcoin, this isn't necessarily the best place to put your money. While BTC obviously has a future, and could surge back past all-time highs, its upside simply isn't as big. Even if it does go up to previous all-time highs, that will still only be triple your money. While those sort of gains shouldn't be scoffed at, they often aren't what really brings people into crypto.
Crypto isn't failsafe. For every crypto millionaire, there are even more who lost money. But if you want to really make money, you should be prepared for a little risk. Just always make sure you only invest what you can afford to lose, and don't stress too much if it goes wrong. Consider DCA investments rather than putting in large lump sums all at once.
Far too many people get preoccupied with hourly movements. But that's not the right way to go about things, especially in the volatile economic climate right now. Pick the right projects and get ready to watch them grow over months and years rather than minutes and hours. It's a lot less stressful that way.
Here are three crypto analysts are recommending right now:
Uniglo is one of the best new projects on the scene. It's completely deflationary and has a fully asset-backed store of value alongside DAO votes and community strength.
Cardano is a hugely important part of the blockchain development world, and should continue to be so as crypto becomes even more mainstream.
Tron is helping make the web more dectranlized and is revolutionalizing internet infrastructure one step at a time.
All 3 of these are great investments, and if you combine them with the outlook you learned in the three tips, you should be onto winners.
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Disclaimer: Analytics Insight does not provide financial advice or guidance on cryptocurrencies and stocks. Also note that the cryptocurrencies mentioned/listed on the website could potentially be risky, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. This article is provided for informational purposes and does not constitute investment advice. You are responsible for conducting your own research (DYOR) before making any investments. Read more about the financial risks involved here.