If you are reading this blog you have some interest in Bitcoin / Cryptocurrency. With that said you have seen the huge swings in prices from all time highs to dropping thousands of dollars within minutes. A lot of new investor do not deal with these large price movements. Most new investors will buy at an all time high because of the hype and then start to panic 15 minutes later when the price of Bitcoin drops $3000. The worst thing you can do when this happens is sell. Be patient and hold your position even if you bought at an all time high. The price will come back up. Markets always will correct themselves over time. With all the hype around crypto currency now we will be seeing these huge swings in price for at least the next year.
When buying Bitcoin you mindset should be on holding the coin for a while. Bitcoin is more a long term hold coin. It’s harder to make money off Bitcoin day trading unless you have a large amount of capital to invest. Altcoins are much easier to day trade and make money by investing a lot less capital.
Happy investing!