You likely want to make millions in the cryptocurrency market. The times differ from the early days when Bitcoin (BTC) or Ethereum (ETH) first emerged. Buying one of those early could make you a millionaire or even a billionaire today.
Today, the story is different.
There are over 22,000 cryptocurrencies so picking the right one to see gains is difficult. You have to pick the right ones and then you also have to worry about other factors affecting the market.
This market is not friendly to cryptocurrency investors.
The US market still has not approved a Bitcoin ETF even though its northern neighbor of Canada has. Then Gary Gensler is trying to prove a plethora of cryptocurrencies are scams.
And the Biden administration is not doing any favors to investors and trying to take away any profits you make.
So, this game is not getting easier, but only getting harder.
As an investor, you need to pay careful attention. If not, you may end up sending fiat, Bitcoin, or another cryptocurrency to a scammer promising you unbelievable returns.
Just as there are four seasons that youโre used to โ winter, spring, summer, and fall. There are seasons you need to recognize as an investor.
But letโs start off with something simple before getting into an area that is a little more complicated.
First, there is a bull and a bear market.
A bull market means the cryptocurrency market is going up. Usually, this revolves around Bitcoin which tends to pull altcoins along with it.
But right now, weโre in the early stages of a bull market with price swings that may make you think weโre still in a bear market.
A bear market means the cryptocurrency market is going down. Once again, Bitcoin leads the way for the rest of the market.
Occasionally, youโll see a cryptocurrency take off but these are usually short-lived. There could be a group of investors pumping the coin or maybe there is exciting news about a cryptocurrency encouraging investors toโฆ
