Investors monitor the cryptocurrency market looking for that much-needed positive upswing; however, when does interest in this area become an addiction?
I believe that interest in this area becomes an addiction when:
- Your spouse knows ahead of time what you're constantly looking at on your phone.
- Signing up for numerous just-in-time market alerts.
- Scouring the Internet for information on why the market hasn't rebounded yet.
- Checking the prices of cryptocurrencies every minute of the day.
Sadly I must say that this has somewhat become my life and I am close to seeking some sort of detox or intervention. You see, like many other investors, I took a significant investment leap at a time when the cryptocurrency market was exploding, set to reach "to the moon" levels. Unfortunately, I bought at relatively high prices and over the next few weeks, watched my investment purchases dwindle to almost half for what I bought them.
Just HODL. You Mean HOLD, Right?
So what are investors to do during a time when their investments are severely in the red? Well, if you believe that the cryptomarket still has the potential to grow exponentially, then the answer is easy, HODL. No, this is not the term "hold" misspelled. It actually stands for "Hold On for Dear Life," and that is precisely what a lot of investors are doing with their investments. Although we saw prices skyrocket quickly at the end of 2017, and then come crashing down just as fast, the market is showing signs of a slow but positive uprise. The potential is there, but it's going to take time for us investors in the red.
Can't I Do More Than Just Wait?
The answer is yes, diversify you crypto portfolio and make sure you stay up to date on what each of your investments is doing regarding fulfilling their utility/purpose. Take for example a cryptocurrency I invested in "DeepOnion," a cryptocurrency that is completely anonymous and untraceable with all transactions sent privately through the TOR network. I firmly believe in their utility and am very active regarding group discussions, and Twitter feeds. I am also versed in their roadmap, a tool that helps you better understand future milestones and the direction a cryptocurrency is going in. Knowing you invested in tokens/coins that have a healthy future in the cryptocurrency arena will help you sleep better at night.
The Future is Green $$$
With the cryptocurrency sector still in its infancy stage, the pickings are ripe, and the choices are abundant. Success; however, may be in choosing the right blend of coins/tokens and like all fine wines, the longer they sit, the better they get.
Disclaimer: As with all investments, there are no guarantees. Investors should understand all risks involved before investing. If you are considering investing in the cryptocurrency market, do your research first and make sure you do not invest more than you stand to lose.