The crypto market has evolved tremendously so far. A large number of investors have already been able to achieve enormous profits this year. Huge increases are still forecast for the end of the current cycle, but the market seems to be going crazy. Is it already too late to invest in cryptocurrencies now?
No, it’s not too late! Cryptocurrencies and blockchain technology are still in their infancy and will continue to gain importance through meaningful applications in the coming years. If you join now, you have the chance to be part of new projects right from the start. In principle, it is about creating an entirely new financial system that can change the lives of people and companies globally. In addition to technology, a significant advantage for you is that you can live a comfortable lifestyle and work independently of time and place.
Can Bitcoin history repeat itself?
The fact is that not many people have come to unexpected wealth by trading in cryptocurrencies. A quick look at the Bitcoin chart development makes this clear. For example, on December 28, 2014, you could invest in Bitcoin (BTC) for around $316 per coin. Bitcoin is currently trading at $10,591.68.
This means that the capital employed would have increased by 3251.58 percent over a period of around five years. For some, the idea will make your mouth water – or, to use another metaphor, see the dollar signs in your eyes. Just imagine if you had invested a hundred, a thousand, ten thousand, or even a hundred thousand US dollars in Bitcoin then. Those who recognize the Bitcoin potential and the signs of the times in good times can count themselves lucky.
The potential of cryptocurrencies is growing
It does not help to mourn the past. Those who decided against an altcoin or bitcoin investment five years ago cannot turn back the clock. It is, therefore, essential to look ahead. However, the big question is whether it is still worth investing in cryptocurrencies. Quite a few shy away from it because they believe the Bitcoin price is already high or maybe even overvalued. Is it still worth entering the crypto market now? Or does it make more sense to look around for other assets?
Answers to these and other questions can change day by day. However, we would like to state that there is never a 100% guarantee for anything. It is advisable to weigh the pros and cons of Bitcoin yourself and against the background of your own knowledge.
Typically, the most significant profit comes from buying projects when their prices are in the doldrums and selling them when they’re experiencing hype. So, knowing that after the peak of this cycle, a longer-term bear market is most likely to begin, we can roughly estimate when it would be best to have funds available to buy discounted cryptocurrencies.
Are altcoins worth considering?
In this post, we will mainly talk about Bitcoin (BTC). However, this does not mean that altcoins are less promising, on the contrary. You could also buy Ethereum online or decide on a Solana investment – what the best investment for 2023 is will only become apparent in retrospect.
However, there is a reason why we are focusing on Bitcoin. Namely, the so-called mother of all cryptocurrencies still seems to act as an indirect key currency. This means that the altcoin value is significantly dependent on Bitcoin performance. Therefore, looking closely at the most well-known coin is certainly not the worst thing. In principle, however, the knowledge gained also applies to other digital currencies.
Regardless of whether we already own cryptocurrencies or not, we currently want to do our utmost to be able to put as much as possible into the market for the right things. While we may have missed the optimal entry point for this year, that doesn’t mean we can’t still make a profit on particular trades. So if you still want to invest in cryptocurrencies at this point in time, you should consider everything mentioned so far.
