Cryptocurrencies to Invest In - Professional Approach
Cryptocurrencies to Invest in - Professional approach is a free lecture from Cryptocurrency Investment Strategy Without Losses course which is available on our website: https://eaforexacademy.com/courses/cryptocurrency-manual-trading/cryptocurrency-investment-strategy/
What Cryptocurrencies to invest in?
I analyze Bitcoin and I prefer other Cryptocurrencies to invest in. If you have some experience you would already know that Bitcoin drives most of the other cryptocurrencies.
If the Bitcoin goes up, the Ethereum goes up, If the Bitcoin goes down, the Ethereum goes down. And this is not a 100% rule but there is a correlation.
And, yes, most of the cryptocurrencies follow the direction of the Bitcoin.
So I take advantage of that. I make the analysis on the Bitcoin, but I invest in other cryptocurrencies. Such as Tezos, Chainlink, Ethereum.
And why do I look at the Bitcoin?
Because it is the most important Crypto until the moment. Everyone knows it, and all the news we hear and read is about the Bitcoin.
What you hear is Bitcoin crossed $10 000, Bitcoin dropped below $5 000, it is up today with 7%, And you don’t here Tezos passed 2 EUR, right?
And in investing and trading there is a rule. Something is important when it is important for many people. One level for the Bitcoin becomes important when everyone is talking about it, and everyone is looking at it.
For example, the 10 000 level for the Bitcoin.
This is why Bitcoin is important on the market because everyone's main focus is on it. And I do my analysis on the Bitcoin and not on the other cryptos.
And the other reason why I invest in the smaller cryptos and not straight in Bitcoins is that many of the smaller cryptos are climbing much faster.
For example, let’s have a look at the most recent period after the crash of the Bitcoin because of the coronavirus since the 13th of March 2020.
Look at the Bitcoin it claimed from roughly 4 850 up to 10 400 which is about 214% or in other words it doubled its value. And at that time the Tezos has climbed from 0.95 up to 3.13. It tripled its value, or this is about 329%.
Do you see the difference?
Let’s have a look at the ETH, It climbed from 89.90 up to 253, or that is 281%. The Link made a move of 328% or from 1.40 up to 4.60.
And did you notice something?
The charts are very similar. This is because they follow the Bitcoin.
And if in the future this correlation changes and the smaller cryptos stop following the Bitcoin, I will stop doing it as well. I will apply the strategy just to the Cryptocurrencies that I wish to invest in.
And of course, I will always update the course and the lecture - Cryptocurrencies to invest in, if there is any general change on the market or with my investment strategy.
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