Bitcoin is the buzzword in the world of cryptocurrencies. With so much attention devoted to it, Bitcoin never fails to surprise or shock investors.
When Is The Right Time To Invest And Sell Bitcoin?
Industry insiders say that the current volatility in the price of Bitcoin is only short-lived and another bull run perhaps just around the corner.
- When to invest?
- When to sell?
Bitcoin is the buzzword in the world of cryptocurrencies. With so much attention devoted to it, Bitcoin never fails to surprise or shock investors. It hit an all-time high of $ 65,000 (roughly ₹ 48 lakh) in mid-April, only to drop below $ 30,000 (Rs 22 lakh) in May. It had rallied to surpass the $ 42,000 (Rs 31 lakh) mark but was trading at $ 38,000 (Rs 28 lakh) on Wednesday night. While those who have already invested in the world's oldest and most popular currency see this volatility as risky, potential investors see it as an opportunity for quick profits.
In such a situation, how do you decide when to invest in cryptocurrencies? Industry insiders have said that the current volatility in Bitcoin's price is only short-lived and another bull run perhaps just around the corner. Whatever the truth, there are no shortcuts to making money. All speculative investments require patience and the ability to correctly read market trends.
One way to understand Bitcoin's ability to generate returns is to look at its performance last year. The value of Bitcoin in March 2020 was around $ 4,000 and in January of this year, it reached more than $ 33,000, giving a return of more than 800 percent in just eight months.
When to invest?
Investing in an entity when its price is low and is expected to rise in the future is considered a smart investment strategy. Comparing the value of Bitcoin since April, it would not be wrong to say that its price has dropped. Again, it is difficult to say for sure when Bitcoin will surge or if it will collapse further. If you are thinking about investing in Bitcoins, there really is no perfect time. However, if your strategy is long-term profit, buying during a dip and holding it until you make a profit is an option you can explore.
You can also divide your investment into phases. This will help you better control where the value is going, over a contiguous period of time.
When to sell?
The saying "Buy low, sell high" is one of the most popular truths on the market to practice. While the strategy sounds sticky, it's not easy to predict the "high." However, if you have better investment alternatives that are less volatile, selling Bitcoins may be a viable option.
BTC Price Real-Time Data
The live Bitcoin price today is $ 40,540.99 with a 24-hour trading volume of $ 37,041,598,706. Bitcoin is up 6.59% in the last 24 hours. CoinMarketCap's current ranking is # 1, with a live market cap of $ 761,272,688,580. It has a circulating amount of 18,777,850 BTC coins and a max. supply of 21,000,000 BTC coins.
Source - CoinMarketCap, Live Price Data was taken on 06 August 2021
- When Is The Right Time To Invest And Sell Bitcoin cryptocurrency?
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