About a week-and-a-half ago, I stated that once Bitcoin breaks through the $6000 barrier we would be out of the “Bear-Market.”
Well, on May 8th we broke through.
I believe that we are seeing the beginnings of a choppy bull market. Yes, we will see dips in the marketplace but the highs will get higher.
There are other factors, I believe, have a direct impact on the markets recent behavior. These are:
- The launching of Fidelity Corp’s crypto platform
- E-Trade’s move into crypto
- Ameritrade’s move into crypto
Why Not Build A Portfolio?
Many of you know that I am a big advocate of portfolio building. I am a long-term Hodler. I believe that the best thing one can do in the crypto-space is to build up a solid portfolio.
At a minimum, your portfolio should include Bitcoin and Ethereum. Bitcoin should occupy a large percentage of what is in your portfolio. Why? Because with Bitcoin, you can purchase the other Altcoins you like. Seventy percent of my crypto-budget is allocated towards Bitcoin.
If you do not already own Bitcoin and Ethereum, buy now.Why? Because when Fidelity, E-Trade, and Ameritrade launch their crypto platforms, there will potentially be over 100 million brokerage accounts suddenly having access to crypto. The floodgates will open and their will be no turning back. When that happens, Bitcoin and Ethereum will be difficult to get at these recent prices.
If you already own Bitcoin and Ethereum, take advantage of those times when you see a dip and buy more, plus accumulate more of the Altcoins you have.
If you would like to build a portfolio, the simplest way to do it is to access your financial circumstances and then …
- Set an annual crypto-budget
- Divide it buy 12
- Spend that amount each month to purchase cryptocurrencies
Do Not Panic
The worse thing one can do is panic when the marketplace experiences dips. This is normal. Remember what I said earlier, the bull market will be a choppy ride going up and that there WILL BE dips, but the highs will get higher. So be cool.
Whenever you see times in the marketplace when Bitcoin is in the green but the Altcoins are in the red, what this means is that investors are selling their Altcoins to buy Bitcoin. Conversely, when you see the Altcoins in the green but Bitcoin in the red, it means that investors are selling Bitcoin to buy Altcoins. Or, some investors are taking profit. When everything is green, there is buying of both Bitcoin and the other Altcoins.
Make It Fun
Do not stress over cryptocurrency investing. Be kind to yourself and make it a fun experience. On way of assisting in this effort is not to overly invest. Invest only what you can afford to lose. If you lose, you will not sweat it. If you win …
I see many people in the crypto-space who seem to love being miserable. Misery becomes their fuel. Some morph into indecent human beings. They resort to finger pointing and blaming others. This is a rut they get into and they get so deeply into it, they cannot seem to get out of it. Those are the kinds of ruts you do not want to get into. They are traps and are not good for you physically, mentally, and spiritually.
Keep your wits about you and guard at all cost a good mental disposition.