“How much do I need to invest and in which cryptocurrencies to have a good chance of making a million dollars by the end of 2021?“
This is a very tough question for anyone to answer because the cryptocurrency marketplace is extremely volatile and – I might add – highly manipulated.
There might have been a time when one could call investing in cryptocurrency “investing.” I now equate it to gambling and “a lucky roll of the dice.” Few win big and many lose big. All it takes is a sharp move in the price action and you could get wiped out.
If you are going to invest in cryptocurrency, learn about it and research those cryptocurrencies that have great long term potential.
Number one in your portfolio should be Bitcoin. I would adding up to ten altcoins such as Ethereum, NEO, EOS, Ripple, LINK, Basic Attention Token, and Synthetix Network Token.
Understand that everyone is an “expert” nowadays and personal bias creeps in and there are heated debates over which cryptocurrencies are good and which are bad.
There are over 5400 cryptocurrencies and 95% or more of them are junk or scam coins. More are created each day.
I personally hold the above crypto’s in my portfolio for the long-term.
I have also made good money (and lost good money) margin trading cryptocurrency. There is a learning curve, but doable. The key is learning technical analysis, reading charts, knowing when to short or when too long when to get into a trade, when to jump out of a trade, self- discipline, not over-leveraging, and not investing more than one is willing to lose.
If one had $10000 to leverage with, and after careful analysis enters into a trade, and leveraging 5x, for example, one can make good money if they predict the price action correctly. High capital plus low leverage is the key. It increases one’s potential for profit while lessening the chances of being liquidated. One should know how to take profit and set stop losses.
View my tutorials here if you are interested in learning how to leverage trade.
A retired Information Technology Specialist and Foreign Service Officer with a large U.S. Government Federal Agency, Technical Instructor, Blogger, WordPress Instructor, Web Designer, Internet Marketer and Cryptocurrency Investor and Mentor.