The first quarter of 2022 was pure gold for crypto investors. Most coins reached their highest prices, with bitcoin hitting the most elevated of $47,000. Ethereum, the second-largest cryptocurrency, also hit the highs of $3,200. It has taken a turn for the worse at the beginning of the second quarter of 2022. As we enter the second month of the phase, the tokens are at their lowest prices witnessed so far this year.
Bitcoin and Ethereum hit their highest at the beginning of the year, and they are on their way to hitting their lowest so far if the plummeting being witnessed continues. As of May 2022, Bitcoin is $31,000, and Ethereum is $2,400.Binance coin is down to $327 from $42, and Litecoin is down from $112 to $83. So what can investors learn and do during this recession session? Let us talk about that. It’s scary, especially to newbies.
If one had joined crypto during the first quarter of 2022 at its high and now experiencing this downfall, they might be scared and doubtful. A well-researched investor will tell you that now is the best time to invest in crypto. People should buy and hold now that the price is down. As an investment strategy, buy and hold has several advantages.
- They have reduced transaction costs. Traders and investors who engage in long-term buy-and-hold trades don’t overtrade. It can reduce transaction costs significantly. A trader in and out of trades daily or weekly needs to factor in the drawdown of accumulated transaction costs. If you are to buy now and, if possible, go bulk and hold for later, the profits will be huge, and transactions cost will be minimal.
- Time saver. Long-term cryptocurrency investors who engage in buy-and-hold trades don’t need to keep a close eye on the price daily, nor do they need to do technical analysis and look at charts frequently. It is wise, though, for these cryptocurrency traders/investors to stay on top of essential news and check up on their positions now and then, but it is still much less time-consuming than short-term trading. It means one can buy and forget for some time, focus on other things in life, and sell and enjoy huge profits when the price hits high.
The takeaway is that now is the right time to invest or venture into bulk crypto investing. Buy and hold for now. Financials have analyzed that crypto will hit its maximum highest by August, with bitcoin estimated to surpass the $47,000 mark it hit a month ago. Ethereum too and Litecoin are expected to hit their highest prices of the year by august. Cryptocurrency is the future of financial independence. Get some bitcoin today or any other token [there is an excess of 2000 cryptocurrencies in the world.!]and be part of the revolution.
