Trading the cryptocurrencies Bitcoin,Etherium, Litecoin etc....

Crypto currency trading is a pretty spread activity nowadays, because almost everyone wants to start it off. Of course, market always eliminates those who entered cryptotrading just play with it. They just lose their money and quit trading activity. I just want to tell that such traders don't understand how much is their affection on the market. Some real traders sometimes lose their money because of couple hundreds of such traders, who just entered to play with crypto. So, today I can allege that the market goes high and this tendency is long-lasting. Remember that you have to analyze the market properly.

I remember I first felt a huge inerest in Bitcoin in 2019. I even was even lucky to kick in on time. I was staying in locked positions for year and closed all in the green. I was wrong I know but at that time it was first crypto experience and I lacked patience. I so regret exiting when it barely hit 10K. Now I want to get back but don’t know what to do with all these crazy ups and downs but I want to catch up.

Perhaps, the best thing about crypto trading is that Bitcoin, Ethereum, and Litecoin move the same on the market. So, it’s very suitable to open and hold the same trading positions. I remember that it was one of the first things about crypto trading that pleasantly surprised me. Sometimes I want cryptos to be more unique not to make me bored but years pass and digital coins still follow Bitcoin. Perhaps, they can’t do anything different.

I invested in YoFarm, which is the new native crypto currency on Yobit. Yobit has been around since 2014. For providing liquidity they have been paying me about 1-2% daily, which is over 365% APY and is nice income. What are you thoughts?

MarkoDanic posted:
I invested in YoFarm, which is the new native crypto currency on Yobit. Yobit has been around since 2014. For providing liquidity they have been paying me about 1-2% daily, which is over 365% APY and is nice income. What are you thoughts?

I`ll take a look.

It looks like now the best cryptocurrency to invest in is Ethereum. Dogecoin is good too, but it’s less popular.
Something makes these currencies more profitable than BitCoin now because they are younger, and there is more place for the new players. They also don’t need so much electricity to produce. I wonder how much electricity is wasted now to mine new bitcoins since they need more and more power to appear. It is just insane, and I don’t understand its purpose. Websites like https://odos.xyz/ help get huge profits from cryptos, and it is the best way to play in this market, to my mind. You don’t lose anything and don’t threaten the planet this way.

Waanderlust posted:
Trading cryptos is highly profitable if traders have appropriate knowledge about the cryptocurrency market and trading skills. It can be really dangerous and one can lose his entire hard-earned money if he does not know what he is doing.

Good Point.

I think above all of them bitcoin is behaving the most like fiat currencies so is the one I feel most comfortable trading.

I am so happy to see how far crypto has progressed so far in last 5 years.

I created this thread 5 years back and probably it was the first myfxbook thread about crypto currency trading when most traders didn't believe or didn't know or didn't agree about crypto. Now, the situations have completely changed and many companies as well as countries have started accepting crypto as payment method. Dominica has made crypto as legal tender. Also, myfxbook has separate crypto tab for discussion.

Of course, I did some wild price predictions like BTC to reach 200K or 1 Million USD per BTC etc which never realized or never came true. But still it has reached nearly 70K during last all time high which is quite good compared to 600 USD to 2000 USD per BTC when I created this thread.

I have to confess that I was wrong in my timing of price prediction, but still I stay strong on my predictions for BTC price, but not sure how many years it may take to realize BTC price to reach to 1 Million USD per BTC. Even after 13 years from launch of Bitcoin, still overall Crypto market is too small and too new compared to forex market net market value and so money transfer from forex market to crypto market is very slow.

So probably we need few more years for the BTC price to reach those levels. But you need to be always ready to accept at least 70% to 80% drawdown levels for all your crypto investments since these markets are highly volatile.