Is it the right time to invest in cryptocurrencies?

Is it the right time to invest in cryptocurrencies? 

A big Yes and A big No.

A big yes, if you are a trader (In Share Market) and you know how to make quick money through scalping or if you have patience and you can hold your position for long.

And, a big NO if you are going to do it for the 1st time and that also with your savings.

Market has started to pick up and is going to stay green for sometime.

Look at the market cap

Market is trying to recover from the famous fall of 2022 and is now moving upwards and currently sitting at 1.68T (25/12/2023)

Solana has shown 700% rise in the last 1 year and currently trading at $120.41

Top 10 Cryptocurrency being;

1. Bitcoin 
2. Ethereum
3. Tether USDT
4. Solana
5. BNB
6. XRP
7. USDC
   
8. Cardano
9. Avalanche
10. Dogecoin

At the same time, the fall for some cryptocurrencies has been quite bad as well. 

If you still choose to invest, based on my knowledge this is what I would ask you to consider before you make any investment in crypto.

1. Make a list of the top 5 crypto exchanges.
2. Study the services being provided. 
3. Create a list of the top 100 cryptocurrencies based on the market cap. 
4. Check the authenticity of the project that they are working on.
5. Check their fundamentals, and gather as much information as possible
6. Study the daily trading pattern of the top 100 cryptocurrencies for the last 1 year.
7. Do extensive research - DO NOT MISS THIS PART
8. Read blogs, and white papers and understand the way it works.
9. Start looking for reliable influencers in the crypto world, see what they are talking about, and understand the way they predict and the outcome.
10. Start learning the candlestick patterns. 
11. Start with 10% of your monthly income.
12. Learn how to use stop-loss, and strictly follow it.
13. Learn to sell at the right time and book profit.

Follow these points very very strictly.

1. Do not get carried away by the influencers.
2. Never - Never take any kind of loan and put your money in crypto.
3. Do not break your contingent savings.
4. Never delay the payment of your bills invest in crypto and make quick money.
5. Do not put all of your money in 1 crypto coin.

And, hey after reading all of this do not make any investment without doing your own research.

NOTE: I am not a crypto investment advisor, please do your own research before investing your money. I am not responsible for your profit and losses.