Matt User

Always pay attention to Bitcoin. Most altcoins every cryptocurrency except Bitcoin are pegged more closely to Bitcoin than Asian currencies were to the USD during the Asian Financial Crisis. If Bitcoin price pump drastically, altcoins price can go down as people try to exit altcoins to ride the BTC profits inversely, if Bitcoin prices dump drastically, altcoin prices can go down, too, as people exit altcoins to exchange back into fiat. The best times for altcoin growth appear when Bitcoin shows organic growth or decline, or remains stagnant in price. When trading cryptocurrency it’s important to have a strategy in place that allows you to take advantage of profitable opportunities while minimizing losses if prices move against you unexpectedly. Some common strategies include setting stop-loss orders which automatically close out your position if prices fall below a certain level trailing stops which move up as prices rise so you can lock in profits scaling out which involves partially closing out positions over time and diversification which involves spreading your investments across multiple coins or tokens to reduce risks associated with any single asset class moving significantly against you at any given time.

Member since: Thursday, September 21, 2023

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