We at Cryptoticker wish everyone a happy new year 2023 and, most importantly, good luck with saving, investing, and trading! The coming year may bring us good profits in the crypto market once more. If you’ve always regretted not investing in cryptocurrencies sooner, this may be your last chance. In 2023, how can you make money with cryptocurrencies? This article is all about How to become rich in 2023 using cryptocurrencies. Let’s take a look at it in more detail.
What happened to cryptocurrency prices in 2022?
In recent months, cryptocurrency prices have dropped precipitously. The bear market has taken a significant toll, with most main cryptocurrencies losing more than 60% of their value in the last year. Most altcoins continued to suffer greater losses than Bitcoin.
The losses were induced by more than just the natural bear market. Interest rate hikes in the United States boosted FIAT currencies while weakening cryptocurrencies. Moreover, several project insolvencies, including FTX, Terra (LUNA), and Celsius, resulted in a significant loss of confidence in the crypto market.
Why do you believe cryptocurrencies will come back to life in 2023?
Because of the factors mentioned, most cryptocurrencies are presently severely undervalued. Because of its current functionality and adaptation, Bitcoin, in specific, should have a significantly higher “true” value than $16,500. FIAT, in particular, has artificially increased the US dollar’s high-interest rates. Even so, such rises in interest rates are not sustainable perpetuity because they danger provoking a severe economic downturn.
This could result in the price of Bitcoin, in particular, going to rise again in 2023. Just after that, many altcoins may also fall into line. In hypothesis, we can anticipate more volatile peaks and troughs in altcoins.
How to Become Rich?– 5 steps
The year 2023 may be the year to become wealthy with cryptocurrencies. You should be aware, however, that cryptos are not magical money machines. To invest in the cryptocurrency market, you must have a sound strategy. We’ll walk you through 5 steps!
1. Set a monthly budget!
It all comes down to how much you are willing to invest and risk losing, as with any investment. You can make more money in the cryptocurrency market if you invest more money. You can become “rich” quickly if you invest 10,000 USD per month in cryptocurrencies. To make a lot of money at $10 per month, you’ll need a lot of patience and good fortune. However, make a monthly budget for yourself in advance.
2. Choose a basic strategy when investing!
To invest in cryptocurrencies, you basically need a strategy. Cost-dollar-average is the most well-known strategy. You simply invest a monthly or weekly amount in one or more cryptocurrencies, regardless of the courses. This is regarded as a rather conservative strategy. However, if you believe the price is relatively high or low, you can invest irregularly. The most unsafe is cryptocurrency day trading, which can be learned but takes a lot of time and dedication.
3. Think about which cryptocurrencies you want to invest in!
On the crypto market, you can choose from Bitcoin, stablecoins, interesting altcoins from smart contract platforms like Ethereum, Cardano, or Solana, or risky meme coins like Dogecoin or Shiba Inu. Learn about the projects, their functions, and their market roles before deciding how to build your portfolio!
4. Secure your cryptocurrencies!
What good is your cryptocurrency portfolio if it is destroyed because you lack complete control? The failure of FTX has proved how vulnerable core crypto exchanges can be to long-term holding. In the medium and long term, only use these exchanges to buy and trade cryptocurrencies, and then transfer your coins to a hardware wallet! Check out the Ledger Wallet here!
5. Get started!
The most important step to becoming wealthy with cryptocurrencies in 2023, or ever, is to begin investing! There will be few prices as low as they are now in two, five, or ten years. This could be your last chance to invest within your financial means. Always keep in mind that cryptocurrencies are risky investments, and there is always the possibility of losing your entire investment.
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