The financial heavyweight status is as accessible today as it ever has been. Decades ago, terms like stocks, investments, and trading would be tossed around by men in suits who exclusively work in the finance field. Now, it is part of the regular conversation of normal citizens.
People were quick to dip their toes into endeavors that would multiply their cash despite the risk. The evolution of everything finance, alongside the advancement of technology, resulted in numerous emerging trends that would prove to increase one’s money drastically.
Santa Monica is no stranger to trends. In fact, it is even situated in the home of trendsetters, California.
With that being said, residents of the famous state are generally more open-minded and adventurous. So, when cryptocurrency became a hit, many willing first-timers were eager to pursue the venture.
Although Californians are more than capable of going in headfirst in almost anything, it doesn’t mean they aren’t and shouldn’t be careful. With cryptocurrency being relatively new, the number of first-timers is great, and the lack of information is even more significant.
Anyone who wants to buy crypto should know that timing is crucial and makes all the difference. So, when should Californians invest in cryptocurrency for those just getting into it?
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Before Buying
Cryptocurrency is extremely volatile, and the ups are just as drastic as the lows. So, while it is a worthy and exciting investment, it isn’t for the unprepared. It is imperative for first-timers to study market trends and everything crypto before making a purchase.
Therefore, equip yourself with the knowledge and technique to make smart buying decisions. Strive to understand what you are getting into fully. You can also consult with financial experts while loading up on related material.
Another thing first-timers should consider is their current financial situation. Loss and gains in cryptocurrency are inevitable and fluctuate dramatically.
Also it is very important to check if crypto project is a scam or not. Examine the crypto platforms social media channels, forums, and Telegram groups and observe the engagement and sentiment of the community.
So don’t blow all your money on one trading platform and ensure the amount you invest is appropriate and you have funds in other investments.
The Right Time
Even with the uncertainty of cryptocurrency value and its recent emergence, enough analyses and observations provide helpful insight for investors to make better decisions.
One factor that makes or breaks a crypto investment is when you buy it. There are multiple timeframes to take into account when investing that we will elaborate on. But, first, consider the overall state of the market.
Bull Vs. Bear
The market is usually in either one of the two states: bullish or bearish. The former occurs when there is a rise in the economy, and favorable conditions are met. Increases in employment generally accompany it, and prices observe an upward trend.
The name is meant to resemble how a bull charges its horns from bottom to top when attacking. This market is ideal for reaping what you have sown. However, it isn’t the ripest option for beginning buyers.
On the other hand, what happens in the bear market is values seemingly take a hit and continue downwards, with prices decreasing by 20% and more.
This is often perceived as undesirable behavior that depicts present and potential downfall, but it can prove to be beneficial if maximized.
Why The Bear Wins In Profit For Beginners
A decrease in value is not something investors want to hear when describing their current assets. However, the bear market, in spite of its downward trend, is what first-time buyers should pay more attention to.
Buying crypto during a bear market is what will help beginning investors leverage their investments. Furthermore, by acquiring shares at low prices, you increase your chances of gaining a more considerable ROI, which will happen when the market trend is upwards.
In contrast, buying during a bull market decreases your chances of getting a higher profit and increases your vulnerability to falling victim to the pumping season, which commonly occurs during this time.
Best Times To Buy In A Bear Market
Cryptocurrency trades occur 24/7, so every second counts. In fact, general patterns have emerged that help determine the best times to buy in a bear market to the tee.
Now that beginners know to look out for a bear market when buying crypto, the next thing they should take note of is the following timestamps. First, refrain from investing at the start and middle of the month.
This is when share values experience a rapid rise followed by a sudden drop. It is also when most investors usually make their transactions, aiming to profit from the increase. Instead, watch out for the end of the month when prices are at their most stable and promising.
As for what day of the week is the most favorable for first-time buyers, statistics show that purchases perform well when bought on Thursday, followed by Monday, Friday, and Saturday.
When it comes to the hour of the day, the early bird catches the worm also applies as coins with the highest cap rates show desirable performance when acquired in the morning.
Beginner-friendly Crypto Options
Venturing into something as daunting as cryptocurrency can be overwhelming for new timers. Fortunately, the world of finance is vast and has multiple options to cater to everyone, such as beginner-friendly crypto options.
One of the factors of cryptocurrency that seems intimidating is its trading platforms. However, several programs offer user-friendly wallets, not too different from what most are familiar with for the first-time investor.
Additionally, various third-party mediums have lite interfaces for simpler transactions that are easy to understand.
Cryptocurrency trades are slowly being shaped to be similar to investment arrangements that have long been in implementation. It may be of a higher technological caliber, but crypto still aims to be available to everyone.
Developers recognize the expertise gap between financial specialists and regular traders and continuously work towards making cryptocurrency accessible to all.
So, first-time investors have nothing to be worried about and can be sure to be well-accommodated should they make a crypto investment.
