Cryptocurrencies have been in the spotlight with the rise of Bitcoin in recent years.
The very first digital currency still in existence today is bitcoin, created in 2009 by an
anonymous fellow with the alias Satoshi Nakamoto. Cryptocurrencies allows
transactions to be carried out without the mediation of any intermediary, hence offers
a more fast and effective mean of payment.
Cryptocurrency is here to stay and like many form of investment it poses some level
of risk, nevertheless it could be highly profitable. But the question that many
investors seek answers to is “when is the perfect time to invest in cryptocurrency?”,
with the current plunge in the price of cryptocurrency, could this be the perfect time
to invest in cryptocurrency or should one avoid the dip
When is the perfect time to invest in cryptocurrency?
Despite examining multiple approaches on how to determine the perfect timing to invest in cryptocurrency, i can point out that there isn’t such thing as a perfect time when it comes to investing in cryptocurrency. However when the market is down, it is an opportunity to purchase more bitcoin, increasing the potential for a greater gain if the market turns around.
For instance you are willing to invest ₦10,000 on bitcoin, as at when the market is down the ₦10,000 will be able to buy more bitcoin, hence i would make more profit selling when the market price turns around. Also, when the market is up, the ₦10,000 will purchase less bitcoin reducing risk of loss if the market turns the other way. All-in-all at any point in time you decide to buy there is an amount of risk associated with cryptocurrency investment. Nevertheless, for maximum profit it advisable to purchase cryptocurrency when the price is low.
Please keep in mind that our discussion here is merely educational and NOT an investment advice, and this article shouldn’t be viewed as investment advice. Always make your own independent assessment of whether any particular investment or investment strategy is favorable for you, your risk tolerance, and financial means, before entering into a transaction. When in doubt, consult with a licensed financial advisor.