One of the remarkable traits of cryptocurrencies is that they are highly volatile assets. This means that their values are subject to change from time to time. This is the same reason why their value may change the moment you win them from Bitcasino slots and when you cash them out.
Aside from using them to play alongside your Bitcasino bonus offers, there are also several other factors you should keep in mind when trading these coins. Among these is the fact that crypto values are also subject to change, just like the prizes you’ve earned from Bitcasino live casino. Therefore, you should know when is the best time to buy and sell them. If you haven’t tried it before, here are a few things to learn more about it:
What is crypto trading?
Crypto trading occurs when you buy and sell your assets with the objective to make a profit out of their ever-changing values. Similar to buying stocks, you need an online exchange platform, a digital wallet, and the full current market value of your chosen coin. That way, you can acquire full ownership of an asset which can be a single unit of Bitcoin (BTC) or any coin of your choice.
Once you own the asset, you can benefit if the value grows relative to the purchase price at the point you sell. Since the crypto scene is decentralised without the control of the central authority, expect that the transactions will be smoother than when using fiat currency. However, since these assets are also not governed by authority, it’s important to keep them in safe and secure crypto wallets personally as well.
When to buy crypto
After knowing what crypto trading is, you should know when to buy crypto since the timing greatly affects how much you can get. Though the instances may vary, some experts have shown that there are certain instances when it’s best to buy them.
In a day
Crypto can be traded throughout the entire day. Still, some people who have paid close attention to the stats and the data have observed that there are certain patterns which come with price trends.
It is highly suggested to buy crypto in the afternoon. Aside from knowing that these are ideal times between crashes and surges, buying crypto in the afternoon also helps you save money with the fees you are about to pay. The reason behind such is that the evenings are considered a much busier time when it comes to investing in crypto.
In a week
Some experts also suggest that the best days to buy crypto are Tuesday and Thursday. This is based on patterns observed on people’s purchasing activities. Aside from the two days mentioned, some also say that Saturday is a great choice.
Some disagree with the idea of buying crypto on a weekend since equity traders are not that active. Some also say that there’s a higher volume of algorithmic trading bot activities on weekends, making them less compelling to trade.
In a month
More often than not, the best time to buy crypto is when the month is nearing its end. The reason behind this is that the values tend to rise in the first ten days and they are usually followed by a price collapse in the second half of the month. Still, this varies from one crypto to another.
This is also based on the common patterns that were seen on crypto price trends. Despite that, you may also want to consider the issues that came with the coin since they may also contribute to its value.
Factors to consider when buying crypto
Aside from proper timing, there are several other reasons which you may want to consider when planning to buy crypto. Some of these are:
Now that you know when to buy crypto, it is also important that you learn about the best time on when to sell it. This way, you can get the most out of your money’s worth and make a profit out of it.
When there’s been a lack of progress
One of the best things about crypto is that they are always transparent with their investors. More often than not, a crypto project starts off strong as it quickly increases in terms of value. However, there are times when the project suddenly slows down and its value decreases since there isn’t much progress to it.
If you feel like your crypto investment is already stagnant, it might be a great time to sell it rather than just hold on to it.
When you wish to allocate your funds
Whether you had excellent returns or losses on a purchase, you might consider selling it to reallocate funds. Many traders do this, especially when the prices are starting to crash.
You can recover from a loss or take advantage of another attractive asset by taking whatever holdings you already have and investing them in another coin. Still, its success can’t be guaranteed so you have to be careful about your decisions and be willing to stick to it.
When there are issues
News reports have the power to make or break the crypto market as the industry is heavily influenced by what the media says. This is also the reason why the prices are subject to change depending on the headlines that are being written about a certain asset. It may also be because of what influencers have said about it.
Among the popular examples of this is how Elon Musk has greatly influenced the crash of Bitcoin prices when he once posted about the risks that it had for the environment. Similarly, his influence has also changed the course for Dogecoin which was only just supposed to be a meme coin.
Every now and then, you’ll witness a spate of unfavourable news linked to a certain project and the token subsequently dropping. Maintaining an eye on the market's flow is crucial because doing so can help you predict the direction a project will take.
When you wish to try another investment opportunity
The rise of cryptocurrencies paved the way for several spins which are all valuable and promising on their own. If you think that a new coin might be performing better than the one you're holding, you may want to sell your asset to have funds that can help you invest into something better.
When its value has massively increased
Another scenario when you may want to consider selling your coins is when their value increased massively. This doesn’t mean that you have to sell it in its entirety. You can just sell a portion of it so you earn a profit out of it as well. The fact that crypto is volatile, it is best to sell it while it’s still profitable.
Then, you can enjoy the remaining assets for yourself and watch it grow so you can sell a part of it again some other time.
When not to sell crypto
Aside from knowing when to sell your crypto assets, it is also important that you learn when not to sell it. Here are some situations you should keep in mind:
When its long-term value is going strong
Avoid selling your crypto when the project is going smoothly as promised or even better. That way, you can enjoy steady growth with your asset and watch it grow like how it’s supposed to be. More often than not, it is when an asset is working smoothly that it’s more likely to grow in terms of value and potential. That way, you can hold on to it until it grows big enough for you to find it profitable.
When its value suddenly decreases
Crypto’s volatility makes it subject to price changes every now and then. There are times when the price dips go harder than they should be and it might push you to sell your assets. More often than not, investors who often panic sell their assets regret it later on. They buy it when the prices are high, sell it when the price drops, and miss out when it bounces back.
Make sure to only sell your coins when you think that they are no longer a great investment. With that, it’s safe to say that price declines are not just the factors you should consider when planning to sell them.
These are just some things you would have to know about trading your crypto assets. By learning the best times to buy and sell them, you can have a better grasp of their value and what can make them more valuable in the long run. Therefore, understanding them will also make you have a better sense on how to use it when playing and handling your money on Bitcasino!
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