In the past, crypto’s claim to fame was its explosive returns. But as prices drop, some investors are questioning its potential. According to crypto expert Katie Brockman, getting rich with cryptocurrency is still possible. But it requires the right strategy. We have prepared expert reviews and comments for our readers.
Is it still worth investing while crypto prices are falling?
Over the past few years, the cryptocurrency has been famous for its high returns. Ethereum (ETH), for example, has seen its price increase nearly 800% over the past three years. Solana (SOL) has gained over 3,600% since its start. The Shiba Inu (SHIB), on the other hand, has risen by an astonishing 23.6 million percent since its lowest point in 2020.
It’s often tempting to think about how much you could have made if you invested early. However, cryptocurrency prices have been falling since the end of last year. Many investors wonder if it’s worth investing in. Is it still possible to make a lot of money and potentially reach millionaire status with crypto? It depends on your strategy!
Why cryptocurrency can still be lucrative
The most important thing to remember when investing in cryptocurrencies is that this is a long-term strategy. It is possible to earn a lot of money in a relatively short time. However, that shouldn’t be the goal.
Volatility is extremely common in the crypto industry. Sometimes these falls are severe. If you’re aiming to become an overnight millionaire, this volatility will make your job extremely difficult. However, despite these declines, it is possible to see significant gains in the long run. Case in point: In 2018, the price of Ethereum dropped close to 95% over the year. However, if you had invested at its lowest point, you would have had a return of close to 1,900% since then.
As you follow on Kriptokoin.com, the crypto market as a whole has been struggling in recent months. However, that doesn’t mean you can’t make a lot of money over time. There is no guarantee that you will become a millionaire. However, if you invest in the right places and keep these investments in the long term, it is still possible to see significant returns.
What is the key to a successful cryptocurrency investment?
To be clear, no one knows for sure what price the crypto will take over time. The entire industry is still speculative at this point. Therefore, even the strongest investments are not guaranteed to be successful. However, it is possible that the right strategy will increase your chances of making money over time.
In addition to having a long-term perspective, it’s also important to choose your investments wisely. No one can say with certainty which cryptocurrencies will evolve over time. However, those who benefit the most in real life are those who are most likely to succeed.
For example, cryptocurrencies like Bitcoin and Ethereum are slightly safer options as they are the most popular and widely used. Again, that doesn’t necessarily mean they’ll be successful. But because they have more real-world benefits than many other smaller tokens, they’re more likely to stay put in the long run.
On the other hand, cryptocurrencies like Shiba Inu carry more risk. SHIB’s rise to fame was largely based on the hype over crypto. Despite taking steps to improve its utility, it still lacks a strong competitive advantage in the industry. Nothing is impossible in the crypto world. However, tokens like Shiba Inu will face a tough battle.
With the entire crypto market in a slump, it’s easy to feel pessimistic about the future. However, it is still possible to make wealth by investing in crypto as long as you have the right strategy. No one knows exactly what will happen in the industry. So it’s impossible to say with certainty whether investing in crypto will make you a millionaire. But with the right approach, you can give yourself the best chance of winning as much as possible.
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