Most of us who have gotten into cryptocurrency have all at some point had the same thought; we wished we would have gotten into it sooner. Looking at past prices we’ve been envious of the entry prices many of our predecessors were lucky enough to have. But don’t fret, I’m 100% certain that people just getting into the markets now will be envious of everyone who was able to purchase bitcoin for under $10,000 or Ethereum for under $200.
But what about the people who are just entering the market now or even more so, next year. Is it too late for them? Bitcoin is almost at all-time highs, and Ethereum is nearly half way towards its own record high price as well.
My belief is that we are still early in this cryptocurrency game. A comparison that I often hear and agree with is that the cryptocurrency market currently is in the same place in its time as the internet was in the 1990’s. Meaning, there is still an extreme amount of growth in its future for both profits and usability.
If you are investing into cryptocurrency solely for the profits; there are still plenty to be had. A large majority of the altcoins are still quite a ways from their all-time high pricing. For example XRP; whose all-time high was nearly $3.84, but currently sits at around $0.60. Just matching its previous mark would mean it would go up 5-6x from here. Also Cardano; whose previous mark was at $1.33, but is currently sitting at around $0.15. Again, just matching its previous high would result in a 8-9x gain.
But the key thing to remember when investing into cryptocurrencies is that there is no guarantees. The price a coin had at a previous point in time may never be reached again.
If you have been following my posts you will know that I believe this bull cycle will be different than past cycles. Meaning that I do generally believe all coins will pump nicely during this time. But many coins may never reach a new all-time high price. There a lot of zombie chains out there that don’t deserve your money.
So what does this mean? It means that you really need to pick winning investments. Think of it like the stock market. Most successful investors would recommend that you stick to investing into the blue chip stocks or successful dividend paying stocks and stay away from the penny stocks. The same will be true for crypto investing as well. For newcomers I would recommend sticking to the blue chips, bitcoin, Ethereum. Have this set comprise of about 90% of your cryptocurrency portfolio. Then with the last 10% you can feel free to enter the dangerous game of investing into the higher risk/ rewards that the altcoins offer. Recently I have seen far too many people who don’t have any BTC or ETH in their portfolio and I believe those decisions will be highly regretted in the future.
So while the prices of the “winning” coins are already expensive; I think they have the potential to go much further; to the moon in fact. Just owning 1 full bitcoin could potentially be enough to make you rich in the future. So while today the difference of buying a full bitcoin from $10,000 or $20,000 feels like a enormous difference. Five to ten years later after the market has ascended to astronomical highs, that $10,000 difference in purchasing price will feel very small and people will be filled with the same regret for not buying more at current prices.
Try to avoid purchasing huge lump-sums. Every pay period dollar-cost-average the same amount into bitcoin and Ethereum and you will be looked upon as a genius in the years to come.
When will it actually be too late for people to get in? While I feel that it will never be fully too late; but for people to be “early” into the market this bull run will be the last time we can say this. Once bitcoin has reached over $100,000 people will no longer be early.
So what do you think? When will it be too late to get into bitcoin, ethereum and other cryptocurrency!? And what do you think the prices those coins will reach during this bull cycle?!
As always, thank too for reading!
