Home News Crypto News Top 5 Crypto Resolutions in 2023

Top 5 Crypto Resolutions in 2023

269
0
crypto

The winding charts of crypto prices in 2022 may have made us all spin out of control. But somehow managed to float our boat and save our portfolio. For that, let’s give ourselves a much-deserved pat on the back! Now, it’s time to focus on 2023. What better way than setting small resolutions for ourselves?

Resolutions may be as simple as avoiding crypto dips when an opportunity presents itself. Or something broader like developing the right mindset. Regardless of which one you choose, they’ll help steer you towards success this year. It’s never too late to hit the reset button and focus on your crypto goals. So put your resolutions in writing, buck up and march into 2023 with confidence! 

  1. Do not keep buying the dip

Investing in a volatile market can be tricky, and the temptation to take advantage of the dips for quick profit can be hard to resist. While buying the dip does allow investors to purchase stocks at discounted prices, it must be done with caution in order to protect from potential losses. The most important thing when buying the dip is to set guidelines for how much of a dip you’re willing to buy – as misusing this strategy could result in more harm than good. 

This strategy works best when markets are trending upward over time, so if you find yourself in a falling market, it might be wise to switch up your investment strategies instead.

  1. Safely store your crypto

When it comes to safe storage for long-term bitcoin and cryptocurrency, many experts agree that cold hardware wallets offer the best solution. Compared to hot wallets, non-custodial cold wallets offers greater privacy and protection from hackers. However, if you don’t want your crypto to be idling in a single location, you can switch between both kinds of wallets. If you only need access for short periods of time, keep your crypto in a hot wallet so you can easily move them around when needed. But whenever possible, store them safely back into cold storage afterwards. With this approach, you’ll enjoy the peace of mind that comes with knowing your crypto is being securely stored away.

  1. Stay up-to-date on market news

Staying up-to-date on the cryptocurrency market is essential for making informed decisions. You should keep an eye on prices and movements and stay up to date with any regulatory developments that could impact your decisions. Furthermore, the adoption of cryptocurrencies by major institutions can greatly impact the market – so make sure to be in the know.

  1. Do not ride the hype train

In 2020 and 2021, social media was driving a new kind of financial craze with crypto-related investments. Many young people became millionaires overnight, fuelled by the promise of returns from DeFi projects and the rise in crypto’s market capitalization – it went up a whopping 15 times to almost reach $3 trillion! Yet while we were all starstruck by this seemingly unstoppable trend, we should have been asking tougher questions. What exactly was fueling these incredible returns? 

Underneath all the hype and hoopla around social-media-built platforms, what was really underpinning it all? When you look into it deeper, it becomes apparent that this bubble was formed mainly on speculation rather than substantial foundations – expecting prices to continue to go up without consideration of the underlying fundamentals.

It turns out the massive returns were a speculative illusion, and investors are now returning to the basics. Tokens need a real-world purpose, whether payment solutions, energy needs, novel marketing strategies enabled by NFTs and more. In other words, the token value’s key is its utility – not just unrealistic hopes of exponential gains with no underlying value proposition. Realizing these use cases for tokens is what will buoy their long-term potential and create investor confidence instead of speculative mania.

  1. Recover from setbacks

After a tumultuous year in digital assets crashing in value, cryptocurrencies have surprisingly begun to make a slight recovery. Although prices are slowly rising again, it is clear that the wounds from the crash are still fresh. The digital asset market crash has both opened up new opportunities as well as present new risks. It might be tempting to buy on dips or take insanely risky moves because they seem to come with big rewards, but that is not always true. Prices can and often do recover, but this process could be lengthy and could take several months or years.

So the best action is to gather your resources and save what has been left. Some experts suggest staying alert and investing carefully, setting maximum loss and profit targets for crypto trading. This way, should each of your investments fail, you won’t risk losing all your money due to a single bad trade. While crypto winter isn’t ideal, by taking action now and ensuring you have effective crypto investment strategies in place, you may come out on top when things start to turn around.

What are some other crypto resolutions that people should make for 2023? Let us know in the comments below!

Previous articleEnhancing Food Supply Chain Efficiency With Blockchain in 2023
Next articlePros and Cons of Cryptocurrency App Development