Crypto Investment: Is Crypto a Good Investment in 2024?
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Our social media feeds are full of amateur investors raving about crypto. While traditional investors continue to be skeptical of cryptocurrency, it’s not stopping the buzz around it. Could investing in crypto be your ticket to financial freedom?
It’s easy to be confused about cryptocurrency. This digital currency has the potential to revolutionize the financial industry and offer an investing alternative to the stock market.
We’re deep diving into the world of cryptocurrency investment, analyzing where the industry is in 2024, and whether now is the time to take the plunge with crypto. Don’t forget to check out our crypto app referral links for sign-up bonuses.
Overview of Cryptocurrency Investment in 2024
2022 was a year to forget for crypto. Popular CeFi companies, including Voyager Digital and Celsius Network, filed for bankruptcy as investors sold off their portfolios.
The collapse of FTX Exchange made international headlines as it was seen as a giant of the crypto investing industry. The company went from a valuation of $32 billion to filing for bankruptcy. Commentators weren’t afraid to label it a “Lehman Brothers moment” for the crypto world.
Bitcoin and Ethereum both fell 70% from their peaks with cryptocurrencies like Solana and Cardano bottoming at 90% of their peak value. It’s easy to see why statistics like this can put investors off cryptocurrency – but crypto investing isn’t all black and white.
The crypto industry continued to make progress, even in this difficult economic context. 2022 saw the crypto market exceed a $3 trillion market gap with non-fungible tokens (NFTs) becoming mainstream as venture capitalists furthered their focus on the industry.
Crypto was showing signs of stabilizing throughout the summer and autumn of 2022 before the collapse of FTX and Alameda Research following a CoinDesk article.
2022 was a difficult year for cryptocurrency but none of this uncertainty suggests there isn’t a future for crypto. While there are calls for further regulation of the industry the technology behind crypto continues to be stable.
Pros of Investing in Cryptocurrency
Why should you start investing in cryptocurrency? 2024 is a year where would-be investors can kickstart their portfolio with cryptocurrencies at an affordable price, potentially winning big on a future upswing.
Investing in cryptocurrency is quick and simple with everyday investors accessing the industry through apps like CoinMetro, Coinbase, and Cash App.
Increased Liquidity
Cryptocurrency has increased liquidity, leading to reduced investment risk and a more secure exit strategy for investors who may want to sell their portfolios. The growing liquidity in the crypto market means there is more price stability with decreased volatility, allowing investors to provide better analysis of trading behavior and trends.
Low Transaction Fees
Investing is more accessible than ever before. One of the main benefits of investing in cryptocurrency in 2024is low transaction fees. Transactions are quick with most transaction costs being minimal compared to other financial services.
The accessibility of crypto investing is one reason why more people are taking the plunge and starting their crypto portfolio. Lower transaction fees mean you have more money to invest in your chosen crypto.
High Volatility
High volatility isn’t something you should fear. It’s why crypto is so appealing to thousands of investors across the world. When a market has high volatility, it creates the potential for high returns. High volatility allows for strategies such as purchasing during ‘the dip’ when prices are low and likely to bounce back.
Cons of Investing in Cryptocurrency
You must do your research before investing in cryptocurrency. There are cons to investing in any market, including crypto.
Lack of Regulation
Policymakers are struggling to keep up with changing evolution within the crypto market. While regulation is increasing, there are still major question marks over the industry.
Governments around the world are taking steps towards more regulation to crack down on fraud and insider trading. Such regulation changes could see a drop-off in the market. Any potential investors should do their due diligence of stacking up to date with market regulations.
High Risk
Crypto investing is high risk – arguably more than stock market investing. The value of crypto is changing constantly with 2022 showing just how high-risk the market can be. Investors should do their research and view crypto investing as a long-term strategy for financial freedom, rather than seeking short-term rewards.
Volatility
There are two sides to every story – and volatility is no exception. The price fluctuations of crypto make it a drawback for new investors. Bitcoin’s value once dropped 30% in one day. The reality of cryptocurrency is that it is volatile by its design. This volatility won’t suit every investing style and reflects the high-risk/high-reward nature of crypto investing.
Crypto Apps Booming in 2024
Crypto apps are putting the power of the investing market right at your fingertips. There are 7 apps you should be using as a crypto investor.
Cash App
Cash App is a mobile P2P payment service that allows you to send and receive money, as well as investing in crypto. It’s one of the easiest ways to buy, sell, and receive bitcoin. You start investing instantly for as little as $1. Use our Cash App referral link to get a sign-up bonus to kickstart your crypto investing. You are eligible to receive up to $40 when you sign up with a Cash App referral code.
Coinbase
Coinbase is a secure online platform that allows investors to buy, sell, transfer, and store their cryptocurrency. It’s a simple way to create and manage your cryptocurrency portfolio with trading tools that allow for recurring buys and vault protection. Sign up with our Coinbase referral code to get $10 in Bitcoin for using our link.
Crypto.com
Meet the world’s leading cryptocurrency platform. It’s used by more than 80 million users worldwide and is a leader in regulatory compliance with verified proof of reserves. It’s an ideal platform for newcomers to the crypto industry. Sign up with our Crypto.com referral link to get a lucrative starting bonus for your cryptocurrency portfolio.
Binance
Are you interested in Bitcoin? Binance is the world’s biggest bitcoin exchange. You can buy, trade, and hold over 350 cryptocurrencies through Binance. It has the lowest transaction fees with over 120 million registered users. Start investing in cryptocurrency by signing up through our Binance referral link.
bitFlyer
BitFlyer is the No.1 platform for Bitcoin trade volume for 6 years in Japan. It offers zero trading fees and is a secure way to invest in the EU, the US, and Japan. You can start buying crypto for as little as €1. Our bitFlyer referral code will give you a sign-up bonus and help you set up your crypto trading account within 5 minutes.
Gemini
Gemini is a regulated cryptocurrency exchange that makes it simple and secure to buy bitcoin, ether, and other cryptocurrencies. Sign up through our Gemini referral link to get access to high-performance tools designed for active crypto traders.
CoinMetro
CoinMetro is one of the best crypto exchanges for beginners and pros. It has some of the lowest trading fees in the industry with real-time crypto asset data to feed into your investing strategy. Start investing in crypto today by using our CoinMetro referral code today.
3 Reasons to Invest in Crypto in 2024
Is it worth it to start investing in cryptocurrency in 2024? The market’s downturn during 2022 has inevitably put some investors – particularly those new to the industry – off the concept. However, markets do swing back – and crypto is no exception.
1. Prices have drastically dropped
The crypto market is continuing to experience a downturn – but it represents an opportunity for would-be investors. If crypto replicates the stock market, it will inevitably bounce back.
Take for example the opportunity of Bitcoin. It hit almost $70,000 a token at its peak but now averages below $21,000. Ethereum tells a similar story, dropping from its $5,000 peak to $1,500. Imagine the return you could see if you invested in these cryptocurrencies now and watch them bounce back to their previous levels.
2024 offers a unique window for investors to affordably start their portfolio with a chance of making major gains as the market bounces back. Think of it as crypto being on sale.
2. Potential for a lucrative bounce back
How likely is a crypto bounce back? It’s happened before! Ethereum’s price fell by almost 95% in 2018. Investors who saw it as an opportunity to invest at a more affordable rate saw almost a 4,500% return over the next three years. We may be in a short window for crypto investors to see a similar return with a lucrative upswing.
2020/2021 saw a lucrative swing for cryptocurrency. While we may not see the same jump, even a smaller bounce back could prove lucrative for investors purchasing at the current bottom-dollar pricing.
3. You might regret not investing
Did you think of investing in Tesla before 2020? Maybe a friend once gave you a hot tip on a stock you wish you had taken. You might have seen online friends living their dream through the potential of investing.
The reality is that no one knows the future of crypto investing. It’s a little like investing in Apple before they launched the first iPhone. Not investing during this affordable window could see you missing out on the opportunity of a lifetime.
Reduce your risk by using disposable income and ensuring that you’re not dipping into your emergency fund or daily budget. Do your crypto research and invest responsibly with a diversified portfolio.
Final Thoughts: Is Crypto Worth It In 2024?
If you’re prepared to take a risk, you could be rewarded with financial freedom. 2024 is the year that you should explore cryptocurrency investing with your disposable income. Use our cryptocurrency app referral codes to sign up for your chosen platform and get started today. There’s never been a better time to start investing in crypto.
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