How to Hunt for Altcoins So You Don't Lose Money, According to the Crypto Academy

Bittime - Hunting altcoins can be a profitable activity, but it can also be high risk if not done with the right strategy. Crypto Academy provides a complete guide on how to hunt altcoins so you don't lose money. Here are some important tips that you can apply based on information from the Crypto Academy.

What Are Altcoins?

Altcoin, short for “alternative coin,” refers to all cryptocurrencies other than Bitcoin. The first altcoin to appear was Litecoin in 2011. Today, there are thousands of altcoins on the market, each offering different features and utilities. Some well-known altcoins include Ethereum, Ripple (XRP), Cardano, and Polkadot. Altcoins are often created to overcome Bitcoin's shortcomings or offer additional functionality that Bitcoin does not have, such as smart contracts on Ethereum or fast and cheap transactions on Ripple.

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How to Hunt Altcoins According to Crypto Academy

1. In-depth Research Before Purchasing

Before buying an altcoin, do in-depth research about the project. Review the whitepaper, development team, vision, and mission of the project. Altcoins that have strong teams and clear roadmaps are more likely to survive and thrive.

2. Pay attention to Volume and Liquidity

Altcoins with high trading volume indicate great market interest. High volume also ensures good liquidity, so you can buy and sell without difficulty.

3. Technical and Fundamental Analysis

Use technical analysis to identify price trends and patterns. Fundamental analysis is also important to assess the intrinsic value of an altcoin based on its project and utility. The combination of these two analyzes can provide a more complete picture of investment potential.

4. Portfolio Diversification

Don't invest all your funds in one altcoin. Diversify your portfolio to reduce risk. By owning multiple altcoins, you can offset losses from one altcoin with gains from other altcoins.

5. Monitor Project Progress

Always update your information about the development of the altcoin project you own. Join communities and forums to get the latest news and discussions from experts and other investors.

6. Beware of FOMO

Fear of Missing Out (FOMO) often makes investors rush to buy rising altcoins without in-depth research. Avoid FOMO by sticking to your investment strategy and plan.

7. Take advantage of Staking and Yield Farming

Some altcoins offer staking and yield farming which allows you to earn passive profits. Take advantage of this opportunity to increase your income while waiting for altcoin prices to rise.

8. Use Analytics Tools and Platforms

Take advantage of the various analytical tools and platforms available to monitor and analyze altcoin price movements. Platforms like CoinMarketCap, CoinGecko, and TradingView can help you make better investment decisions.

9. Set Loss and Profit Limits

Before buying altcoins, set your loss and profit limits. This helps you stay disciplined and not get carried away by emotions when prices rise or fall drastically.

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Conclusion

By following these tips from Crypto Academy, you can minimize risks and maximize potential profits from altcoin investments. Always remember that the crypto market is very volatile, so make sure you do thorough research and strategy before investing. Happy hunting!

How to Buy Crypto on Bittime

You can buy and sell crypto assets easily and safely via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also ensure you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. Study Complete Guide How to Buy Crypto on Bittime. 

Monitor graphic movement of Bitcoin (BTC) price, Ethereum (ETH), Solana (SOL), and other cryptos to find out today's crypto market trends in real-time on Bittime.