π Most altcoin losses start before the buy
When it comes to trading altcoins, it’s crucial to understand that losses often stem from more than just bad timing. Traders frequently fall victim to false assumptions that can lead to significant financial setbacks. Here are some common misconceptions:
Thinking all coins will revisit All-Time Highs (ATH)
One prevalent mistake among traders is assuming that all altcoins will eventually reach or surpass their previous peak prices. This belief can result in overlooking crucial factors that may hinder a coin’s growth potential.
Ignoring Bitcoin underperformance
Bitcoin’s performance often has a significant impact on the altcoin market. Neglecting to consider how Bitcoin is faring can lead to poor trading decisions and missed opportunities.
Forgetting that price is driven by narrative, not just fundamentals
Traders sometimes make the mistake of solely focusing on a coin’s fundamentals without considering the broader market narrative. Price movements are not solely dictated by fundamentals but also by the overarching story surrounding a particular cryptocurrency.
The best altcoin trades are characterized by a sense of isolation and tedium. They are not always the most popular or readily apparent choices.
Also read: Strategy Acquires 21,021 BTC at an Average Price of $117,256 – Latest News
