2022 was a roller-coaster of a year for the crypto industry. The market reached new heights, and then everything went downhill. Crypto prices dropped, coins collapsed, a major exchange filed for bankruptcy, wealth was lost, and hearts were shattered, all in the span of a few months. But there’s still hope on the horizon. We know by now that cycles of growth and decline are completely normal; crypto winters are a given in an industry that came into existence almost a decade and a half ago and is influenced by a wide range of factors, leading to wild price swings. We also know that the market tends to recover after a sustained dip and bounces back stronger than before.
So, there’s no point dwelling on the past when there might be a much brighter future ahead. The crypto industry keeps marching forward, and everyone should do the same. Bitcoin has just celebrated its 14th anniversary, and the whole crypto community came together to celebrate the event. Binance – one of the biggest exchange platforms where people can buy Ethereum, Bitcoin and all other major cryptos – took to Twitter to pay tribute to Bitcoin’s creator, Satoshi Nakamoto, and so did many other exchanges, investors, traders and organizations. Many cryptos have managed to reach a certain degree of stability recently, and things seem to have calmed down a bit.
We can say that the new year began on a positive note, and it’s up to each and every one of us to keep things moving in a positive direction. As a crypto trader or investor, you now have the chance to start with a clean slate, learn from past experiences, break bad habits, make better decisions, set your crypto goals and get ready for what the next 12 months might bring. And don’t worry if you haven’t made your New Year’s resolutions yet. You still have time to do so. The first weeks of January don’t count anyway, as people are just starting to recover from the holiday haze and warm up their engines.
But if you’re not sure what your New Year’s crypto resolutions should be, we might be able to help you out and provide some inspiration in this respect. So, here’s a short list of potential resolutions that you can implement to make the most of your crypto journey in 2023.
Do your research
If you’ve been making crypto decisions randomly, relying on hype and hazard until now, it’s a miracle you have survived the ups and downs of the crypto market and lived to tell the story. Although investing in cryptocurrencies is still largely regarded as a speculative activity given the market’s high volatility and unpredictability, this doesn’t mean you should treat it as gambling and go into it blindly without prior preparation.
Doing so not only reduces your chances of earning a profit and increases the risk of loss, but it also exposes you to an array of risks as you become an easy target for rug pulls, phishing, fake cryptocurrency exchanges and crypto wallets, Ponzi schemes and other scams and fraudulent activities. The cryptocurrency industry is a very complex field, and it takes time and effort to understand it and decipher its intricacies, but that’s exactly what you need to do before you jump into it. You should research each project thoroughly and do your due diligence prior to investing.
Fortunately, there are many trustworthy sources that can provide you with accurate and up-to-date information on all things crypto and help you expand your skills and knowledge as a crypto investor. Remember that things change and constantly evolve in the crypto sphere, so staying informed is a must if you want to avoid the FOMO trap, minimize risks and make wise investment decisions.
Set realistic expectations
People get into crypto investing to increase their wealth and strengthen their portfolios, but things don’t always play out the way they’d expected. While cryptocurrencies can be a great asset to diversify your investment portfolio and yield high returns, they’re also incredibly volatile, making it very difficult to predict market movements. Prices can climb to all-time highs one day and drop suddenly the next, so you need to decide how much risk you’re willing to take in order to achieve your goals.
Many investors are drawn in by the promise of huge returns and ignore the realities of the industry. Dreaming of overnight riches and following the hype in hopes of making substantial profits is not the most effective or the safest way to invest in crypto. Patience and perseverance are your biggest allies as you move forward on your crypto investing journey, so you should focus on setting realistic long-term goals and building a strategy that can help you attain your objectives.
Look for new opportunities in the market
When it comes to choosing the best cryptos to invest in, the majority of people choose to put their money on the big names in the industry, like Bitcoin and Ethereum, and there’s a good reason for that. Well-established coins tend to be more stable than their newly emerged peers, so they’re seen as a safer option.
However, there are many other notable projects in the crypto sphere that have the potential to become market leaders in 2023 and might be worthy of your attention. If you don’t want to miss out on a big investment opportunity, you should keep your antenna up so you can spot the winners early on.
Reevaluate your strategy regularly
Investing in cryptocurrencies is more of a marathon than a sprint, and as you continue to run, you have to be aware of the changing surroundings. Since things evolve at a fast pace in the crypto industry, you need to make sure that your goals and strategies are still relevant in the current context. Evaluating your investment habits on a regular basis will help you stay flexible and adapt to the constant transformations in the market.
