6 Costly Crypto Mistakes to Avoid in 2024

Let me be honest. We all make crypto investment mistakes every bull cycle.  However, it is important to learn from these mistakes and avoid them at all costs. 

Here are 6 crypto mistakes that I am avoiding at all costs in the 2024 bull cycle. I have learned these from over 3 bull cycles. Are you making these mistakes too?

1) Invest in what Retailers Understand

One of the golden rules in a crypto bull market is to invest in projects that make sense to everyday folks, not just tech gurus! Everyone likes to throw around heavy words in a bull market. And this can be confusing. But let’s be real, who cares about the latest ZK interoperability or Layer 3 aggregator? not your average Joe or Jane!

I am not saying you should not invest in a project because it sounds too techie. No, I’m saying you should invest in what retail users understand. If a project has good technology, great infrastructure, and tokenomics that support value creation, go for it!

What matters most in a bull run? Narratives that make sense, like memes, gaming, AI – things you can wrap your head around while sipping your morning coffee. As I said earlier, don’t go after projects you do not understand. Here are some of the benefits of avoiding this mistake:

  • You avoid speculative hype.
  • You minimize your risks.
  • You stick to your long-term vision.

So what’s my suggestion? Niche down! That’s a pro tip for riding the bull without getting tossed around. Too much diversification in a bull market can be like juggling flaming torches—exciting, but risky! Pick a niche that speaks to you, matches your vibe, and, most importantly, matches your trading temperament.

Whether you’re into meme coins or gaming tokens, find your groove. Remember, it’s not just about the tech; it’s about the narrative you believe in. And one that retailers are going to get behind. Numbers matter in crypto. Bitcoin remains the leading crypto because we all see it as the safest. And there’s not much complexity around it. 

Niching down makes you an expert in the field of crypto. So, you can spot the best projects to invest in. And trends to jump on

2) Don’t Rotate your Portfolio

Let’s look at another classic mistake people make in a bull cycle. And that’s the temptation to become a ‘rotator’. It’s like when your friend’s flashy new coin is skyrocketing, and suddenly your bag feels like it’s stuck in snooze mode.

Now, it’s normal to want to join the shiny coin party. But, the truth is that recklessly rotating might just be the express lane to ‘REKT’ city.

Here’s a scenario: Your current bag might not have much going on. But switching it up just because the grass looks greener elsewhere? That’s like changing your pizza order mid-delivery because someone else’s pizza looks fancier! And trust me, you’re going to see a lot of fancy “pizza” in a bull market. But that’s not a reason to dive in. 

There are several crazy projects in a bull market. Most just pump and dump. And some are just headed for a rug pull. You stand a chance to fall prey if you easily rotate your bag to accommodate what’s trending. 

Impulsively rotating during a bull market might mean missing out on your bag’s time to shine. Markets are like rollercoasters; they have their ups and downs. And sometimes your bag just needs a moment in the spotlight.

Sure, it’s tempting to follow the shiny objects, but here’s the secret sauce: patience and strategy. Rome wasn’t built in a day – and neither are crypto fortunes!

3) Know when to Cut your Losses

Let’s talk about a lesson most of us have learned the hard way: not marrying our bags during a bull run. Raise a finger if you’ve been there—watching your favorite altcoin mooning and thinking, ‘This is the one!’ But the market has a way of humbling even the best of us.

During the last bull run, many of us held our bags too close, only to see gains slip away.  Lesson learned: Don’t let love blind you! Altcoins are fantastic for profits, but they’re not your forever partner.

The way out is always to have a plan! Know when to cut your losses and resist the FOMO-driven urge to stick around for some extra gains. Remember that greed works for the market. So, always exit when your strategy says so. Never let emotions cloud your judgment. And you’ll be just fine.

4) Don’t Fail to Reserve a Spot for Newer Projects

Many of us made this mistake during the last cycle. We kept all our powder for older projects. And missed out on fresh faces. We’ve found that newer projects tend to outperform older ones in a bull run. Of course, Bitcoin is an exception to this for obvious reasons. 

Here’s why you should look out for newer projects:

  • They don’t have underwater bag-holders from the last cycle who are looking for an exit.
  • Their circulating supply is much lower. This is good for explosive pumps.
  • New projects often improve upon their predecessors.

I’m not saying ignore older projects. I’m saying make room to invest in newer ones. Does that make sense?

5) Dont Fail to Hold Some Bitcoin

One of the biggest mistakes people make in a bull run is not holding Bitcoin. It’s the OG, the safest bet in town. It’s like skipping dessert at an all-you-can-eat buffet. Do your research, folks, but seriously, don’t sleep on Bitcoin.

My man Kev still regrets not buying Bitcoin in 2017.  Bitcoin always leads the charge. And we are sure of its long-term relevance than most altcoins.

6) Don’t Fail to Optimize Social Media

Social media remains your secret sauce in a bull run. Some of you made this mistake last time and paid for it. Don’t ignore the right social media platforms.  

Dive deep into platforms like Altcoin Buzz Alpha, Altcoin Buzz on YouTube, and Twitter. Why? Because that’s where the crypto magic happens! Get hot tips, strategies, and market analyses served on a digital platter. 

So, buckle up and follow the cool cats – you won’t want to miss a beat. Trust me, your portfolio will thank you later. Also, you must filter the noise on social media. Everyone is a crypto expert in a bull run. So, be careful who you listen to.

Disclaimer
The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.

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