What is the most important thing to ensure your success in crypto? That is the question that all of us want to know. Some people believe that it is sticking to only the blue-chip cryptocurrencies. Others believe that you must take on more risk and chase altcoins. Different people believe that you need to build a portfolio strongly focused on building passive income streams. And then finally there are others who believe you must be early adopters of the newest trends such as NFTs, DeFi, Ordinals, and BRC20 tokens.
While all of these things can make you successful, they might not be the most important factor.
As an early adopter who has accumulated wealth through crypto, I hold a distinct perspective on what it takes to succeed in the cryptocurrency market. I believe that long-term commitment is essential, through the good times and more importantly, the bad times as well. One of the trends that I have seen constantly is that people will rush in during the bull market, buy the tops, and then exit the market once the bear market comes.
They either sell their positions early or simply become burnt out. Maintaining interest in the market and continuing to buy even when it hurts the most is what makes people successful. During the Covid price crash of March 2020, the price of Bitcoin and Ethereum fell to $3,500 and $80 respectively. During this time people didnât want to be told to buy these assets with everything they had. Times were scary, and people exited the market.
While this is only one example, this happens during every bear market. People get burnt out, leave the market, and rush back in after the recovery has already happened. Missing out on incredible buying opportunities. Fulfilling the famous buying high and selling low stereotype.
When prices are falling, you need to find ways to not only prevent becoming burnt out but also keep your interest. Perhaps you can do this by creating content such as YouTube videos or writing articles. Or maybe you can do this by experimenting with the protocols and actually using the technology. For others, it could mean starting your own project and building. You need to follow whichever option works for you and continue buying.
Many people believe that riches are made during the bull markets. However, the truth is that your positions are actually built during the darkest days of the bear market. It is only during the bull market that we can begin to enjoy the fruits of our labor. Times like now, when prices are so far below their previous all-time highs.
While this idea of mine is nothing new. It truly solidifies the philosophy that we have always heard in crypto. Time in the market is more important than trying to time the market. There is a popular belief in how long it takes to become wealthy in crypto. That you can make great gains during your first cycle. You can become rich during your second full cycle. And finally, you can build generational wealth during your third cycle.
