Over the last 30 days, I committed to buying $1 worth of a different cryptocurrency every night at 9 PM. I didn't expect to get rich, but I was curious about what would happen if I followed a simple routine of purchasing one coin per day. By the end of the month, I had bought 30 different cryptocurrencies. Here’s what I learned from this experiment.
The Plan: $1 a Night, 30 Different Cryptos
The plan was straightforward: I would buy $1 worth of a new cryptocurrency each night. My goal was to spread out risk by diversifying my portfolio and to learn more about crypto investing without spending a lot of money. However, things didn’t go exactly as expected.
Crypto Prices Are Highly Volatile
One of the first things I noticed was the rapid fluctuation of crypto prices. Some coins increased by 10% or more overnight, while others dropped by the same amount. The price swings were significant, leading me to check my portfolio more often than anticipated. Even though I was diversifying, my portfolio was still volatile, and the market seemed to move in waves. When one coin dropped, others tended to follow. Crypto, I realized, is much more unpredictable than I had imagined.
Diversification Doesn’t Always Protect You
I initially thought that buying 30 different cryptocurrencies would reduce my risk. However, it didn’t always work out that way. When the market as a whole dipped, most of my coins went down with it. While some coins performed well at times, they couldn’t offset the larger losses. This taught me that diversification can help, but it doesn’t necessarily protect you from the overall market’s swings.
Timing Matters More Than You Think
While buying $1 worth of crypto each night was easy, the timing didn’t always work in my favor. The price of cryptocurrencies can change rapidly, and sometimes I bought at the wrong time. If I had paid more attention to market trends or used a smarter buying strategy, I could have made better decisions. Timing is crucial in crypto, and sometimes I’d get lucky, while other times, I’d see my coins lose value almost immediately.
Learning About the Coins
One positive takeaway from this experiment was learning more about the cryptocurrencies I was purchasing. Every night, I would spend time researching the coins, understanding their goals, the teams behind them, and the problems they aimed to solve. While some coins seemed promising, others felt more speculative. This research helped me gain a better understanding of the crypto space and consider what I might want to invest in long-term.
The Stress of Watching Prices Fluctuate
I didn’t anticipate how stressful it would be to watch my portfolio change daily. There were nights when I felt excited about price increases, and others when I felt frustrated with drops. This made me realize how easy it is to get caught up in the emotions of crypto investing. The main lesson here is that staying calm is key—making decisions based on short-term price swings can be overwhelming. The crypto market moves in wild fluctuations, and it’s important not to get carried away.
What’s Next?
After 30 days, I’ve learned a lot about how the crypto market operates. In Part 2 of this series, I’ll go into more detail about the specific coins I bought and how my portfolio has performed. For now, I’ve learned that the crypto world is more unpredictable than I thought, diversification doesn’t always shield you, and timing your buys is crucial.
Stay tuned for Part 2, where I’ll dive deeper into the results and share my next steps in crypto investing.
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