"New Year's Resolutions" for Crypto Investors: What to Expect in 2024?

"New Year's Resolutions" for Crypto Investors: What to Expect in 2024?

By SimpleSwap | SimpleSwap Blog | 29 Dec 2023


As the new year approaches, many people take the opportunity to reflect and set their "New Year's Resolutions" to make the upcoming 365 days better than the previous ones. The world of crypto investments is no exception – crypto enthusiasts are not devoid of belief in miracles, luck, and the fulfillment of desires.

The cryptocurrency space itself continues to evolve, having made significant strides over 2022-2023. A highlight was the big upgrade of the Ethereum network (ETH), transitioning it to a new Proof-of-Stake consensus algorithm.

We have compiled a list of relevant crypto plans for the upcoming Year of the and presented them in the format of traditional New Year's Resolutions.

#1 In the new year, I promise to keep an eye on all current crypto trends.

The cryptocurrency world is evolving rapidly, and it won't slow down in 2024. Gone are the days when Bitcoin and Ethereum just entered the market, viewed with skepticism by society. Today, the success of a crypto trader, investor, or enthusiast depends on the amount of useful information they possess and how well they apply it.

Continuous monitoring of news in blockchain technology, tracking the emergence of new crypto startups, and updates to existing projects all require a significant amount of time but are undoubtedly worthwhile. Accumulated knowledge will help investors navigate the crypto space more easily and quickly select suitable projects for investment to generate substantial profits.

#2 I promise to actively participate in the crypto community's life.

The crypto world evolves not only due to visionary developers and genius programmers but also through the active involvement of users. Many DAO projects in DeFi rely on self-governance.

Participation in events, forum discussions, attending lectures, testing programs – this is not an exhaustive list of components for an active crypto life. Engaging in such activities allows users to find like-minded individuals, receive valuable advice from experienced investors, exchange experiences, participate in airdrops, and often gain access to exclusive information.

#3 I promise to set realistic goals for myself.

Dealing with cryptocurrency and expecting instant profits is certainly a flawed strategy. It's an unstable business where highs can be swiftly followed by sharp declines. When investing in a long-term project, crypto traders should study its entire history, familiarize themselves with other investors and sponsors, assess risks, and devise a well-thought-out strategy several steps ahead.

Experts advise against making investment decisions solely based on online buzz. While handling finances requires quick decision-making and bold actions, they must be thoughtful, justified, and rational.

#4 I promise not to forget about security and to assess risks in a timely manner.

Despite the active development of the cryptocurrency sphere, it still involves high-volatility assets. They lack stability, and while this can lead to quick gains, it also poses the risk of losing funds in an instant.

Losses can occur not only due to one's mistake but also due to the collapse of major cryptocurrency exchanges or ongoing hacker attacks. By 2024, it's crucial to have a diversified crypto portfolio and a clear understanding of the purpose of each asset.

#5 I promise to analyze my current plans and investments.

This is an essential point that many crypto investors often overlook. Comparing the analysis of one's investment portfolio to spring cleaning at home is apt. Upon review, there may be items or projects that once seemed crucial but are now unnecessary.

It's crucial to periodically review investments and align them with long-term financial goals. If they continue to contribute to these goals, they can be retained; otherwise, it's more prudent to replace them. In the fast-paced technological market, ignoring updates every month would be strange for an investor.

Conclusion

These are the five fundamental promises with which a crypto investor can start the year of 2024! We assure you that they have undergone scrutiny and will undoubtedly prove beneficial. For some, it may serve as a good starting point for a breakthrough. In any case, SimpleSwap wishes you to continue working smartly with cryptocurrency and increase your capital in the new year!

If you want to learn more interesting facts about crypto then don’t forget to check out our blog! You might like our articles “Promising Crypto Projects to Follow in 2024” and “Myths and Misconceptions About Crypto”. 

The easiest way to buy or exchange coins is to use SimpleSwap services.

SimpleSwap reminds you that this article is provided for informational purposes only and does not provide investment advice. All purchases and cryptocurrency investments are your own responsibility.

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