$100 into a BTC? Huh! Is that even possible?
Recently I had a crytpo friend Ben who was low on cash but high on confidence and modafinil (the brain boosting silicon valley pill of choice) tell me that he wanted to challenge himself to turn the spare $100 that he had into a whole BTC within a week.
It was June 18, 2017. The market was absolutely humming after the global market cap broke 100 billion US for the first time in history on the 6th of June and most crypto investors were in a happy place.
Ben got himself $100 worth of BTC formulated a bit of a game plan and 4 days and 18 hours later he showed me the full BTC he had earned himself. After such and amazing effort I thought it was worth interviewing him to find out his secrets.
Ben broke it down to the following 4 key strategies that worked for him -
- When a flood of new money enters the Cryptosphere then look for the cheapest coins on sites like Bittrex
That’s right. Never under estimate the number of people who get into the world of crypto thinking they will retire in months. Noobs don’t want to buy coins worth hundreds of dollars. They see the $$$ signs with coins that cost virtually nothing. Why? They have the highest chance of going 10 x in a short period. Ben was successful with this method and saw Redd coin go from 4 satoshis to 100 in a VERY short period of time.
So look for the cryptocurrency market cap to increase by checking coinmarketcap.com and look for the bargain basement coins.
- Always look to volume
Coins that have low trading volumes can be manipulated too easily. However, if you notice volumes steadily increasing, then this could be a good time to get into a coin. Volume means interest and the more volume the harder it is to manipulate. Watch the volumes on the cheaper coins like a hawk.
- If you start getting gains - DIVERSIFY
Once he got up to a good chunk of change Ben looked to diversify a bit, just in case his holdings went flat.
"You don’t want all of your eggs in one basket. Once you start building a bit of momentum you can also look to buying slightly more valuable coins that also have high trading volumes. Make sure you look at its history on the market charts. Stay away from recent booms that look like a hockey stick. If you see that, you're more than likely too late to the party already"
- Buy the rumors and sell the news.
There are so many examples of this lately. There is some big upcoming release or major event plastered all over the internet so mad volume and buying begins. As the volumes and buying is noticed more and more people start getting in. Then, in almost every example possible, the release comes and the value plummets. So, buy the rumor and a day or so before the release, GET OUT. Don’t worry if it goes a little bit higher before the inevitable pop. Take your profits and be grateful. If you want some charts that prove this theory go back and review the charts for DGB and ANS back at their most recent highs. The highs were before the rumored news stories came out and the dumps happened right when the news hit
Top effort Ben!