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Cryptocurrency Investment

How to prepare for the next crypto bull run

By April 2, 2019 No Comments

Are you prepared for the next crypto bull run?

Finally, after a full year of severe bear market conditions, we are seeing healthy indicators of a turn around. If the past four months are any sort of indication, the next crypto bull run could be coming soon.

Month on month gains have been made since December now, with the total market cap up 46% since December 16th. More importantly is the global trading volume, which has gone from $10 billion, all the way to $33.3 billion where it is today. Indeed, this alone is a reason to be optimistic, as trading volumes show a fundamental behavior at exchanges.

Image of cryptocurrency market capital indicating potential signs of a crypto bull run

Bull runs can happen fast

Usually (if we take past data as an indicator), crypto bull run’s happen quickly. There is also a multi-month lead up, before the market takes off and sky rockets in a matter of weeks. Consequently, past data shows us that it comes down hard too, and sometimes nearly as quick as it went up.

For this reason, its important to learn from the past and to be prepared now. We just dont know when its going to hit, how hard it might hit, and whether it will at all. However, preparing and getting your ‘house’ in order is important and could save you stress and worry down the track.

In order to help you prepare for the next crypto bull run, here are some simple steps you can follow to get yourself ready and on auto-pilot.

How to prepare for the next crypto bull run

1. Consolidate, consolidate, consolidate

If you’re like me, you’ve got 6 accounts with exchanges, a bunch of wallets and maybe even crypto holdings scattered all over the place. Take the time to start checking where you may have crypto laying around, and move it to a consolidated location, such as a hardware wallet.

By doing so, you’re not only accumulating and ‘tidying’ up your digital assets, but you’re making it easier on yourself if the market shoots up. One wallet, one location, one to two exchanges, makes for easy and efficient transferring and selling if thats what you decide to do.

2. Review your Operational Security procedures

OpSec? Ah! It sounds pretty full-on and technical, and thats partly because it is. Operational security is the procedure you yourself follow when dealing with passwords, wallets, your PC, your mobile phone, and your digital identity. Granted, its a lot to manage, and its easy to become complacent during quiet times in crypto.

Begin your security hygiene check by changing passwords on all your exchange accounts and emails. Use tools like LastPass to manage this, as it makes handling passwords a breeze. Next up, make sure you have 2-factor authentication on all crypto related products. Even you’re phone should at minimum have password or bio metric access.

Have backups and seed phrases on your computer? Get them off! Just dont forget to write them down first and to store them safely. Or, store them on a cheap 256 bit encrypted thumb-drive for a bit more convenience. In addition, check you have all your backups stored safely and securely. The last thing you want is to lose these vital pieces of information!

If you need help with OpSec, get in touch!

3. Scrutinize your existing assets!

During the morning on most days, I spend some time reviewing the progress of the crypto assets I have bought. Remembering that for 95% or more cryptocurrencies out there, there are teams behind them. Furthermore, these teams should be developing their DApps, working on the product, and finding new use-cases for their crypto token.

By conducting ongoing due diligence and objectively reviewing the progress behind these projects, you’re achieving two things. One, you stay up-to-date with the project and will more likely know what to do if things turn south. Second, you will be better placed to either cut losses and re-allocate to another coin if the team is not performing.

Truth be told, cryptocurrencies and the projects behind them are in a more competitive environment than ever. Better off being with a winning team who is providing value and bringing real-world use cases to the token. This is what will bring a positive yield in the long run, not speculation and hype!

4. Re-assess your information sources

Like most people, I get my information from a variety of sources. Sometimes its news, sometimes its influencers, and on rare occasions its in a crypto group on Telegram or similar.

Over time, what was once a good source of information can change and may not be as reliable as before. My advice is to take some time reviewing where you get your information and make sure its still serving you. Specifically, ask yourself whether your time is best appreciated consuming whatever content you’re reading or watching. If you dont feel appreciated, time to move on to where it will be.

With this in mind, look for new sources, as there are so many in 2019! Whether its Twitter, YouTube, News sites or groups, find what works for you and always seek for truth.

5. Study up and get educated

Most important with any kind of investing, is education! If you’re reading this then I salute you, as you have taken the plunge into one of the most complex financial areas, ever…

Despite two years of research, investing, speaking at conferences and content creation, I still have to read and listen to learn what is happening in crypto. This industry changes FAST, and truth be told you’ll get intellectually left behind if you dont keep learning and stay ahead of the curve. Its really as simple as that.

Our most recent published course, The Ultimate Guide to Cryptocurrency Trends in 2019, is a detailed and comprehensive review of what is trending in 2019, and where the opportunities lie. It is the result of two years of research, and we think its the perfect complement to any cryptocurrency investor or trader.

 

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