The last few weeks in cryptocurrency has been, to say the least a wild ride. There's been intense swings in price both upwards and downwards in the entire cryptocurrency community. For a lot of people this seemed to trigger a time of panic and they decided to move a lot of their funds into USDT causing the price to once again rise above 1USD.
I think for most people watching the charts is not something you should do(However this is definitely not financial advice) if you're investing in cryptocurrency, ideally you should be purchasing a token with the intent to hold long term rather than flipping over an immediate sale. My reasons for this are mainly the fact that unless you're a professional trader, you don't want your life to be consumed entirely by wild price swing movements that occur on cryptocurrencies every day. It'll just bring more stress into your life, for my own personal investments I've opted against selling during these peaks and troughs for the simple reason that I truly believe the cryptocurrencies and the team behind them. If I wanted to trade, it would be better to do it full time and giving it 100% rather than flipping a coin and losing money over the short term because I haven't been able to follow price movements well enough.
Anyways I'm interested to hear what others have to say on this topic as it is quite complex and there is definitely no right answer. So as always make up your own opinion and don't take anyone's word as the definitive answer and you honestly can never know. Once again this is not financial advice, just an observation I've seen with some people participating in cryptocurrency.
This post was written by me, @ardy. I regularly post on steemit about cryptocurrency and sometimes other topics too, if you enjoyed this feel free follow me for more!
I absolutely watch my cryptocurrency prices and charts everyday. And you are correct, I should not be doing this.
I can definitely see why, you want to see how the price is fluctuating but in the end I feel like it just makes you overthink.
It does. And it can get you frustrated because of the extreme volatility that is occurring. It's tough though, not looking at what it's doing when you have money involved.