Bitcoin At $600

Where it all began

Yes, that is where my Crypto journey began, a $600 Bitcoin price more than a decade ago. It seems crazy to think that BTC has peaked at approximately $120,000! Yes, it’s been a wild ride. Yesterday, I was chatting to an old friend whom I have not spoken to in years. We were discussing how blown away we were by Bitcoin breaking above the $2,000 mark in 2015. At the time, it seemed unrealistic.

It wasn’t too long before Bitcoin broke the $ 2,000 barrier that it crushed the $ 1,000 barrier. Even the bulls were surprised. However, that’s Bitcoin; every time you think it has played its ultimate hand, it reaches for that hidden ace up its sleeve. It really is a unique asset, despite the institutional taming that has been unable to resist the bullish momentum of this asset. Hence, my latest decision.

Bitcoin is long-term bullish and has already experienced high volatility; therefore, it makes sense to adopt it for my trading strategy. Historically, I have always traded assets like Litecoin, Solana, and Ethereum. However, Bitcoin has sufficient volatility. Not only that, but Bitcoin has a higher degree of safety when the market heads in the wrong direction. This is especially important when trading futures.

Trading futures means trading with leverage. I usually trade with 7X leverage, which is enough to make it count without incurring too much risk. Trading Bitcoin, I might increase this to 8X. I will have to wait and see how it goes. Altcoins have greater volatility, which is great when things are going your way, and not so great when they are not. So, one has to find the middle ground.

Final Thoughts

I am looking forward to the adjustment. Altcoins are far too sensitive on the downside, and almost unaffected on the upside. This decision also factors in a lot of risk management. Given that altcoins have performed so poorly this cycle, I would rather initiate a greater degree of safety. Anyway, all the best, enjoy your trading, and I will see you in the next one!

Disclaimer

First of all, I am not a financial advisor. All information provided on this website is strictly my own opinion and not financial advice. I do make use of affiliate links. Purchasing or interacting with any third-party company could result in my receiving a commission. In some instances, utilizing an affiliate link can also result in a bonus or discount.

This article was first published on Sapphire Crypto.

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