Famous lies in the cryptocurrency market

Who do you listen to when it comes to cryptocurrency trading? Aren’t you worried about all the lies? It is a good trait to learn from others. But if you don’t develop the necessary skillset and knowledge it can lead to blind obedience. In order to not fall into that trap, you should identify the typical –and unfortunately effective- lies you hear in the crypto market. We listed 3 frequent lies, but feel free to comment on the ones you have encountered.

 

 

Trading cryptocurrency needs skill and knowledge to yield worthy profits.

Apart from the knowledge and skill you need to clear your mind of all lies in the market.

Here are 3 frequent lies you hear all around the market.

#1 Follow in the Footsteps of a Famous Trader

It is absolutely fruitful to learn from veteran traders and gain experience..

But, they are human, and not infallible.

So if you don’t develop your own knowledge and skill, you may follow them even in big losses .

#2 This Specific Cryptocurrency is going to Outperform Bitcoin

Many cryptocurrencies that are newer than BTC use an upgraded technology.

This is just a very general statement and cannot be pinned only on specific crypto.

Furthermore, the more advanced technology doesn’t necessarily predict more financial gain for investors.

#3 The Era of That Specific Cryptocurrency Has Ended

Even in established markets, such accurate predictions are just mere suggestions.

Just remember what happened with BTC, when its price fell from around 20k to 4k in late 2017.

Many traders sold their BTC in a hurry and didn’t enjoy the 70k price tag of late 2021.