At the end of July, bitcoin has risen in price by a third. As early as July 20, the value of the first cryptocurrency fell to $ 29.9 thous...
At the end of July, bitcoin has risen in price by a third. As early as July 20, the value of the first cryptocurrency fell to $ 29.9 thousand, and on August 3, the digital coin is trading at $ 38.9 thousand. This means that Bitcoin holders who bought cryptocurrency during the fall of the asset below $ 30 thousand have already managed to fix more than 30 % profit, writes RBC Crypto.
Experts have named other ways to make money on cryptocurrency before the end of this year.
"Pump" and "X" are considered natural and inevitable for the crypto market, explained Mikhail Karkhalev, the financial analyst at Currency.com crypto exchange. In his opinion, if the market continues to grow further, it will provide an opportunity to make money on promising tokens.
Over the past week, four tokens have almost doubled in price. Tokens showed rapid growth: Ardor (150%), Bitcoin Cash ABC (122%), THORchain (85%), and Tencent (95%).
“There are many options to make money on the crypto market. Trade - there is leverage, options, futures. Regardless of whether the market falls or grows, you can always make money with these tools, ”the analyst added.
Day trading and portfolio balancing
In the current market - low volatility, with a low amplitude of fluctuations and the absence of a pronounced trend - trading on daily fluctuations becomes an ideal strategy, says Maria Stankevich, Development Director of the EXMO crypto exchange. According to her, you can catch small movements on rebounds from support and resistance levels and make money on them.
If there is no time for active trading, then the portfolio can be rebalanced, the expert noted. Depending on the price at which you entered the assets, buy or sell coins, added Stankevich.
“If you entered Bitcoin at a higher price than now, the current price level is ideal to lower the average entry price,” the expert explained.
Now is a very favorable time to enter mining, since the market has already begun to recover, and prices for GPUs have dropped after the excitement, said Ivan Sharov, CEO of the online store for mining equipment and computer components.
You can, for example, build a "home farm" of six CMP 30HX video cards designed exclusively for mining, he said. The purchase of equipment will have to spend 329 thousand rubles, but if the positive dynamics of the market continues, the farm can pay off already before the end of this year, Sharov says.
In a negative scenario, the farm will pay off already in 2022, since at the moment it brings 29 thousand rubles a month, the expert explained. He also added that such a farm will consume about 700 watts of electricity, which is considered a safe level for home use.