Research must be undertaken before investing in anything, especially if you’re planning to invest only in cryptocurrencies. There’s over 2,000 coins and tokens to choose from and the crazy volatility of the cryptocurrency market can set you up for an uncomfortable ride. In the investing world, there are two main types of analysis: Fundamental analysis and Technical analysis.
Investors often use fundamental analysis to evaluate the long-term prospects and viability of a cryptocurrency. A trader, on the other hand, would utilize technical analysis by studying price charts, patterns, signals and indicators to make short-term decisions. Knowing which type of individual you are and the types of risk you’re comfortable with is key to understanding which type of analysis you should employ. Short-term trading is riskier due to the volatility of the markets.
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