Many experts are confident that the bull market will gain strength in 2024. We will discuss how an investor with a small initial capital can profit from the rally and possibly join the ranks of #crypto millionaires.

To become wealthy in the cryptocurrency market, you will need a reliable investment plan and a bit of luck. To start, you need to ask yourself two questions: which strategy to choose and which cryptocurrency to invest in to make a profit of x500 or even x1000 within a year. The answers will help formulate an effective action plan and understand how to move towards the goal.

Strategy: speculation or long-term investments

The investment strategy is the first thing a future crypto millionaire should consider. Globally, there are only two:

  • Intraday trading or scalping. This approach is based on short-term fluctuations. To turn a small capital into a significant profit, you will need technical analysis, leverage, and nerves of steel. Day traders actively monitor the market situation and actively look for profitable entry points: quickly selling and quickly buying, earning on short-term price movements.

  • Long-term investments. This approach does not require a deep understanding of technical analysis; fundamental knowledge is more useful here. You need to understand the mechanics of projects, know which ones can attract investors and grow 500 or 1000 times in a year. Keep an eye on new projects on platforms like CoinmarketCap or Coingecko, and also look at the "old-timers" that have significantly decreased in value but are ready to recover after a bear market.

The first strategy is very risky, similar to sports betting. Investors can lose all their money in an instant, especially when using high leverage. The second strategy is less dangerous but still risky: a project's token may quickly depreciate after launch.

Cryptocurrencies: which ones to choose

Even if one #bitcoin becomes one #million dollars, it won't be possible to become a millionaire by investing $1000 at current levels. Ethereum, in particular, cannot appreciate to $1,000,000 due to the large number of tokens in circulation. This logic applies to other cryptocurrencies like #solana or BNB.

To earn a million on these tokens, you need to trade with high leverage. But be cautious, prepare well, and do not invest more than you can afford.

You can bet on popular altcoins with great potential. For example, #ai cryptocurrencies experienced a boom in 2023 and remain promising in 2024.

If you plan to use a long-term strategy, it makes sense to focus on cryptocurrencies priced below a dollar with good growth potential. The cheaper the token, the better it is for your goal of becoming a millionaire with a small initial capital. It is recommended to buy during corrections or when prices are particularly low.

However, remember the risks: some scammers, knowing investors' desire to get rich by investing a small amount, create cryptocurrencies with the sole purpose of stealing all the investors' money. Such cryptocurrencies often operate on the "pump & dump" scheme: the price is artificially pumped up, but then drops sharply by 90% or more.

Conclusion

The cryptocurrency market offers many opportunities for investors looking to earn a million dollars in 2024. However, to achieve this goal, you need to choose the right strategy and cryptocurrency, as well as consider risks and take responsibility for your decisions. Speculating on short-term fluctuations can bring significant profits but also large losses. Long-term investments require fundamental analysis and patience. Cryptocurrencies with low costs and high growth potential can be a source of x500 or x1000 profit, but they can also depreciate or fall victim to fraud. In any case, the investor needs to be prepared for market volatility and keep an eye on new trends and projects."

Source: BeInCrypto