Are Crypto markets always open?
This article discusses the timings for crypto trading and suggests alternatives one can try in the market to earn more profits.
People investing in cryptocurrencies would tell you that the crypto-verse potential is so high that the market stays open 24/7 for exchanges, but we know if that really worked, almost everyone who invested in cryptocurrencies would have been a billionaire by now. The best source for this query are crypto miners who understand that although the market remains open literally every second of the day, earning profits isn’t that easy.
Let’s hear it from successful crypto traders about the possible trading times. One, a crypto website analyst shares that although the currency market is open 24/7 nonstop, the highest profits are earned by those who make transactions when the global market activity timings are in operation. Another crypto trader delivers an insight through a personal blog that outside the global market activity hours, crypto trading can be light therefore resulting in difficulty to sell coins or make weaker exchanges.
One investor suggests three basics to trade in cryptocurrencies – (i) Wait for a proper opportunity, (ii) Learn patience in trading and (iii) Always remember that a crypto trader has to trade against countless others, and the money they earn as profits is always the money resulting from someone else losing, so, be careful how to keep it longer.
Crypto trading crash course is not something that can be taught to people; instead, one learns by daily experience. For a day trader, the crypto market might seem like a roller coaster ride that rarely stops, and one can get nauseous while on the journey; but for someone who works by planning, the results are different. A blogger puts it this way – “Crypto trading is basically a stock market running on steroids,” and as crypto traders ourselves, we know that’s a truth bomb that just exploded.
The Toronto Stock Exchange remains open for about 8 hours on a weekday between 9 in the morning to 5 PM, but for a crypto trader sitting in Delhi would have to stay up past midnight to make exchanges with Canada. Every 8 hours, some part of the hemisphere wakes up and starts crypto trading. The more timezones, the more rules. So one has to streamline which markets one can keep a watch on and then track the market movements accordingly. Alternatively, one can choose anyone from those below:
- Become a 24/7 crypto trader
- Make use of trading bots
- Deposit crypto assets into a crypto fund
That said, cryptocurrencies are erratic and volatile and much more crazier than stock market ups and downs. If one decides to trade with leverage, they can liquidate very quickly. Instead, a crypto trader must learn that it’s not recommended by experts to trade on margins because if the market swings 20 to 30 per cent during the day, the profits and losses get multiplied by that much.
What a crypto trader must remember is that the crypto market, despite its high volatility, can be utilized for earning huge profits. Still, one needs a proper strategy, some experiential learning and a lot of patience.