The cryptocurrency market is extremely volatile. You are awake today. You’re out the next day. Short-term coin holders and long-term coin traders both face the same fate.
Several Nigerians have become millionaires overnight by investing in the cryptocurrency market. Many people have also lost a significant portion of their income.
Success Ozioma aka Step On recently had a similar experience. His life has been up and down. The 19-year-old crypto enthusiast revealed how he made over N3 million in October 2022 after investing less than N1 million in a coin, only to lose it all the next day.
“I have bought several coins, but the one that shocked me with its ROI was the one I bought in October 2022. In a few days, the coin yielded amazing returns.”
Surprisingly, the same ROI vanished in 24 hours. “I was overjoyed; unfortunately, I lost everything the next day. “It wasn’t because of the N3M, but because of the duration at which I was able to get such a return,” he continued.
Many experts have stated in various forums that crypto traders should diversify their portfolios by purchasing multiple coins rather than putting all of their money into a single coin.
Step On explains that his interest in cryptocurrency prompted him to register a company name (Step On Crypto) with the Corporate Affairs Commission.
“It’s just a business name for now. I have trained a few people on how to identify opportunities in the market, how to secure their wallets properly, and other fundamentals. I am passionate about this innovation, and I believe it will pay me off.”
Highlighting some of the challenges and key lessons learned after less than a year in the crypto space, the lad stated that raising capital to buy a coin was difficult from the start.
“It was very tough. I needed to speak to my brothers. I was seeing what they couldn’t see. Eventually, they were able to back me up with some funds for investments. The more you invest, the bigger the return in a bullish market.”
According to Step On, failing to do the necessary research before purchasing a coin can be disastrous.
He stated that understanding the basic technology and the people behind it is critical before purchasing any coin.
“After identifying the coin to buy, you go ahead and purchase it. Added to that is the fact that you must start monitoring your investments. It’s critical to keep track of your investments and keep an eye on how they’re performing”.
He claims that this will keep people from falling for scams and unrealistic projects, and that they should “never invest in anything without proper research and due diligence.”
He also stated that not diversifying portfolios is nearly a disaster. “Because you won’t always win, the best bet is to start diversifying your portfolio, which can help mitigate risk and increase returns.”
