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You can utilize advanced order types to lock in profits or protect yourself from losses. For instance, stop-loss orders allow traders to limit losses when a trade goes wrong. https://petreewebdesign.com/ Take-profit orders ensure that you lock in profits when a trade goes well.

Diversifying your portfolio is one of the most popular fundamental tools to reduce your overall investment risk. You can hold a variety of different coins and tokens, keep each position at an appropriate size and constantly rebalance the portfolio, so you won’t be too heavily invested in any one asset. This can minimize the chance of oversized losses.

As a beginner, you probably want to choose a trading strategy that involves medium to long-term trading and investing. This will typically require more time to research and analyze your trades before committing.

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Other than Bitcoin, there are other well-known and recognized cryptocurrencies like Ethereum (ETH) – which is currently trailing Bitcoin in terms of network value; and Tether (USDT)- which is the leading stablecoin also in terms of network value.

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“Bitcoin BTC looks very bullish even if it witnesses a much-delayed correction in the coming days,” Rachel Lin, the chief executive of Singapore-based decentralized derivatives exchange SynFutures, said in emailed comments.

03/15 update: The crypto market has slipped after rocketing higher over the last week. The bitcoin price suddenly dropped almost 10%, plunging it back below $70,000. Ethereum ETH , XRP, solana and dogecoin have followed the bitcoin price lower, with the dogecoin price losing around 12% over the last 24 hours.

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Types of cryptocurrency

As an example, the most popular wrapped token so far is Wrapped Bitcoin (WBTC), which is a token that tracks the value of Bitcoin and is backed on a 1:1 ratio. Ideally, the price of 1 WBTC should always equal 1 BTC.

The prefix crypto- stands for “cryptography,” which is a technology that keeps information safe and hidden from attackers. You may have heard of cryptography in history class — it was used to send and receive secret messages by the Allied Forces in World War II.

Exchange tokens are cryptocurrencies associated with or issued by cryptocurrency exchanges. Could be centralized (CEX) or decentralized exchanges (DEX), but both could create native tokens that are used to power their ecosystems.