Mark Tencaten | Examine these four factors before making your first investment in the cryptocurrency market

The crypto industry is growing to be "too big to ignore," according to Mark Tencaten. In fact, the crypto industry has grown by 706 percent to achieve nearly 600 billion. This is just the first step in the quickly developing crypto space, which has experienced an aggressive growth rate of almost 641% over the past 12 months. This makes it the fastest-growing market worldwide.

Additionally, a study revealed that Defi platforms had a significant uptick along with the industry's steady expansion, with almost 221 million users actively trading in cryptocurrencies in recent months. Institutional investors from all around the world invested close to 17 billion US dollars in the Defi platform.

Here is a five-point checklist that Mark Tencaten has provided that you should check out before you make the much-needed leap into the cryptocurrency market.

1.    Research

You should undoubtedly take the cryptocurrency journey, but only after careful planning and research. Do not ignore the crypto's underlying principles that will eventually fuel its long-term growth just because your buddies are investing in an altcoin that is currently surging like crazy!

Looking through a cryptocurrency's whitepaper is the ideal method to learn more about it. It contains all the information one needs to learn about the currency, including its application cases, scalability, future plans, community involvement, and growth potential. In order to determine whether a coin has strong fundamentals or not, investors can look at the following factors: management quality, the coin's underlying technology, social engagement, market cap, investor sentiment, vision, and purpose. This way, investors can be sure that they are making a long-term investment that will be reliable.

2.    Trade only with money you can risk losing.

While it may be popular, selling their kidneys to buy the newest phone is not a good idea for retail investors. This is especially true when it comes to cryptocurrencies. This is particularly true for the cryptocurrency market, which is extremely unpredictable, uncontrolled, and uncertain, with quick changes in fortunes. So, while it's necessary to stay ahead of this rapidly expanding sector, it's also crucial to play it carefully and only invest sums that won't negatively impact your financial situation.

According to Mark Tencaten, even returns in crypto investments require patience and time to materialize. While the possibility of earning incredibly lucrative, sky-high returns in a short period of time may sound very alluring, there is currently no scheme that doubles money in a few days.

3.    Achieve equilibrium

Ensure the cryptos in your holdings are distributed evenly among market leaders, dependable and well-respected coins like Bitcoin, Solana, Ethereum, and Cardano, and relatively less popular tokens like Dogecoin, Shiba Inu, and more, just as you maintain the investment strategy among risky and stable investments.

Also, keep in mind that cryptocurrencies that are not listed on reputable exchanges may not be legitimate, so you should avoid them. You might wish to have investments in fundamentally sound coins alongside trending, new coins that are making you money in the short term because they will protect your losses and help your cryptocurrency portfolio grow significantly over time.

4.    Analyze and safeguard!

Make sure you don't become a victim of fraud and disinformation because the world of cryptocurrencies is rife with them. When it comes to cryptocurrency, don't blindly believe everything you read on social media and the internet!

Only believe information from reliable sources, such as a crypto whitepaper or data from well-known exchanges. Additionally, keep in mind to store your cryptocurrency safely in hot or cold wallets to prevent unauthorized access to your well-earned capital.

Now is the time to start using this checklist and making progress in the cryptocurrency industry.