Over the last few weeks, cryptocurrency values have risen to new highs, and many investors are attempting to get in on the activity.
In the previous several decades, video games have come a long way, and online gaming, in particular, has become a hub for cutting-edge crypto innovation.
Based on his expertise, EllioTrades has created a comprehensive guide on how to become a millionaire in a short period of time, including a roadmap and top-play coins.
Buying green and selling red is the most common rookie mistake, and it virtually eliminates their chances of becoming successful in the industry. The majority of people that make a lot of money acquire coins when they are down the most and realize they are fundamentally sound.
Traders should look into blockchain gaming, play-to-earn, and NFT-based gaming, according to Ellio. He went on to say that an ecosystem based around gaming and engaging with blockchain will be the largest digital ecosystem of the future.
Ellio created a spreadsheet that indicates a realistic pattern for turning $10,000 into a million dollars by selecting ten projects that investors believe in, which is best accomplished by extensive study, market knowledge, and community engagement to evaluate genuine builders and their ideas.
It’s ridiculous to expect a 1000x return by the end of the bull cycle, but something in the region of 10x is feasible. It’s realistic to expect a $1,000 divided over ten different coins with multiples ranging from 22x to 0.2x to return $68,000 by the end of Q4, leaving just under $50,000 after taxes.
The next strategy is to wait for the bear market to crash, as the crypto market is a game of cycles, and massive setbacks are anticipated after the market enthusiasm, which has resulted in multiple coins achieving new highs.
After buying the initial phase of the fall and altcoins rebound, another 6.8 fold return on $50,000 yields approximately $350,000, and this is where patience pays off because everything will crash again, and fresh entry levels could take years as every coin trades in a downtrend.
The new bull cycle will see traders make numerous 100 times returns due to the fresh entry at the extreme bottom range of the bear market, and certain coins may never rise again. A minimum cumulative 6.8-fold return, on the other hand, ensures making millions on pre-existing investments.
Most fundamentally strong game projects have already achieved tremendous returns and the greatest strategy is to acquire them when they capitulate. Axie Infinity, UFO Gaming, Illivium, Sandbox, Gala, Yield Guild Games, Wilder World, Star Atlas, and Vulcan Forged are among Ellio’s favorite games.
The gaming environment is likely to flourish as a result of the increasing adoption of crypto and blockchain technologies to address fundamental gaming concerns, it is beneficial to invest in the proper ecosystems.