HomeBlockchainTop tips to prosper during a bear market | by Blockchain.com |...

Top tips to prosper during a bear market | by Blockchain.com | @blockchain | Jul, 2022

- Advertisement -


Top tips to prosper during a bear market | by Blockchain.com | @blockchain | Jul, 2022

Cryptocurrency prices have fallen, some projects have gone bust, and we’re officially in a bear market.

If you’ve been in crypto for a while, you’ve seen this happen before.

If you’re new to crypto or investing in general, a bear market occurs when a market experiences prolonged price declines due to overall economic conditions.

Here’s our top tips to thrive during this period and best position yourself for the next market run.

1) Determine your strategy

“Fail to plan, plan to fail.” This wisdom holds especially true in the volatile world of crypto.

And deciding to dump your life savings on a token that your friend said is set to rocket in price isn’t the type of “strategy” we’re talking about.

So, are you Dollar-Cost-Averaging? HODLing? If you’re day trading, consider what “edge” you might have.

Whatever it is, having a solid plan and sticking to it is a great way to set yourself up for success.

2) Remember that market cycles are natural

Cycles happen across all aspects of life, and crypto is no different. They rise, peak, fall, and the process repeats itself.

The key is to expect this and not fight the cycle. It’s not a bull market anymore.

If you’re newer to crypto, you may be surprised by how deep and quick the drawdowns can occur. Take a long term time horizon and recognize what part of the cycle we’re in.

Would you have been excited to buy at these prices when crypto was two or three times as high a year or more ago?

3) Use the down market to upskill

With new technologies and projects emerging all the time in crypto, it can be tough to keep up.

While the market is slower, why not delve into the inner workings of DeFi or go back to basics with the Blockchain.com Podcast Crypto Basics series

Remember, knowledge is power! And adding skills might give you the edge you need to approach the market with fresh eyes.

4) Tune out and turn off

With all the opinions online, investing in crypto can feel high pressure.

You might see a tweet suggesting you “buy the dip,” a Reddit thread explaining why you should cash out immediately, or a YouTube video showing you a “perfect” trade — all within a few minutes of each other.

Our brains weren’t built for this ocean of information.

So as helpful as crypto Twitter can be, it’s important to know when to shut out outside voices and make your own decisions.

If you’re acting on something you’ve read online, make sure it aligns with your own personal circumstances and finances.

Important note

The information contained herein is informational only and does not constitute investment, accounting, financial, legal, or tax advice. Accordingly, you should consult with your own attorney, financial advisor, tax advisor or accountant as to legal, financial, tax, accounting and related matters



Read orginal here

- Advertisement -
Mr Bitcointe
Mr Bitcointehttps://www.bitcointe.com/
“Fact You Need To Know About Cryptocurrency - The first Bitcoin purchase was for pizza.” ― Mohsin Jameel
462FansLike
76FollowersFollow
4,567FollowersFollow
5,261FollowersFollow
1,580FollowersFollow
2,230SubscribersSubscribe

Most Popular

bitcoin
Bitcoin (BTC) $ 23,014.17
ethereum
Ethereum (ETH) $ 1,686.69
tether
Tether (USDT) $ 1.00
bitcoin-cash
Bitcoin Cash (BCH) $ 140.70
litecoin
Litecoin (LTC) $ 60.58
eos
EOS (EOS) $ 1.22
okb
OKB (OKB) $ 18.24
tezos
Tezos (XTZ) $ 1.86
leo-token
LEO Token (LEO) $ 4.94
cardano
Cardano (ADA) $ 0.513808
monero
Monero (XMR) $ 160.50
stellar
Stellar (XLM) $ 0.121714
chainlink
Chainlink (LINK) $ 7.76
huobi-token
Huobi (HT) $ 4.37
tron
TRON (TRX) $ 0.0696
usd-coin
USD Coin (USDC) $ 1.00
dash
Dash (DASH) $ 52.55
neo
NEO (NEO) $ 11.36
iota
IOTA (MIOTA) $ 0.341717
nem
NEM (XEM) $ 0.052084
zcash
Zcash (ZEC) $ 67.84
maker
Maker (MKR) $ 1,096.88
paxos-standard
Pax Dollar (USDP) $ 1.00
ethereum-classic
Ethereum Classic (ETC) $ 37.68
vechain
VeChain (VET) $ 0.031105
true-usd
TrueUSD (TUSD) $ 1.00
ftx-token
FTX (FTT) $ 30.34
kucoin-shares
KuCoin (KCS) $ 10.51
waves
Waves (WAVES) $ 6.06