Here are top tips by the crypto community to get through the bear market
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Loading... - David Smith
- 01 Nov 2022
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The crypto bear market of 2022 has wiped out more than 70% of the market capitalization from the top. The total crypto market cap breached $3 trillion at the bull market’s peak last year but currently struggling to remain above $1 trillion.
At a time when the majority of the cryptocurrencies are moving sideways with no significant bullish momentum recorded in months, it can get a little frustrating, especially for those who jumped in at the market top in hopes of making some quick money.
As crypto-winter worsens, the Reddit crypto community shared their coping mechanisms and some “serious” tips to remain on top of their mental health during this cyclic event.
One Reddit user wrote that they are in it for the long term, thus, they ignore the charts and daily fluctuations:
“I ignore the charts as well as ensuring that I have a full-time job so that I always have income that I can rely on. It’s a long-term game for me, so I treat it as such. Daily fluctuations don’t matter if you aren’t going to sell anyway.”
Another user in the thread advised against tuning into the news as most of the news outlets today focuses on “sensationalizing everything.”
One user gave a golden piece of advice: Don’t invest more than you can afford to lose and said that until the bull market returns, they followed the dollar-cost averaging (DCA) investment theory. DCA is the practice of systematically investing equal amounts of money at regular intervals, regardless of the price of an asset. Read More...
