It's no news that Crypto is on a serious downward trend. Bitcoin is seriously hit, getting as low as close to 30,000 USD. However, altcoins are more hit with double digit losses. There is panic everywhere, hodlers are losing money, several leveraged traders are getting liquidated and people are selling at losses. It really looks like a blood bath.
Anyone who has been in Crypto since 2014 or even 2017 knows very surely that this is nothing strange. Bitcoin price fell from an all time high of over 19,000 USD in 2017 to almost 3,000 USD in 2020. It took over 3 years to recover the all time high. Huge price volatility is not news when it comes to Crypto. When BTC falls, altcoins nuke. It is not impossible to register losses of over 99% during a bear period.
However, reality is that many Crypto millionaires (those that climbed from hundreds to millions) were made between 2020 and 2021. These were not the ones that came in during the bull run. They were mostly those that endured the winter period and got rewarded during the Crypto Spring. The winter period is the time to spot real projects. These are tips to survive the winter and come out rich during the next bull run.
1. Look for projects where you can make interest on your coin. This will entail you know a bit more about staking and farming, but when everything is crashing, isn't it smart to find projects where you can make good interest? If you don't know where to start, I will recommend CakeDeFi, powered by the DeFi chain (DFI). It's been around for a while and they have mouth watering staking and farming interest rates as high as 100%. Right now, DFI price is low. Isn't now the best time to get in?
2. Invest in Blue Chip coins like BTC, ETH, CRO, AVAX, SOL, ATOM and other coins that power their own blockchains. Better still, store these bluechip coins in accounts that yield interest. Celsius yields up to 6% APY on your BTC holdings. Why not open a Celsius account and let your Crypto grow during this winter period. Don't forget to move your coins to your earn account.
3. Mine Crypto for free! Yes! It's possible. The CryptoTab browser is an example of where you can mine BTC for free. You can increase your mining power by using the boost subscription or NFT staking. The best way to mine for free is increasing your mining pool by inviting other users. The little amount of BTC you mine today will be worth way more in future bull runs. Another project that allows you to mine coins while driving or walking around is XYO, check out the CoinApp and accumulate while its cheap!
4. Accumulate during the dip. As cliche as this sounds, this is key to being rich during the next bull run. If you do not accumulate when your favorite project is low, how would you benefit when it recovers? Find projects with real utility, not merely projects that throw words around. Find projects that are building something concrete, not projects whose community only throw words like "HODL", "when moon" and other catch phrases. Only accumulate coins with great utility.
5. Don't Panic. We have seen this before, and it will surely pass like other times.
