Crypto winter survival guide: Community shares game plan for the bear market
Crypto newcomers are troubled about deciding their next move as the market becomes unpredictable. Because of this, crypto community members handed out their advice to those trying to navigate through the cold crypto winter.
In a Twitter thread, nonfungible token (NFT) collector and trader Krissyos highlighted the importance of having a survival mindset during this time. According to the NFT collector, crypto and NFTs will "soar in the future." However, Krissyos believes that many current projects are bound to fail.
Because of this, the trader noted that the top priority must be figuring out one's risk tolerance, or the amount you are willing to lose, and dollar-cost averaging which “restricts your potential upside to mitigate possible losses.”
Bobby Ong, the co-founder of coin information site Coingecko, shared that finding new potential projects and trying them out is one of his favorite hobbies. Quoting a tweet with a list of upcoming projects, Ong wrote that getting in early often becomes rewarding.
For long-time Bitcoin (BTC) and Ether (ETH) holders, Ong said that multi-year market swings will not make much of a difference. Ong advised these types of traders to spend quality time with friends, family and themselves.
3/ If you are a long-term BTC/ETH holder, multi-year market gyrations won't make any difference, so go spend quality time on yourself, family, and friends. Go for a jog, cycle, hike. Improve yourself technically and socially. Spend time with family. The market will still be here.
On Reddit, user Kuzkokronk emphasized the importance of buying Bitcoin during this time. According to them, if community members are not purchasing BTC at this time, they will regret it "5 years from now."
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