With this season, there are some things traders need to know about the cryptocurrency market. Such a matter is the cryptocurrencies to invest in during the bear market, and all one needs to know about it.
Approximately 10 percent of the population has invested in cryptocurrencies worldwide, and they keep on doing it despite the challenges in the market. Plenty of advantages come with investing in crypto during a downturn and this is why there is a need to know which cryptocurrencies to invest in during the bear market.
Crypto Lists sought the views of experts on which cryptocurrencies to consider for the bear market. As time goes by, more people get invested in crypto with significant onboarding of individual and institutional investors. It contributes to growth in the industry and more ideas come to light.
Expert opinions on cryptocurrencies to invest in during the bear market
Renata Rodrigues, the Global Community and Education Lead of Paxful highlights the nature of the economic time that the world is in and that there is a higher financial risk that comes with it. Renata goes on to state that with strong coins like Bitcoin expressing themselves as alternative financial options, traders can commit to its utility and clear out from using coins that put them at high financial risk.
Nicolas Tang, Director of Internal Communications at Phemex, recommends investing in well-established altcoins during such times. Despite Ethereum outgrowing this definition, it is a perfect coin to invest in as it stands the test of time.
There is a need for research and due diligence on the coins one wants to invest in to ensure they do not collapse. When making such choices, one avoids being swayed by trends and utilities that have not solved long-term problems.
Despite the success of these major coins such as Bitcoin and Ethereum, Nicolle Pabello, the managing director from Latam Amber Group says that traders need to understand the volatility that comes in the market as prices can drop drastically.
Therefore, one needs to consider factors such as market cap, utility, funding, tokenomics, and accessibility to make sure one makes the right investment.
How to choose the right cryptocurrency to invest in during this time
The season plays a huge role in the crypto market and Crypto lists cannot give exact rules and answers to traders and investors on what to invest in to ensure they can save themselves. Therefore, Crypto Lists suggests the following steps when deciding to choose the right cryptocurrency:
1. Assess the type of cryptocurrency for purchase
2. Read and analyze the Whitepaper of the certain project
3. Assess the ones behind the project and analyze its market capitalization
4. Analyze the graphs and price variations of the last few months to deduce its trend and performance.
Such steps give you the advantage to decide the best crypto to invest in during a market downturn. The cryptocurrency market is experiencing a downfall due to the effects of the severe ongoing bear market. Thus, it has been confusing for professionals and crypto traders to make these choices that will benefit them in the long run. Traders can make high purchases as this period is much more profitable, especially for new traders in the market.
Crypto Lists evaluated some experts’ opinions from Analytics Insights on which cryptocurrencies to consider to invest in the bear market. Some of the tokens include:
+USDD as part of a high yield strategy with stablecoins that is over-collateralized with 320%.
+Lucky Block – one of the new cryptocurrencies launched in 2022.
+Tamadoge: An upcoming project as a meme coin.
+Bitcoin the leading cryptocurrency in the market.
The bear markets make some investors scared to invest but provide a good investment chance to others to capture high-value cryptos for a conveniently low price. After a thorough analysis of the market, people can make the right choices. Expert opinions on projects and cryptos can guide traders on the right choices to make. The statistics of these recommended coins’ past performances prove that they can perform well in the market. Therefore, it would be wise for traders to assess what they want, their long-term goal, and the performance of the desired crypto to come to a reasonable choice.