No One Gets Crypto Rich During a Bull Run
2021 was a great year for BTC and all of crypto, peaking in November 2021 with BTC reaching an all-time-high (ATH) of about $68,000. The Bull-run that started around late 2020 gave birth to several millionaires, especially with the rise of dog coins like SHIB and DOGE. Fear of missing out (FOMO) made people ape into several coins at prices close to ATH. However, hopes were dashed when the crypto market characteristically crashed, with several altcoins crashing beyond 90%. This unprecedented volatility led to a cascade of mishaps that further caused more downtrends, most prominent being the immense fall of LUNA, and subsequent bankruptcy of centralized crypto institutions like Celcius, Voyager and 3AC. Right now, there is extreme fear due to crypto lovers losing a lot of money, with many selling at huge losses, taking the back seat, and keeping crypto at bay.
However, any one who has followed crypto since 2014 knows that nothing happening now is new! BTC and many other well-performing altcoins have in the past endured the hacking of Bitfinex, and other previous mishaps. Bear markets are great for edging out unviable projects; it is during bear markets that you know which projects can stand the test of time, inflation and economic downturns. It is an opportunity to mark project developers that have vision and separate projects that are meaningless and visionless.
Ultimately, bear periods also determine who will be rich during a bull run. It's a period to know which projects are consistently innovating despite unfavorable price action, and that is the window to buy into these project and keep accumulating. More clearly stated, the key to being crypto rich is accumulating great projects, including BTC and ETH during a bear run - only do not forget to do your own research.
Here are some suggestions on how to accumulate during this period:
- Dollar cost averaging (DCA) into innovative projects
This requires research and reading, following their social handles and seeing what new development these projects are adding on. Once you discover these projects, buy into them periodically; sell to take profits at the peak of the next bull run, which could take months or even years.
- Earn free Crypto
There are various ways to earn crypto. It may seem slow at first, but over a bear period and with the ushering of a bull run, it becomes significant. One way to earn crypto is using the CoinApp. It rewards you with coins that can be redeemed with the native currency of the XYO network (XYO). All you do is mine as you drive, walk or travel. In the bull run of 2021, it saw a rise of over 2000% in a short time, but like other alt coins, it also saw a huge dip. Hence, this is a great time to accumulate. You can earn crypto for free or even subscribe to make mining faster.
Another free mining app is the first powerful browser that helps you to mine BTC, known as CryptoTab. It is free to use, and like the coinapp, you can buy a subsciption to making mining faster; however, you really do not have to pay anything. One cool way to increase your mining rate is to have a mining pool of users that you invite to use the browser. It works like a regular Chrome browser, only that you get to accumulate BTC while surfing.
- Earn interest in Farms
There are great DeFi projects that offer great interest rates in viable farms and pools. For example, check out the new Cronos chain, and see projects like VVS and MMF with mouth-watering yields. Another great project is the defichain (DFI). You can stake and farm using their partner app CakeDeFi. Now is an opportunity to accumulate DFI while it is really cheap.
Next Bull run
The mistake that most people in crypto make is not taking profits in a bull run. It is very important to take profits and channel them into less risky investments like index funds, real estate and other endeavors that generate cash flow. I cannot predict the next bull run, but I would be happy if the market ranges till 2023. It is enough time to accumulate
Resources
https://coin.onelink.me/ePJg/fgqx1akd
https://cakedefi.com/?ref=606742
https://cryptotabbrowser.com/13856475
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