Hello lovely people of Hive community. Hopefully you will be enjoying your life with good health and spirit. Friends, bearish trend continue in crypto market as market observed 0.5% dip today. Current global crypto market is around $0.93 which at one stage was around $3 Trillion. Almost more than $2 Trillion wiped out from the market since last big bullish run.
This is indeed not a good news. People come in the crypto world with big dreams but unfortunately majority of user end up with a big loss. There are few rules which may help to achieve good result.
Rule #1 No panic selling. As you are aware, that crypto market is one of the most volatile market of the world. It can pump and dump at any time. Most of the people sell their asset due to FUD as a result they suffer big loss. Remember coin worth is nothing. It is the people trust over coin which helps coin to gain strength. Remember, no need to panic as crypto market moves in both ways either pumping or dumping. Dumping some time may help you to buy at cheap rates. It also provides an opportunity to DCA your coin.
Rule #2 Avoid permanent loss: It is important to understand permanent loss. As I told you there is no specific worth of crypto asset. It is user who decide the value of coin by building their trust over coin. Coin may drop any time. Dropping of asset will give you loss but this loss is nothing if you hold the asset. Loss will become permanent if you sell these coins at cheap rate. Holding is key in crypto world.
Rule # 3 Don't lay your eggs in one basket. This is a a golden rule of crypto. Your holding in one coin may dump any time as a result you may suffer big loss. On the other hand investment in multiple coins may help to recover your loss from alternative coin. It make you investment less risky.
Rule # 4 Select your coin wisely: It is important to understand the good use case of coin. Good use case of coin is less risky.
Rule # 5 Increase your financial literacy: Better financial literacy is important for your growth in crypto world. A resourceful person has huge probability to perform better than the one who have no or less knowledge. we are lucky to have leofinance platform which is sharing financial related news, events and crypto related project. It is a good source of enhancing your financial literacy which may help you to boost your skill.
This is it for my today post. Wish you all a very happy, healthy and prosperous life ahead. Have a nice time.