Buying cryptocurrencies in a bear market

Although bear markets might be frightening, they can also present excellent investing opportunities, especially if you act slowly.

In January, when plunging prices had erased $1 trillion (approximately Rs. 77,69,223 crore) in value from their peak in November, people started worrying about another crypto winter. March saw a price recovery that partially offset the losses. But even if the majority of first-time retail investors are unsure if cryptocurrency is the proper investment given that we are currently seeing another severe crypto meltdown, there are ways to start a portfolio right away without having to take the chance of suffering significant losses.

Here are the leading cryptos' percentage declines from their all-time highs to start.

A 58 percent decline in bitcoin

Ether has decreased by 62%.

BNB is down by 55%.

Cardano has decreased by 84%.

Solana has decreased by 83%.

Dogecoin has decreased by 89%.

Polkadot has decreased by 83%.

What therefore ought a novice investor to do?

I could earn free cryptos if I was just getting started with cryptocurrency and had no money. There are two methods to do this:

(1) Airdrops :

Airdrops are a marketing tactic used by fresh cryptocurrency firms. In exchange for promoting their website and social media profiles, they offer free cryptocurrencies. Coinmarketcap.com and airdropalert.com both provide a list of the most recent airdrops.

(2) XXX And Earn Programs :

To raise awareness of their project, many cryptos offer brief courses. You can obtain free cryptocurrency by watching a brief film and answering a brief quiz. It's known as "Learn and Earn." Playing online games (play to earn) or simply walking might win you free cryptocurrencies (move-to-earn).

When you make the decision to move forward, you should concentrate on unlisted, high-quality enterprises that have promising futures. But how should a fresh cryptocurrency initiative be assessed?

Use the ROHAS (Revenue, Organization, History, Algorithm, and Social) approach.

Revenue :

Comprehend and Examine how the project provides income for the ecosystem and what is the project's effect on the overall world economy? The project's official website and whitepaper are good sources for this information.

Organisation :

The organization/team (founders, developers, and company) needs to have a good track record of accomplishments, credibility, and favourable social media presence. The team members' LinkedIn profiles can be used to find this information.

History :

The project's active user count and transaction volume must have experienced rapid growth.

Algorithm :

The technical platform and consensus method must be reliable. An examination of the project's GitHub repositories can yield this information.

Social :

The initiative needs to have a sizable, lively, active, involved community that is positive and has a healthy proportion of zealots. Discord, Facebook, Instagram, LinkedIn, Medium, Reddit, Telegram, Twitter, and YouTube are the top social media sites.

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