We all know that the bull run is slowly starting. The pump has started for Bitcoin and slowly the market can also become favorable for the altcoins as well. Many coins are pumping already and many projects are excited about this pump. Coins that have a huge dependency on BTC right now for trading will have a good time. Maybe the price would have not started pumping already but soon it will start after Bitcoin reaches stability.
The common feeling here for everyone is that the BTC pump is unpredictable right now. It is almost near the all-time high value right now. We can even say that BTC already is ready to set a new all-time high. But the rate at which it is pumping, nobody can predict where it will stop and what will be the new all-time high for this season. The market is very dangerous right now.
Profit booking
One of the biggest mistakes people usually do is not making use of the bull market. Sometimes it is huge expectation and sometimes it is greed that is stopping us from booking profits. If we see a very nice value in crypto and if we are satisfied with the value that we are seeing, it is always best to book our profits and keep them. We don't have to withdraw the money to the real world. We can just convert it to stablecoins and keep them safe.
I see this as important because I made this mistake during the previous bull run. The common thought was that the market would continue to keep going up. Unfortunately, the market already started declining and only now I'm realizing that I should have booked my profits blindly during the previous bull run and bought back when the market was at its lowest. But everyone does the same mistake and thinks that the market would continue to go up and it may not be the right time to book profits.
Stable coins
Having a huge amount of stablecoin during the bear market is very important. Only with that stablecoin, we can make our investments during the bear market. Stablecoins may not look like a great idea for some people because they usually think that stablecoins will not generate enough revenue compared to other coins and there is no scope for a rise in the value of stablecoins. But this is not true. We have Hive blockchain where we have HBD as the stable coin. The blockchain offers 20% APR for keeping our HBD in savings. I don't think there is any decentralized option that provides 20% APR for a stable coin investment.
When the market starts getting better for the altcoins, it will be a wise idea to sell some of the holdings and convert them to stablecoins. There will be a bear market again and there will be an opportunity to invest in the future again and that will be the right moment to invest our funds back in. In the meantime let the stablecoin earn a decent passive income.
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Posted Using InLeo Alpha
