The post A Possible Way Out In A Cryptocurrency Downturn appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide
Most people in the crypto market expect their investments to be double or triple in value from their purchase price; admittedly, earning profit is one of the primary motivations of any investor or trader. The Bitcoin cryptocurrency market is declining, and altcoins are following suit. Ethereum (ETH), Binance Coin (BNB), Polkadot (DOT), Mehracki Token (MKI), VeChain (VET), The Sandbox (SAND), and Enjin (ENJ), and many more, are examples of cryptocurrencies that are alternatives to Bitcoin (BTC).
A continuous crypto decline characterises a cryptocurrency downturn. Experts have claimed that variables could lead to a bear market where the bulls’ impact is minimal. Many are putting their trades on hold as their portfolios are losing value, and many newcomers, as well as crypto enthusiasts, are wondering what to do. This essay will look at how cryptocurrency investors and traders can scale the market downturn.
Cryptocurrency and Blockchain Education
It is recommended that one should not invest in a project they have little or no knowledge of. While the market appears to be down, now is a perfect moment to begin learning about cryptocurrencies. Blockchain is the underlying technology of cryptocurrencies; it is a multi-featured computer program that aims to correct centralised financial systems by providing decentralised solutions.
A thorough study of how the cryptocurrency market runs, as well as its evolution, benefits, and uses, can help one gain a better understanding. There are several areas of cryptocurrency trading with diverse approaches; these trading methods only yield results when they are mastered. As a result, acquiring and mastering trading tools such as fundamental and technical analysis is a wise choice. Understanding the market trends of chosen altcoins and comparing them to other data might help decide when to buy or sell.
Explore the Market
In a crypto downturn, sitting still may not be the correct response; instead, studying and proper education on altcoins with unique features is a brilliant idea. NFT altcoins offer immersive utilities and a fascinating engagement. These three NFT altcoins can be considered while looking into the market:
The Sandbox (SAND): The Sandbox (SAND) is an ERC-20 token that can be used to buy NFTs and items in the game, as well as to vote on the platform. Sandbox (SAND) ecosystem is a multiplayer gaming platform that makes use of NFTs as in-game assets. The Sandbox (SAND) platform can be rewarding to play or participate in, and the NFTs earned can be traded. ASSET tokens are non-fungible tokens (NFTs) that depict in-game items such as avatars used to develop LAND.
Enjin (ENJ): Enjin (ENJ) is the native token of the Enjin Network, a gaming platform. ENJ is a cryptocurrency that can be used to purchase NFTs within the Enjin (ENJ) ecosystem. Gamers and creatives may easily organise and trade digital assets using the Enjin platform (NFTs). Enjin (ENJ) uses the ERC-1155 standard rather than the more widely used ERC-721.
Mehracki Token (MKI): The Mehracki Token (MKI) is available on presale, with a total supply of 1,000,000,000,000 MKI. Holders of the Mehracki Token (MKI) will receive NFTs to recognize their accomplishments; higher-ranking holders will receive uncommon NFTs with a higher market value. NFTs will also account for user voting rights in the Mehracki Token (MKI) ecosystem.
It is often said to buy the dip, but buying the dip without understanding the market will do the investor or trader no good. This article advocates for good cryptocurrency knowledge that will better inform the individual and assist them in making good altcoin picks for their portfolio.
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