Altcoin season is long over before it ever truly started. Unlike previous cryptocurrency bull markets, the crypto industry only saw a handful of mega performers.
Trending cryptocurrencies like Bitcoin, Ethereum,
Dogecoin, and many more saw sharp surges while other coins never set a new all-time high.
Bitcoin dominance, a metric measuring BTC against the rest of the space, never set a new low. Altcoins simply have been viewed as too risky by past crypto investors who were burned and by new institutions coming into the crypto market.
The end result was many altcoins plummeting either back to bear market lows and as much as 90% or more drawdowns in many cases. But much like how those in past bear cycles eventually earned enormous profits, getting ready during the bear market aftermath is the most promising way to profit this time around as well.
Recapping the recent crypto market downturn
Bitcoin price is back at $20,000. Ethereum is back at under $1,400 per coin. Prices have returned from before the last bear market, and it has investors in shock and awe. The top cryptocurrency by market cap shed as much as 74% from high to low, while by comparison, the top altcoin fell by more than 81% in the same amount of time.
The lower down the list of cryptocurrencies ranked by market cap, the worse the carnage gets. Cardano, for example, has lost as much as 87% of its value in a little more than six months. Solana, which grew by more than 100,000% since mid-2021, has since fallen by more than 90%. Dogecoin, the popular meme coin
promoted by Elon Musk, collapsed by 93%. The billionaire had plenty of money to spare, but his followers did not.
Many other altcoins were utterly obliterated, losing as much as 99.9% of their value. Many businesses that took positions in such coins around crypto are since going insolvent.
Protecting capital from recession risk
It is now a struggle to regain trust in the altcoin market, especially after such a historic meltdown. The high-risk and ultra-high reward assets were simply too unsafe for institutions during the current macro environment. Capital has instead moved into currencies and commodities, leaving Bitcoin, stocks, and altcoins in a bear market.
But all markets turn around. Bear markets turn bullish, and uptrends appear suddenly at the bottom of a downtrend. Eventually, the crypto winter will end, and much like the last bear market, many will miss out on the opportunity to buy lows. Buying risky altcoin assets with a recession on the way might not be the safest strategy, but no exposure at all also carries unique risks.
Using the powerful trading tools at
PrimeXBT, crypto investors fearful of buying into the asset class once again can instead keep their toes in the water by margin trading cryptocurrencies and waiting for the trend to turn positive again. With leverage long and short positions on crypto-assets like Solana, Dogecoin,
Sandbox, and many other popular tokens from the last bull market, traders can make money during the downtrends and be ready for the astronomical gains of the next rally.
An arsenal of PrimeXBT Trading Instruments
PrimeXBT’s list of altcoins is massive, reaching more than 40 different trading pairs across categories like Metaverse, GameFi, DeFi, and much more. The trading platform also featured traditional assets under the same roof.
Traditional assets include the Nasdaq,
FTSE, EURUSD, gold, oil, silver, and natural gas. There are dozens of forex currency pairs, CFDs on stock indices, commodities, and much more. Traders can leverage these assets to create a portfolio that fights inflation and reduces recession-related capital risk.
More than 100 different trading instruments arm traders with an arsenal that can combat the altcoin apocalypse.
Avoid Altcoin Apocalypse with PrimeXBT
PrimeXBT also keeps traders prepared for any type of scenario with a wide variety of services outside of margin trading. The Covesting
copy trading module can let those hungry for altcoin-like returns yet prefer less risk. Covesting strategy managers in the past had an ROI as high as 90,000% profits, matching the returns of top altcoins but without all the risk of drawdown.
Covesting followers have access to stop loss and take profit tools to limit max drawdowns and secure profits when following a strategy manager. Followers can also follow several strategy managers at once for a portfolio filled with opportunities.
There is also the PrimeXBT trading academy, weekly competitions, yield accounts, and an award-winning mobile application available as a free download for Android and iOS smartphones. The app recently received a huge update with a new withdrawal system, the ability to share trades on social media, and a tool to
buy crypto using a VISA or Mastercard.
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