For the past several days, the cryptocurrency market has been crashing hard. It is shocking, as Bitcoin, Ethereum, and even Ripple have decreased by about 25%. Many more HODLers began to lose hope, and they are looking for answers. So, here is what you can do right now to have a winner mindset in this difficult situation.
Cryptocurrency Is a Long-Term Investment
All humans tend to overestimate new technology in the short term and underestimate it in the long term. If you invested in digital coins, think of cryptocurrency as a long-term investment. A digital asset can bring you a return in ten years. So, if you are looking to capitalize off of the value of your digital asset, learn how to wait.
Learn to Trade While You Wait
While waiting for the value of digital currencies to go back up, learn how to trade and how to enrich your portfolio during stagnant times. Use tradeview.com to get clues of what to purchase. Buy altcoins at low prices, and sell them when their prices go up, for top digital coins such as Bitcoin, Ethereum, or Ripple. Invest in ICO altcoins at their lower prices, and then make profits when you sell them after their prices increase. But, do not sell off your main cryptocurrencies whenever you need cash.
How Do I Get a Cash Loan? What Is a Cryptocurrency-Backed Loan?
If you absolutely need cash while you are HODLing to your crypto assets, you can try to get a crypto-backed loan. By using your Bitcoin, Ethereum, Ripple, or Litecoin as collateral, you can borrow cash when cryptocurrencies are at its lowest. Then, once the crypto prices go back up, you will pay the cash loan plus interest and receive your crypto collateral back. Compared to the losses you might have from selling your top crypto, the loan fee of 3-13% is nothing. To get a cash loan in a quick and risk-free way, try YouHodler.
YouHodler is a highly reputable loan service provider that has been featured by the top 10 crypto news publications from all over the world. The company offers the fastest loan service, the highest loan-to-value ratio, collateral wallets to use the top cryptocurrencies, and an easy-to-use interface. Just sign up to create an account, and apply for a loan (the tutorial is available on YouHodler’s website).