After the pandemic struck, global monetary policy created a glut of liquidity, and it pushed Bitcoin, Ethereum, and other cryptocurrencies into a raging bull market. Meme coins like Dogecoin exploded with more than 20,000% growth – few thought the upside would ever end in the emerging asset class.
Yet a brutal crypto winter struck when the market was most blinded by greed. The same cryptocurrencies that saw unprecedented gains have since corrected by 90% or more. Rather than suffer through the ongoing drawdown, PrimeXBT can provide refuge from the treacherous crypto winter and help traders weather the storm.
Here is how PrimeXBT leveraged shorts and longs can rescue traders from the troughs of a bear market.
PrimeXBT Was Born During the Coldest Crypto Winter
While many trading platforms are scrambling to address dwindling trading volume during the ongoing crypto winter, PrimeXBT continues to grow rapidly as a platform that was born during a bear market back in 2018.
PrimeXBT launched during the last crypto winter and not only helped traders survive, but they were able to stay profitable. Margin trading platforms at the time were among the most popular because they provided the ability to go short with leverage on cryptocurrencies like Bitcoin, Ethereum, and others.
Rather than having to go to cash or take losses, PrimeXBT traders can open a short to fade each dead cat bounce or bear market rally. This keeps profits piling up even when prices are falling. The platform also provides the flexibility to open a leveraged long when these assets turn bullish again. Built-in technical analysis tools make spotting potential trend changes or reversals possible on the same platform you trade at.
PrimeXBT Takes the Chill Out of The Current Crypto Twitter
That was then, and this is now. The game has changed quite a bit, and PrimeXBT has evolved to stay ahead of all trends. PrimeXBT has only increased the number of tools available to traders since its inception. The platform has taken a more serious tone, adding traditional assets like stock indices, commodities, and forex currencies, while staying true to its roots in cryptocurrencies by adding even more altcoins.
The list of trading instruments is now massive, clocking in at more than 100 in total across the most popular markets today. Trade gold, oil, Bitcoin, the S&P 500, and more with just one account and under a single roof. All of these markets are also available while on the go using the free PrimeXBT iOS and Android apps.
Proper diversification is another way traders can survive the cold of the crypto winter. Positions in gold or oil could have softened the overall impact of crypto on a portfolio. Long and short positions can also be used to hedge against spot positions, options contracts, and other unique portfolio positioning.
Survive The Crypto Winter with Covesting And PrimeXBT
When all else fails, traders can look to the strength of others who have survived such crypto winters in the past. PrimeXBT is also home to the Covesting copy trading module. The tool is filled with experienced traders who are ranked by ROI in a global leaderboard system. Followers can use the leaderboards and its data to select which strategies to follow.
Followers can build a diverse portfolio of strategy managers to spread around risk and access more potential profits. Followers also get tools to take profit or manage against max drawdowns. With these tools in place, and the right trader followed, the crypto winter will soon turn to spring once again.
Although crypto winters can be brutal and challenging to survive, like any of the harshest winters, they always lead to new and sustained growth as the neverending cycle continues. Knowing what stage of the cycle the market is in and what to do when they appear comes with experience. Surviving takes the right tools. Survive the crypto winter with PrimeXBT.
