The rate of cryptocurrencies in the past few months was on the decline, but by mid-June there was a breakthrough, the most unpleasant for crypto assets owners. Bitcoin fell to $20,000 and Etherium to $1,000. These are the lows since December 2020.
Times appear to be tough for crypto enthusiasts. But don’t panic — all the technological innovations pass through phases of rapid growth and stagnation. Crypto market has already experienced it in late 2017 and 2018. After that we witnessed a soaring rise and massive interest in crypto and NFTs. This market is one of the most volatile, even despite the huge amounts invested in digital currencies.
Since then the market gained more adoption and spread widely throughout the world. Now the market has so many involved parties that very soon we will see the bulls again.
And while we are waiting — our top managers have prepared clear instructions on what to do in such market conditions. Follow our advice to find benefits and even grow your business whilst everyone is frozen!
Best strategies to overcome a bitcoin bear market
It is crucial to understand the ways that will help your business survive and even grow. Let’s dive deeper in the working strategies and survival hacks that will get you through the rough times.
Think about capital efficiency
When the crisis comes the most important thing for startups and businesses in general is capital efficiency.
You should check burn multiple which is your net cash burned divided by your net new ARR in a given period.
Focus on fundamentals
Fundamentals are the main performance indicators of your business. In Symbiosis, for example, these are the total number of transactions, the number of unique addresses, and the average check.
Even if you are just starting out and not making any money, you can use the fundamentals growth to leverage the business and gain extra investments. The most important thing is to show a performance for the investors and the community — they should see the activities and development of the project.
Invest in long-term partnerships
Build long-lasting strategic partnerships and relationships, not for marketing purposes, but to be prepared when you would need this partner in the next 6–8 months.
Even if you don’t need partners today, think strategically — whom you will potentially need. Start working on collaboration and build trust relationships as well as all the technical background to make this happen.
This is not the end
As we explained before, the bear market is something that occasionally happens with the crypto world. Smart traders and projects get benefits from this situation and don’t make any emotional decisions.
By following the advice above, you will definitely reduce the chances of falling prey to crypto bears.
Follow us on social media