Bitcoin has been struggling with the $20K levels as the overall crypto market remains in a slump and traders brace for uncertainty. Nonetheless, turbulence is not new to crypto, as it has thrived through the pandemic-induced downturn and several past bear markets.
When bear markets hit, they tend to change how the average crypto user invests. Some traders look to reduce their trade frequency, wait out the market, or find ways to cut costs, a stark contrast to the FOMO brought upon by the market peaks. Others, however, remain unwavering, either trading lows or accumulating with a buy-and-hold mentality as they keep their eye on the long-term prospects.
History of long-term growth
Not considering the technological prospects, which speak volumes on their own, the crypto market’s history is filled with massive ups and downs. But, the overall long-term pattern so far is that cryptocurrency is growing, and at times, exponentially.
And, it’s not just the crypto market capitalization that’s rapidly grown, so has crypto adoption. Currently, the total number of users sits in the hundreds of millions. Still, several industry experts are anticipating billions in the coming years.
Blockchain tech offers more than just fiat alternatives
The trends that fuel the bull markets have been changing. In the past, the market was dominated mainly by Bitcoin, Ethereum, and a few others. Now, the market has matured, expanded, and ushered in a new wave of interest in areas like DeFi.
Even when leading assets have small rallies, some smaller and newer projects are experiencing greater rallies. We’re in the early stages of Web 3.0 and DeFi, the new internet era dominated by blockchain-based applications, one that seeks to improve on the challenges faced by early successful applications and projects that defined the recent DeFi boom.
Reducing costs during market uncertainty
So while some hodlers are crunching the numbers and waiting for the next market cycle, others continue diving into emerging tech and projects. For traders that go either route, cutting costs is on everyone’s minds, especially during uncertain times in the crypto market and economy. Fees can add up, whether trading regularly or accumulating for the long term.
Several mainstream exchanges, such as Gate.io, have removed trading fees on some assets to alleviate the pressure on users during the bear market. Taking Gate.io, for example, this is huge, considering it has the largest selection of cryptocurrencies of any mainstream exchange. So whatever route traders go, they can take advantage of the cost savings offered by zero-fee trading on exchanges like Gate.io.