The common theme of the advice revolved around focusing on long-term goals and avoiding short-term distractions, be it price volatility or negative mainstream news.

The 2022 crypto bear market has erased over 70% of the market cap from above. The total crypto market capitalization hit $3 trillion at the peak of last year’s bull market, but is currently struggling to stay above $1 trillion.

At a time when most cryptocurrencies are moving sideways without significant upside momentum recorded in months, it can be a bit frustrating, especially for those jumping to the top of the market hoping to make some quick cash .

As the crypto winter worsens, the Reddit crypto community has shared their coping mechanisms and some “serious” tips to stay on top of your mental health during this cyclical event.

One Reddit user wrote that they are in it for the long haul, so they ignore charts and daily fluctuations:

“I ignore the charts and make sure I have a full-time job so I always have income I can rely on. It’s a long-term game for me, so I treat it like one. Daily fluctuations don’t matter if you don’t at all sell
Another user in the thread advised to adjust the news because most of the media today is “sensationalizing everything.”

One user gave golden advice: don’t invest more than you can afford to lose and said that until the bull market returns, they followed the Dollar Cost Averaging (DCA) theory of investing. DCA is the practice of systematically investing equal amounts of money at regular intervals, regardless of the price of an asset.

Related: Reddit Users Share ‘Reasonable’ Goals in Response to Crypto Billionaires Survey

While crypto veterans who have been in the game for a long time realize that bear markets can be long but eventually end, new traders who jump on the crypto bandwagon due to hype or peer pressure may not. For them, one user suggested the importance of going outside for fresh air, writing:

“I can’t stress enough how important some fresh air and time outside can be. Are the graphics getting you down? Go for a walk, it will help you wonderfully. Remember that the best investment you can make is in your mental health.
The Reddit thread on how to deal with a bear market had a common theme, namely focus on the long term and forget about daily price volatility. The crypto winter may go on for years, but in the end it is a cyclical event followed by a bull run.

Source: CoinTelegraph