Last week, the crypto market suffered a catastrophic crash that left investors and traders alike. Weak hands were flushed out, leaving only what the community refers to as “diamond hands” behind.
The term was coined due to the precious gemstone being among the hardest substances in the world – nearly unbreakable. It requires a specific state of mind, skills, and of course, years of experience with markets.
The crash especially crushed newcomers to crypto; however, Covesting’s top strategies are still well in profit, showing that the diamond hand traders on the peer-to-peer copy trading community know how to control their emotions, manage risk, and even turn a profit from the carnage.
Here’s more on why Covesting copy trading is an ideal solution for those who want exposure to crypto but are now fearful of another massive shakeout during the ongoing bull market.
Why Did The Entire Crypto Market Crash So Hard?
Reverals begin when traders and investors least expect them to when markets reach extremes in either direction. For example, things couldn’t have been more bearish on Black Thursday, but as the legendary investing advocates of the past have recommended, buying the blood in the streets or the fear ended up being an opportunity of a lifetime.
The same was true when exuberance was through the roof around the Coinbase Global launch on Nasdaq. Well-known crypto influencers had made “bold” claims that Bitcoin would never go below $50,000 again. Weeks later, Bitcoin price collapsed to $30,000 – a more than 50% decline from the peak and much lower than the “expert” predicted.
Things started to take a turn for the worse, however, when Elon Musk began bashing Bitcoin – an asset he had previously supported publicly. The change of stance also changed the trend on crypto from bullish to bearish in the short term.
When Bitcoin collapses, it takes the rest of the market down with it. In a flash, Ethereum and other altcoins tanked as much as 50%, both against USD and BTC, proving that Bitcoin is still in charge in crypto.
Overall, the sentiment was perfect for the collapse, wiping out the weak hands that have known “only up” over the past year and then some. These new traders have now experienced something that for Bitcoin is quite common and characteristic of the volatile asset.
How Did Covesting Strategy Managers Stay In The Green?
One way Covesting strategy managers were able to stay in the green is that their experience in markets perhaps told them this was coming. With a sharp eye, technicals could have predicted a cooling off in crypto. Technical analysis tools from TradingView are available to Covesting strategy managers through the PrimeXBT dashboard, giving these traders an edge others don’t have.
With the Covesting copy trading module on PrimeXBT, strategy managers have access to the award-winning trading platform’s advanced tools, such as long and short positions, leverage, risk management orders, and much more. This means that not only were these traders able to protect their capital and open positions, but they were also able to hedge short, profit from the carnage, and get ready with a long order to profit on the way back up.
This is all in a day’s work for the most serious traders. The Covesting leaderboards are filled with elite-level traders who are all showing as much as 600% profits currently while the rest of the market is still licking its fresh wounds.
Covesting lets anyone follow any of the strategy managers listed on the fully transparent global leaderboards. By copying the trades of those who show success and risk aversion, even novices can make money in crypto without the fear of regularly getting wrecked when the market turns.
Survivors of the crypto crash or anyone who profited from the carnage could also find a home on Covesting as a strategy manager themselves. Having been among the rare few who saw this coming and were able to profit from it, it could be a sign the time has come for you to make a name for yourself and use your skills to reward your followers and change their lives and yours forever.
Did a bear market just begin? Or is the bull market still on? Don’t be left on the sidelines due to fearing another shakeout. Let Covesting traders do the leg work for you.