To better understand the direction of the Crypto market this year, we have to understand some basic terminologies like, what is a bear market? The Bear market is a situation where the market experiences a downward trend over an extended period. The bull market, on the other hand, is a situation where the market experiences an upward trend over an extended period. This is the opposite of a Bear market.
With Bitcoin crossing the $24,000 price mark in February 2023, we have seen different speculations hinting at the end of the Crypto winter season. While other analysts are of the opinion that this is just a short-term relief and it will take a lot more to take us out of the red zone considering the ripple effect caused by the collapse of the crypto exchange FTX that occurred in 2022.
The Crypto market last experienced a bull market in 2021 when Bitcoin hit an all-time high of $68,789 but has since then dropped to an all-time low of $15,473. A recent study by the DeVer group showed an increased interest among high-networth individuals in investing in Crypto assets.
The thoughts of an extended bear market and inflation have led to the laying off of over 3000 staff across different Crypto related firms. On the brighter side, despite the present situation, Web3 companies are still sprouting up and hiring new talents to join them in building great Web3 products. As the saying goes, within the crypto space, "keep building, focus on the technology and ignore the price."
So what's your thought about the direction of the market in 2023? You can let us know by dropping a comment on our different social media platforms or having a discussion in our community with like-minded professionals.
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