Cryptocurrency has officially entered the bear market phase, with the value of several altcoins and stablecoins plummeting to 90% below their all-time high. The current negative crypto market scenario has compelled investors to speculate on when will crypto recover?
After the recent Luna crypto crash, several leading cryptos are now down. This is all thanks to the existing bear market sentiment that also triggered a massive NFT market crash.
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The recent crypto crash has led several crypto enthusiasts to worry, prompting them to contemplate and ask questions related to when will the crypto market regain its former glory?
When Will Crypto Recover?
The current bear market sentiment has led many cryptocurrencies to fall below their average trending prices.
The global crypto market cap has yet again fallen below its $1 trillion mark and now sits at $918 billion. The bear sentiment continues to affect the prices of the whole market.
At press time, Bitcoin is sitting at $19,074.10 while the second-largest crypto by market cap, Ethereum, is trading at $19,074.10.
However, it would be too early to anticipate bullish numbers considering the ongoing bear market is yet to end.
The NFT market crash alongside the news of the Coinbase bankruptcy rumours has impacted the overall crypto market negatively, tempering its bullish stance and not permitting the market to break free from its ongoing bearish mode.
Apart from that, several other factors have affected the prices of cryptocurrencies this bear season.
Some of the leading factors include Celsius Network’s decision to halt its withdrawal which triggered a market-wide crypto crash. The recent crypto crash has affected several crypto firms including Voyager capital who’s the latest crypto company that has filed for bankruptcy.
Another reason cryptocurrencies are falling is due to increased inflation, disappointing CPI data and decreased user interest.
While cryptocurrencies are struggling to stay afloat, several crypto critics are also bullish on Bitcoin, adding that the bear market sentiment won’t last long. Andreessen Horowitz, a venture capital company, released a State of Crypto report stating that this is the fourth crypto winter.
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