Will crypto rise again? This is probably one of the biggest questions on the minds of every cryptocurrency user these days. The global cryptocurrency market has crashed massively in the last two weeks with several top crypto prices dropping to new lows in 2022. The price of one of the top cryptos (Luna) even became almost equal to zero in the current downturn.
However, despite the massive crash, this is probably not the worst global crypto community has faced till now.
“In the past 9 years of operation of our company, we have seen multiple bear markets. We are not sure if the present dip is an indication of the bear market yet. Every bear market in the past has seen a recovery in 2-3 years and I don’t see any reason for this time to be different,” Sathvik Vishwanath, Co-Founder and CEO, Unocoin, tells FE Online.
Om Malviya, President of Tezos India, says the crash hasn’t been on such a massive scale as it was seen back in 2019.
Malviya thinks cryptocurrencies can expect a recovery as soon as the world reverts back from the global economic meltdown. “The market sentiments definitely get disturbed by a blow like this. However, it revives only when the poorly built systems get eliminated.”
Meanwhile, the global crypto markets seem to have managed to weather the recent crash storm and several bluechip cryptos are again in the Green. Bitcoin has rebound to $30,000 level.
At the time of writing this, cryptos like BNB, Cardano, XRP, Solana, Polkadot and Dogecoin have gained up to 9 per cent in the last 24 hours. While the global crypto market cap has increased by 3.36 percent to $1.31, Solana price jumped over 7 per cent to $53.6. Avalanche (Avax) price has increased by 8.52% to $32.09.
Crypto markets seem to have have managed to weather the stablecoin storm, and blue-chip cryptos like Bitcoin rebound to $30K levels.
Crypto industry insiders continue to be optimistic about market recovery.
“Yes, being a crypto optimist, I believe it will recover. Do Kwon’s plan shows the will to make a comeback; however, it’s hard to gain the same value; it seems like repaying a loan by taking another loan which is not a sustainable model. On the other side, other major cryptos should come back stronger by building a sustainable future for crypto such that Ethereum is working on the next stage of evolution. This crypto winter might not be over soon, but it will come back,” says Dileep Seinberg, founder and CEO of MuffinPay, a crypto and fintech company.