The ever-volatile crypto market has been an exciting place for global investors; the market has offered considerable returns in the past, and its market cap has surged over the last decade. However, the year’s start brought dark clouds to the crypto atmosphere. Recovering from the sky-high inflation rates and unsupportive economic factors, the US center introduced policies that influenced the crypto market, leading to a historic market crash. Several cryptocurrencies, including Bitcoin and Ethereum, plummeted. The present consolidation phase hasn’t been able to secure the market’s fate. Fxstreet reports that Bitcoin and Ethereum were trading at $21,400 and $1,640, respectively; they have a long way to go to reach their peak prices, which seems improbable now.
Cryptocurrencies have a broken back
The market analysis paints a sorry picture for analysts and investors; they are worried about the market’s fate and the price recovery. Various cryptocurrencies showed a price fall on Wednesday. The two crypto giants, Bitcoin and Ethereum, have been on a falling spree for the past week. Experts are unsure of Bitcoin’s market trend amidst the declining stock market. Ethereum, too suffered a price decrease today as the investors await the next month’s merge. Overall the present market is disappointing for investors despite a few promising signs here and there.
The Crypto market might remain unchanged for the next month
Fxstreet reports that the CoinShares strategy director Meltem Demirors feels that the crypto market might not change until September’s end. He is pessimistic about Bitcoin at present. However, Demirors believes that Bitcoin will be a force to reckon with over the next decade. Reports suggest that the Dogecoin foundation’s developers will announce a DOGE-ETH bridge launch by the year’s end; it will shift DOGE from the Dogecoin blockchain to the Ethereum network, which will mark a revolutionary moment in the currency’s history.