Cryptomoneda has officially entered the low market phase, where the value of various altcoins and stablecoins falls by up to 90% below its historical maximum. The current negative scenario for the cryptocurrency market has forced investors to speculate when cryptography will be restored?
Following the recent collapse of Luna’s cryptocurrencies, several leading cryptocurrencies are now in decline. All this is thanks to the low mood that exists in the market which has also undermined a massive downturn in the NFT market.
The recent collapse of cryptomoned has led some cryptomoned enthusiasts to be preoccupied, prompting them to consider and ask questions related to when the cryptocurrency market will regain its former glory.
Will the crypto be restored?
The current sentiment of the low-income market has caused several cryptocurrencies to fall below their average trend prices. At the time of publication, Bitcoin is hovering at $ 21,200, while the second largest cryptocurrency by market value, Ethereum, is hovering at $ 1,104. The capitalization of the global cryptographic market has now dropped to below $ 1 billion.
Several factors have affected the prices of cryptocurrencies during this low season.
Some of the key factors include Celsius Network’s decision to keep its retirement, which caused a cryptographic crash across the market.
Another reason why cryptocurrencies are growing is due to rising inflation and declining consumer interest.
While cryptocurrencies are struggling to keep up, some cryptocurrencies are also optimistic about Bitcoin and agree that the mood in the bastard market will not last long. Andreessen Horowitz, a venture capital firm, published a report on the state of cryptocurrencies indicating that this is the cryptocurrency space. He said:
“The former ones are coming in 2011, 2013 and 2017. But if you go, all you see is progress. These cycles look smooth from the outside, but have a subordinate order ”.
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Polygon’s founder Sandeep Nailwal also echoed a similar sentiment when he said he was optimistic about the recovery of web3 and the cryptocurrency market.
In an interview with Verdict, Alan Vey, founder and CEO of the provider of the blockchain network Aventus, said that the basic cryptographic phase is necessary to “eliminate irrelevant cryptographic projects.”
Of course, not the whole world is convinced. Bill Gates spoke on cryptocurrencies at a TechCrunch event on June 14th. To criticize NFTs and cryptocurrencies, it says that they are: “100% based on the theory of bigotry”.
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