Will Crypto Recover: As The Crypto Market Crash Continues, Holders Ask When Will Crypto Recover

Credit: Jan Baborak/Unsplash

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.

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?

Will Crypto Recover?

The current bear market sentiment has led several cryptocurrencies to fall below their average trending prices. At press time, Bitcoin is sitting at $21,200 while the second-largest crypto by market cap, Ethereum, is trading at $1,104. The global crypto market cap has now dropped below the $1 trillion mark.

Several factors have affected the prices of cryptocurrency this bear season.

Some of the leading factors include Celsius Network's decision to halt its withdrawal which triggered a market-wide crypto crash.

Another reason cryptocurrencies are falling is due to increased inflation 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. He said:

"The previous ones came in 2011, 2013, and 2017. But if you zoom out, all you see is progress. These cycles appear chaotic from the outside but have an underlying order."

• Read More: USDT Depeg: Could Tether Depeg From $1?

The Co-Founder of Polygon Sandeep Nailwal has also reiterated similar sentiment stating that he's bullish on web3 and crypto market recovery.

In an interview with Verdict, Alan Vey, the founder and CEO of blockchain network provider Aventus stated how the bearish crypto phase is necessary to "weed out irrelevant crypto projects."

Of course, not everyone is convinced. Bill Gates spoke about cryptocurrency during a TechCrunch event on June 14. Criticising NFTs and crypto, he said they are: "100% based on greater fool theory."

Gfinity Esports is supported by its audience. When you purchasethrough links on our site, we may earn an affiliate commission.Learn more.Looking for specific products? VisitStockinformer.co.uk / stockinformer.com.

ncG1vNJzZmivp6x7qLLIp6CtsZWovbC%2B06xlnKedZLCzxc%2Btppytoqeyr6%2FYaK6ipJxisLPFz62mZqqVmLy3sdFmpJqqm5rBbq%2FRmqqhZw%3D%3D