Following a catastrophic year in 2022, Bitcoin and other significant cryptocurrencies exploded in January of 2023, rising to their greatest levels in months as U.S. inflation continued to decline. The crypto markets also experienced an impressive increase in February.
However, things are now not going as planned. The global crypto market cap is $1.09T and has slightly declined over the week. The market has witnessed a 2.19% decrease since yesterday and it continues to dip.
The situation is not entirely bleak though, some analysts say things are looking bright for the cryptocurrency industry, let’s explore.
A Bullish Prediction
In a recent tweet, Ran Neuner, a CNBC crypto trader and the founder of Crypto Banter, made some predictions regarding the US market. In light of the changes in the US stock market, he claimed that this market is particularly robust. Overall, he seems bullish.
The recent decline is seen by analysts and professionals as a routine correction rather than a reason for concern. A correction is typically characterized as a drop in a security’s price of 10% or more from its most recent peak. A correction can affect an asset, index, or market for a short while or for extended periods of time—days, weeks, months, or even longer. The typical market decline, however, only lasts three to four months on average.
A Pessimistic Outlook
However, not everyone is this bullish about the future of the crypto markets. The largest cryptocurrency’s price, according to Peter Schiff’s forecast, would once more go below the $18,000 mark. Schiff’s pessimistic forecast was made after the leading cryptocurrency reached its highest level in a number of months after reclaiming the $21,000 milestone once more.
Jim Cramer also has a pessimistic view of cryptocurrencies. He has urged investors to give up their “magic internet money” yet again.
Reasons To Worry
Let us observe the performance of the most prominent cryptocurrencies today. The Bitcoin (BTC) price is $24,197, Ethereum (ETH) is $1,644, Cardano (ADA) is at $0.38626900, Tether (USDT) is at $1.00, the Binance Coin (BNB) is at $308.07 and XRP token is at $0.39016735.
The NASDAQ Composite Index (COMP) is currently at 11,492 which has significantly reduced over the week. The Dow Jones Industrial Average is at 33,129 which is a dip of -3.26% over the week.
Community sentiments
The crypto community sentiments seem to be positive overall. Many of them have agreed with Ran Neune. Some have said that the crypto market has barely started pumping so the future looks exciting.
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