The crypto market’s flaws provide a sobering backdrop to bullish predictions, but supporters remain unfazed.
According to a trading platform, Crypto.com, 1 billion people will invest in cryptocurrencies by the end of this year. Also, this month’s continued decline in risk assets has seen Bitcoin lose roughly 45% of its value since its peak in November.
It’s enough to reignite fears of a protracted bear market similar to the one that occurred in 2018. However, evangelists are refusing to back down from calls for widespread use and rising prices.
The vast majority of the population who put money in digital assets do so with the intention of profiting. But high-profile figures have supported cryptocurrencies, using Bitcoin as payment, leading to speculation about widespread adoption.
Gritt Trakulhoon, an analyst at Titan Global Capital Management USA Inc., believes this year will be the first year where you cannot say crypto is not mainstream anymore.
Crypto Market Awaits Further Fluctuations
Cryptocurrency prices have seen a fluctuation in value over the past few months, and more occurrences of fluctuation may be on the way as the economy grapples with ambiguity about Federal Reserve borrowing rate raises, according to Anastasia Amoroso, the chief investment strategist at iCapital.
According to FTX CEO Sam Bankman-Fried, the $1 billion mark is a distinct possibility. In an interview, he claimed that certain applications have almost a billion users, so if one of them ends up onboarding many of their users to crypto, it might bring them fairly close.
In addition to this, it should be noted that throughout the history of Bitcoin and cryptocurrencies, they have seen multiple ups and downs and heavy fluctuations. However, one thing that has been constant is that the market has always thrived after every bear market and it has made its investors rich.