Bitcoin, the poster boy of crypto, recently took a few major hits but has been recovering slowly too. Its resilience has been great and a testament to how well the DeFi system is to take on anything.
BTC crossed the $21k mark and got over last week’s losses. Its market capitalization also increased by 1.5% and has been steady since then. But some experts are still wary of the recent surge in its pricing. With inflation at a 40-year high and Celsius filing for bankruptcy, they have been in a pickle for some time now.
They also claim that Bitcoin’s resilience does not mean that it will aid its recovery. The short-term outlook is still that the bear market will prevail. This means that although the BTC is recovering it will be slow and not reach any new peaks anytime soon.
Even the Dollars has been its weakest against the Euro in 2 decades and now does not hold the same power as it used to. With all this in mind, there are chances that the crypto winter might be coming soon.
With altcoins also recovering slowly while some of them are now defunct, cryptocurrencies have seen better days. ETH closed at $1,266 recently and QNT recovered by 13%.
But this has not slowed down adoption and many countries are embracing them with open arms. Australia and Singapore are two of the most proactive supporters of Cryptocurrencies. Buying on the dip and holding onto your crypto assets is your best bet right now.