There’s a proverb that implies it is not wise to sell the skin of a bear before nabbing it.
Well, this statement justifies why a person who sells stocks expecting a price drop is referred to as a ‘bear’. It implies that a market where commodities or securities are continuously falling in value is called a ‘bear market’.
In the recent past, things haven’t been looking good in the crypto world as well. The prices of cryptocurrencies have plunged with a few crypto projects going busted. The mainstream media news have the common headline that ‘crypto is dead’.
However, people who have been in the field of cryptocurrencies for some time now have experienced it all earlier too. The crypto market is extremely volatile, featured by bull and bear markets. In bull markets, you can expect the prices to see a double-digit surge even on a daily basis. During such times, it seems as if the market will always stay up. On the other hand, in a bear market, prices may drop by an unimaginable 90% and continue the same trend for the next few days or months.
In spite of the market being bearish, consumer confidence among crypto owners is stronger than that of the general public. According to a crypto market analysis, the consumer sentiment index is 16.4 points higher among crypto owners than the average American adult.
The high price expectations of crypto holders for Bitcoin (BTC) is the key driving factor for their optimism. An average crypto owner would expect that the price would regain in the next few months.
Recovery of prices is very important for any average crypto owner. This is because almost 66% of them consider crypto as a means to generate revenue as against using it as a means of payment.
