Thanks to a months-long shakeout, the crypto market experienced one of the most drastic drawdowns in its history in 2022. But questions are arising about when (if?) major cryptocurrencies will recover.
With a loss of more than half their value, one could argue that these cryptocurrencies can’t recover. But when you zoom out and look at the overall picture, things aren’t that bad for bitcoin and ether, despite what transpired this year.
Let’s look at how significant crypto and global events from this year affected the two biggest cryptocurrencies.
When the Terra/LUNA ecosystem collapsed in early May, within about six weeks, over a billion dollars of the total crypto market cap was wiped out, dropping from about $1.8 trillion to about $820 billion, data shows. Comparing against the largest cryptocurrencies again, bitcoin and ether both fell over 50% in that period.
Just focusing on that event, the decline looks (and, fair enough, was) brutal.
Will Bitcoin and Ethereum prices stagnate, sink or rebound in 2023? by Jacquelyn Melinek originally published on TechCrunch