The crypto market has seen a mass crash in the past two weeks. Top cryptocurrencies like Bitcoin are no exception. We will never forget Luna’s accident, which lost most of its value in a short time. However, despite the massive crash, with the crypto market’s constant volatility, this is probably not the worst the community has faced so far.
Speaking to FE Online, Sathvik Vishwanath, Co-Founder and CEO at Unocoin said: “In the past 9 years of operation of our company, we have seen many bear markets. We are not sure if the current drop is a sign of a bear market yet. Every bear market in the past has seen a recovery in 2-3 years and I don’t see any reason for this time to be different”.
Om Malviya, President of Tezos India also said that, compared to the incident that happened in 2019, this collapse is still not too serious. He believes that cryptocurrencies will likely recover as soon as the world bounces back from the economic meltdown. “The market sentiments definitely get disturbed by a blow like this. However, it revives only when the poorly built systems get eliminated.”
Meanwhile, the global crypto market showed some signs of recovery on Monday after struggling for days to recover. Bitcoin has recovered to the $30,000 level. At the time of writing, top cryptocurrencies like BNB, Cardano, XRP, Solana, Polkadot, and Dogecoin have increased as much as 9% in the past 24 hours. The global crypto market cap also increased 3.36 percent to $1.31, Solana price jumped more than 7% to $53.6. Avalanche (Avax) price jumped 8.52% to $32.09.
With the above positive signs, the crypto community has reason to remain optimistic about the recovery as well as the future of the crypto market.
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