The Future of Cryptocurrencies

There were many bullish predictions for the future of the crypto market towards the end of 2021. Most experts believed that 2022 would see significant price hikes following more adoption of both cryptocurrencies and crypto technologies such as DeFi and NFTs.

However, the first half of 2022 has been riddled with bearish trends, with blue-chip cryptocurrencies like Bitcoin and Ethereum recording major price drops. For instance, in early November 2021, Bitcoin sold for more than $65,000 per coin, attracting a staggering market cap.

However, towards the end of January 2022, it was going for almost half that price and currently selling at slightly above $20,000. Ethereum and other major coins also recorded devastating slumps and are still in a strenuous recovering phase.

So, for how long will the crypto market remain bearish? Are there hopes for a solid recovery? What should we expect going forward?

Due to its volatile nature, it is hard to predict the future of cryptocurrency. We could be wrong the same way we were wrong about 2022. However, there are a few factors that can help us better understand where blockchain and cryptocurrency might be headed.