Are there possibilities of crypto recovery in 2023?

The crypto world is a hub of numerous topics to explore for. With websites like Cryptoknowmics, you can find the top Polkadot wallet or say most used Polkadot crypto wallet. And some of the best examples include Coinbase.

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It is the best Polkadot wallet known. But today we are not here to discuss any Polkadot wallet app but on the possibility of crypto recovery from the bearish phase. 

As we all can witness cryptocurrency including the foremost crypto Bitcoin has been through a rough phase since last year. And it is not only the crypto market that has experienced a slump, the stock market has also been down. This bearish market phase of cryptocurrency has been named crypto winter by industry experts. But now there is a question, which is will the crypto winter come to its end like the bear market for stocks? Are we going to witness it or not?

Is there hope for crypto recovery?

Other than crypto users, even retail investors and finance experts are also wondering whether there are any upcoming possibilities for crypto recovery or not. Well, there is hope for cryptocurrency to recover from the slump. Most of the major coins need to allow the crypto winter and gain a long-term value. But the downside part of cryptocurrency is its vulnerability to volatility. 

Hence, it would be too early to predict that these digital assets will make a strong comeback, mainly in the case of those coins with less valued and aren’t so popular. To know about the chances of recovery by cryptocurrency, it is very essential in knowing the underlying factors that are responsible for the dip in the prices of Bitcoin and altcoins. 

Evaluating cryptocurrency crash

From 12th October last year to the current year, there has been a fall in the price of Bitcoin by 67%. The current value of this latter crypto was $19, 587.35 on 17th October which was lesser by 70% in comparison to its ATH of $64,912.20 in 2021. Ethereum, known to be the closest altcoin to Bitcoin also experienced a fall of 64% in 2021. Since its peak, it has lost more than 72%. After Bitcoin and Ethereum, many other altcoins also followed the Bitcoin pricing trends, resulting in a major drop of 60% since 2021 to $900 billion from $2.3 trillion. 

Predicting the future of crypto; are there any positive signs?

Well, those hoping for the comeback of crypto after the bearish phase might still have to wait for a long, because there are still no positive signs to be seen. Bitcoin and other altcoins have shown no improvement and are still in a downward state although at a very slow rate in comparison to the last months of 2022.

Conclusion

So yes, there are very less chances of crypto recovery. It has been said that most of the coins might not be able to even exist following the down of this current crypto winter winds. Many cryptos which are considered highly speculative and prone to volatility might get crashed with no hope of their return. But this might not be the similar case with blue-chip crypto like Bitcoin, as it can face the storm.