Today's Business Buddy Blog is all about the current state of the crypto markets. This is always a hot topic because the market is always changing no matter what coin or token you look at. Let's dive into some of the main players and see how the crypto markets are fairing in 2022.
Crypto's Current State
Current State
Cryptocurrency in general has been in a steady decline from all time highs since about a year ago. Bitcoin (BTC) saw highs above 60k but has since retreated to the low 20s as of late. The same fate has plagued other key players in the crypto sector such as Avalanche (AVAX) $134 down to $22, Ethereum (ETH) $4500 down to $1500, and Cardano (ADA) $3.00 down to $0.45. This sector wide pullback has created a ripe buying opportunity for many promising projects.
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Recent History
Throughout 2021 the crypto sector boomed to new highs for almost everything in this sector and we are now experiencing the cool off or consolidation period. This is completely normal and to be expected. For those who don't remember, back in 2017 and 2018, BTC and other cryptocurrencies rose to prominence for the first time with BTC reaching highs of 20k/BTC. This put BTC on the map for a lot of people but was quickly followed by a pullback to 3k/BTC. It took Bitcoin about 2 years to make it back to the 20k mark, but after it did it quickly rose to 36k and then to the high 50s soon after that.
This cycle has repeated itself multiple times throughout the history of Bitcoin with many other currencies following the same pattern. This pullback to 20k is seen by many as a fresh opportunity for new money to invest in the crypto markets.
Future Projections
When it comes to the future of crypto, no one can say for a fact what will happen but it is certain that crypto is down and the time to buy is now. If Bitcoin behaves similar to how it has in the past, one would assume that around 2024 it should be in the mid 50s and steadily climbing to highs around 90-100k in the coming years. For this reason we're Bullish on Bitcoin and the crypto sector as whole. With the rise of virtual reality and the metaverse, it doesn't look like crypto is going away any time soon!
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