Will cryptocurrency and non-fungible token (NFT) markets ever recover? It’s a valid question after everything that’s happened in the past year. Prices have plummeted, scams have run rampant, and the overall market has taken a nosedive.
By the end of November 2022, the market had decreased by 70 % from its previous peak, which was in 2021. The FTX crash even pushed the market dip lower, which was a big blow to many in the industry.
The cryptocurrency and NFT markets show potential for recovery in 2023.
More people, including governments and financial institutions, are beginning to understand cryptocurrencies, blockchain technology, and its potential applications
How crypto and NFT market work
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Cryptocurrencies and Non-Fungible Tokens (NFTs) are still in their early developmental stages. Crypto is currently used as a way to transfer value, and NFTs are used to represent unique digital assets. Crypto and NFTs provide a more secure and efficient way to transfer value and assets.
5 Reasons the crypto and NFT market will recover in 2023
Here are some reasons why crypto and the NFT market will reclaim their glory in 2023.
The past performance of the crypto market is proof enough 2023 will be a good year
If you look at the past performance of the crypto market, you’ll see that 2023 is shaping up to be a good year for it.
According to exploding topics stats, 24 new cryptocurrencies are created weekly. Also, Metav.rs reports that NFTs sales volume had risen from 15 000 in 2017 to around 50,000 in 2022. This shows that there is still tremendous potential for growth in the crypto market.
There have been a number of swings in the market over the past few years, but each time it has eventually recovered. Here are some statistics according to Forbes.
In 2018, after the meteoric run-up to BTC fell 84% to $3,000 from $20,000,In November 2020, Bitcoin took a turn to nearly $17,000 in November 2020, before spiking even higher.In May 2021, BTC fell 50% from a high and recovered nearly $69,000 later that year
The market has survived hiccups during the past few years…
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