The market is gradually recovering; Bitcoin is getting close to forty thousand dollars, Ethereum has broken $2,600, many altcoins are also recovering to the extent that some small capital altcoins have done a 2x in the past 24hours.
We recently experienced the worst crypto market crash so far, which was caused by several FUDs. But from the look of things, it seems that the market is gradually recovering, and the worst may be over. Irrespective that the market is looking better and recovering, we must keep in mind that the crypto market is very volatile. The volatility may continue if there is breaking news of some sort.
With the ongoing Consensus, things may begin to look better. The bull run of 2017 kicked off after a Consensus in 2017, it may not have specifically been because of the Consensus, but it happened to start picking up right after it. After the 2017 Consensus, things began to pick up, and the crypto market broke new all-time highs for the crypto global market capital and hit a peak of about 116 billion dollars.
Where we are in this current bull market is quite identical to the market crash we had after the first new all-time highs we saw in mid-2017 after the Consensus where the global market nearly peaked at 120 billion dollars in market capitalization.
The market still experienced several market corrections after that, but it is simply proof that the market corrections are completely normal; things do not just begin to go upwards forever, which is why it is advisable to have a good entry and exit strategy in the market so that you will know when you want to be buying or selling and how you will be taking these market crashes as an opportunity instead of panicking.
If history repeats itself, Bitcoin will be peaking out over a hundred thousand dollars by the end of this year. We are barely at the beginning of institutional adoption in the crypto space. There are only a few companies that are really into Bitcoin; Tesla and Microstrategy. These companies can continue to dollar cost average and accumulate more Bitcoin while other institutions get involved in crypto and hold.
Today is the first day of the Consensus event, it is just beginning, and we are already getting huge announcements from it. Ray Dalio came out to say that he was into Bitcoin and Elon Musk tweeted something good about Bitcoin and Dogecoin.
With the environmental effects of Bitcoin mining, Cardano being proof-of-stake is getting a lot of attention. It is also set to become more decentralized than Bitcoin.
The market crash shook out many new retail investors. Still, it is not that much of a problem because the crypto space is very volatile. It was not until recently it began to get a lot of exposure and grab the attention of institutional investors. There will be major market corrections, shakeouts, and manipulations; this is not the first time it will be happening, nor will it be the last.
