Too soon to predict how long crypto markets will stay green, say experts 

Cryptocurrency markets are showing signs of recovery as the global crypto market cap breached the $1 trillion mark and went up 6.65 per cent, data from CoinMarketCap showed. Bitcoin has reclaimed the $22,000 mark after rising 5.92 per cent over the last 24 hours. Several altcoins showed double digit recovery. Ethereum’s Ether token rose 13.52 per cent while Solana’s SOL recovered by a significant 10.24 per cent. Polygon's MATIC gained a significant 20.55 per cent. AVAX token of Avalanche blockchain network boomed 10.23 per cent. Will the crypto markets be able to sustain this growth? This is what experts have to say:

End of crypto winter?

Sharat Chandra, Vice President, EarthID, a web3 platform, told Business Today, “Overall, crypto sentiment is improving, supported by the revival of investor optimism about the global economy and the Fed's monetary tightening.”
Shedding light Bitcoin, he said, “Bitcoin touched the $22,500 mark recording its highest score since June.  If Bitcoin continues to hold above the $22K mark for over two weeks, crypto winter might be on its way out.”

Charles Tan, CMO of Atato Tech however believes it is too early to take a call on whether the bear markets have run their course. He told Business Today, “It’s important to note that it will be too early to call it a bull market as we will have to see if the current momentum is sustained over the next few weeks.”

Tan further added, “The resilience of the crypto market has been tested thoroughly during the current bearish phase, whether a recovery is on the cards yet appears too soon to be seen.”

Good news for Ethereum

Both experts seemed to have positive forecasts about Ethereum. Chandra said, “Ethereum witnessed a strong recovery over the last five days. Technical indicators for ETH signal that an immediate bull run is in the offing.”

Tan reasoned that Ether’s growth could be attributed to the steady transition in its consensus mechanism. He said, “Ethereum’s latest upgrade has sparked investor interest and the announcement that Ethereum will be moving towards a more energy-efficient proof-of-stake mechanism which may have contributed to a rally over the day.”

Also Read: Bitcoin at $22,000; crypto markets reclaim $1 trillion m-cap; Is the crypto winter at an end? - BusinessToday

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