Bitcoin and Ethereum are up 43% and 36.2% YTD, respectively, and many other altcoins are up far more. Richard Fetyko, CEO of crypto analytics platform altFINS, believes that 2022 marked the end of the crypto bear market. With central banks slowing and pausing their rate increases in 2023, valuations of risk assets such as crypto should benefit.
BRATISLAVA, Slovakia, Feb. 1, 2023 /PRNewswire-PRWeb/ -- After a tumultuous 2022, when crypto market shrunk by two thirds, it is off to a roaring start in 2023. Crypto bear market of 2022 could be over. During 2022, crypto markets absorbed lots of tough blows following the LUNA and FTX fallout and the rising interest rates globally, led by the FED. Several crypto exchanges, brokers, investment funds and miners went insolvent during this last crypto winter including FTX, AAX, Voyager, 3AC, Celsius Network and BlockFi.
These bankruptcies further exacerbated the down spiral in prices and sentiment. Beginning in 2023, the value of the cryptocurrency market was $800 billion, down from $2.2 trillion in January of last year.
However, it appears the market has now absorbed the supply from sellers and has turned the page. Bitcoin and Ethereum are up 28% and 32% YTD, respectively, and many other altcoins are up far more than that.
With inflation easing up, that should give the FED and other central banks a reason to take their foot off the break pedal and slow or pause their interest rate hikes. US inflation dipped to 6.5% in December 2022, with a core CPI at 5.7%, down from 7.1% and 6.0% in the prior month. That is positive for all financial assets, including crypto. Another catalyst for the recent rally: interest rates.
What's the outlook for 2023?
Richard Fetyko, CEO & founder of altFINS: "As blockchain use cases (DeFi, Gaming, Web 3.0, and NFT) acquire more traction, we anticipate that institutional and individual investors will continue to adopt digital assets." If the past cycle recoveries repeat, we could see high double- or triple-digit gains in crypto markets over the next two years.
Bullish trend reversal pattern breakouts across altcoins.
During January 2023, altFINS platform detected many bullish breakouts from chart patterns such as Falling Wedge, Channel Down and Descending Triangles among many altcoins and Bitcoin as well. Such bullish breakouts are often indicative of trend reversals, which seems to be playing out now. These pattern breakouts suggest that demand from buyers have absorbed the overhead supply from sellers and prices are bound to push higher. altFINS platform features Technical Analyses and automated chart pattern recognition across hundreds of altcoins.
What is altFINS?
altFINS is an analytics platform used by hundreds of thousands of active traders to scan altcoins and find trading ideas. Since the company's launch in August 2020, altFINS continued to add new features and enhance those that already exist, such as automatic trading patterns, a screener, on-chain analytics, curated charts, watchlists, alerts, education, and research reports (Coin Picks). Visit altfins.com to get an edge in your trading.
Media Contact
Richard Fetyko, altFINS, 421 905288239, [email protected]
SOURCE altFINS
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