We all know that in the start of 2022, the crypto market was flourishing and it was one of the best investing spots. However, the sudden crash of some dominant coins initiated the sink of the whole market and now we are here waiting eagerly for the market to recover. The whole market sink is not just because of this reason, there are also some other variables affecting stocks and different other assets. Consumer prices are flooding at the quickest annual speed as compared to the last 40 years, and we are also witnessing a raise in interest rates to cut down inflation.
In November 2021, the Bitcoin touched its all time high and now we are experiencing its price going down to 70%. Not just bitcoin, its rivals are also suffering in this situation.Also, Binance, the biggest crypto exchanging platform suspended the bitcoin withdrawals temporarily due to the trades.
While cryptocurrency investors who invested in top coins are in stress, comparatively smaller coins are managing significant hits as well as backers develop concern about the ecosystem and token survival that are as yet beginning at the edge of a bear market. There are still approximately 44 tokens with a market cap of $1 billion as per the information by CoinMarketCap.
According to experts, while cryptomarket is sinking, it is high time that we invest in the coins we trust because it can give us huge profits in future. The whole concept is to believe in long term investments so putting your money in the market at this point is risky but can be fruitful later.