It’s fair to say that 2022 was a disappointing year for the cryptocurrency landscape. However, as momentum steadily builds within the industry in 2023, is it finally time for institutional investors to brace themselves for a cryptocurrency bull market?
At the beginning of 2023, the cryptocurrency ecosystem had been looking worse for wear in the wake of a year of great economic challenges sweeping through traditional financial markets. Record-breaking inflation, geopolitical tensions and widespread tech stock sell-offs carried great ramifications for crypto, and the total cryptocurrency market capitalization suffered as a result.
As CoinMarketCap data shows, the total crypto market cap fell from a peak of around $3 trillion in late 2021 to just less than $800 billion by the end of 2022.
“This is now the crypto ice age,” Alex Au, founder of Alphalex Capital, told Nikkei Asia in December 2022. “I think that 2023 will continue to be subdued in the crypto market, mainly because of people’s confidence.”
Despite Au forecasting a quiet 2023 for crypto, we’ve seen…
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