The worldwide crypto market valuation was $2.2 trillion on January 1, 2022. However, on May 20, it was at $1.29 trillion, signifying over 40% loss since the start of the year, according to statistics.
Since the commencement of 2022, the market cap has lost $910 billion owing to a number of factors, including gloomy sentiment.
Crypto Fear and Greed Index
The Crypto Fear and Greed Index (CFGI) has dropped to its lowest point since the index’s creation over two years ago. This well-known technical measure examines a range of metrics, comprising marketshare, fluctuation, volume, social media, and polls, to evaluate market players’ thoughts and sentiments.
The market’s mindset appears to have been influenced by the downward trend. Bitcoin’s price has decreased almost 35% since the beginning of the year.
Bitcoin recovers over $30,000
Bitcoin has recovered over $30,000 after falling to an 18-month low over the weekend.
Bitcoin’s fluctuating pricing comes as El Salvador’s President Nayib Bukele hosts experts from 44 countries to explore adoption.
Harry Dent, the economics expert and founder of HS Dent Publishing, mentioned his market overview for Bitcoin. He said digital assets might drop as low as $3,000 prior to actually shooting up to $500,000 in a future market surge. If the flagship digital asset fell that low, the wider cryptocurrency market would probably encounter further outflows.
