Cryptocurrencies bull market may take a few years to return

Bitcoin, the cryptocurrency with the largest capitalization, was still valued at over $68,000 last November. After a series of spectacular falls, the "digital gold" is worth more than $21,000. The drop in bitcoin value is about 70 percent compared to historical highs.

"It was simply time for a correction on bitcoin. Most investors expected us to hit $100,000, but that didn't happen. The era of high-interest rates is beginning, so capital is flowing away from risky assets like stocks and cryptocurrencies to safer securities," Christina Kucinska, a member of the Polish Blockchain Association, known as CryptoQueen, said.

"Every recession – like every booming economy – ends at some point. And so will the current one. It may take a few years, but the market will return to a bull market," she added.

Many analysts remind us that bitcoin has already gone through several boom and bust cycles during its 13-year history. In 2013 and 2017, declines in its value exceeded as much as 80 percent. Therefore, a new upward process is also likely soon.

(Newseria)