Here's Why These Experts Continues To Be Hopeful Despite Bullish Crypto Market

Why does it seem like the crypto market can continue this month too?

In the last few days, the total market cap of the crypto market has witnessed a sharp decline. It has decreased by a huge $100 billion in the last three days alone.

Amidst the chaos, the leading cryptocurrency has many times tried to move past the $30k resistance, however, it has failed miserably several times.

Moreover, leading altcoins such as Ethereum and Solana are also experiencing bearish trends for quite a while now.

Over the last couple of days, Bitcoin made several efforts to go past the $30k barrier. Furthermore, since 1st June, the flagship currency has lost more than $40 billion in its market capitalization.

The second leading cryptocurrency by market cap in the world, Ethereum, seems to be in a far worse situation to get past the $2,000 resistance. The top asset also tried to break the obstacle, however, all its efforts were in vain as it now trades below the $1,800 mark.

A glassnode tweet disclosed that the number of addresses holding ETH at a loss has crossed the mark of an ATH of approx. 35.2 million.

However, experts continue to be optimistic as the crypto market is showing signs of revival even after all the extreme volatility.

Arthur Hayes, in his latest blog on Medium, stated that he is very much confident that Ethereum can reach the mark of $10,000 by the end of 2022.

According to Hayes, this could only be possible if the bull trend comes back, which is possible if the Fed lowers the increased interest rates.

Further, he says that it is the reason why the macroeconomic and political scenarios need to merge to act as the foundation for the crypto market to move meaningfully higher.

While Analyst Lyn Alden believes that under some conditions bullish trends are on the cards. Just like Hayes, Alden also thinks that a change in the Fed’s policy can result in a rally for digital assets.

She also highlighted that in the past Bitcoin hasn’t performed great in an underwhelming economy.

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