Crypto Analysts are Bullish on These Altcoins – Here’s Why?
There hasn’t been much to be bullish about in cryptocurrency markets in 2022. Bitcoin is down about 63% on the year. Ethereum is down about 67%. Price declines haven’t been the only thing to batter confidence in the nascent asset class. The collapse of the algorithmic stablecoin-dependent Terra Decentralised Finance (DeFi) ecosystem back in May triggered a cascade of bankruptcies across big leveraged players in the crypto space that eventually swept up the likes of Three Arrows Capital, Voyager Digital, BlockFi and, most recently, FTX.
The main catalyst for 2022’s bear market has been aggressive monetary policy tightening by major central banks like the US Federal Reserve in order to tackle a surge in inflationary pressures. The rapid rise in interest rates battered traditional asset classes (stocks and bonds), as well as cryptocurrency. And with the Fed still talking a hawkish game at the end of 2023 (i.e. that rates need to remain highly restrictive for some time), the outlook for a broad crypto market recovery in 2023 doesn’t look great.
But there is cause for optimism. While prices are down and a few big crypto companies have gone bust, developers keep building and innovating. If investors can identify and invest in high-quality crypto projects in their early stages of development, they can still reap strong rewards, despite the ongoing cryptocurrency bear market. Here is a list of early-stage crypto projects that analysts at cryptonews.com are bullish on for 2023.
The young move-to-earn crypto niche has shown a lot of promise, but early success stories like STEPN have significant limitations that have, so far, prevented them from conquering the mainstream. FightOut, which touts itself as the future of move-to-earn,
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