Last year was a difficult era for crypto, yet 2023 has sparked a promising recovery for decentralised finance (De-Fi).
Some may still be sceptical, and rightly so. After all, the crypto market has had to make increasing efforts to bounce back from the collapse of institutions like the Futures Exchange (FTX) and Silvergate.
However, cryptos like Bitcoin (BTC), Big Eyes Coin (BIG) and Binance USD (BUSD) show crypto is recovering and may even be on the rise.
This year, the prices of a few large cryptos have increased which is great for market recovery. While some crypto exchanges were taken off the map in 2022, Binance USD took a 180 turn and was shockingly doing the complete opposite.
Binance USD may be increasing their staff by 15-30% this year. And they aren't the only ones making positive headlines this year.
Following FTX's collapse, Bitcoin has soared to $28,037.66 today. This is a big turnaround considering it was unable to reach $17,000 for a while since November last year.
The former Coinbase CTO, Balaji Srinivasan, has even made a bet on Twitter that Bitcoin will rise to $1 million in 90 days. Bitcoin has proven it's still one to watch and experts predict that its value will continue to rise.
The world of crypto is no stranger to fierce competition because new cryptos emerge all the time. Currently, there are around 22,940 cryptos. Around 8,800 are active and there are over 300 million crypto users worldwide.
Big Eyes Coin is a new crypto which has already seen huge success in its presale.
The cat meme coin has raised over $31 million and is now offering a FREE MASSIVE BONUS CODE: BULLRUN250. This could give their users the chance to have a 250% bonus.
Ethereum (ETH) is still number two in the game largely due to its successes that date back to 2014. Its founders received funding of $18.3 million in Bitcoin in a crowdsourced sale, while it was still in its presale phase.
The Initial Coin Offering (ICO) that Ethereum offered its users was $0.311. If we look at Ethereum's current price, this means that if you had invested back then, your return on investment (ROI) would have been at an annualised rate of over 270%. This is around four times the initial investment every year since 2014.
There is still potential for growth and investment in crypto – if you know where to look. New cryptos can sometimes be lower-risk investments which could yield huge returns in the future, as Ethereum and Bitcoin users have seen.
Based on the current market it's hard to say when users and investors will have more confidence in crypto. Many are cautious after the collapse of FTX and Silvergate.
However, this is just the way the crypto cookie crumbles: the market tends to rise and fall rapidly. It's clear there is potential for growth in cryptos, especially as numbers continue to recover.
Investors are eagerly watching the crypto space and so it's likely we will see a rise in crypto investments as the market continues to pick up.
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Website: https://bigeyes.space/
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Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.