Real Vision CEO Raoul Pal in a tweet Monday highlighting the recent gains in the crypto market, revealed his belief that the crypto market has formed a bottom.
“Is the low in? My view is on balance, probably,” Pal tweeted, sharing his opinion on the raging debate. “NFT’s are rising in ETH volumes and floor prices are rising too for good, trusted projects. Bottoms in crypto are not usually a straight line higher and there is often a big gut check at some point or sideways range for a few months after an initial recovery. Let’s see.”
It is worth noting that the crypto markets showed significant strength this week. The entire crypto market has grown by 6%, pushing past the $1 trillion mark. Notably, Ethereum has managed to sustain its surge on Sunday and is currently sitting above the $1400 price point, up 11% in the last 24 hours and 30.72% in the last seven days.
Bitcoin as well has reclaimed the $22k price point. It is up 4.95% in the last 24 hours and 8.49% in the last seven days. MATIC continues its impressive run, up 27.07% in the last 24 hours and 65.5% in the last seven days as the markets rally.
It is worth noting that the crypto markets have remained in a rut for the last 8months. Several digital assets, including Bitcoin, have plummeted more than 70% from their highs. The downturn has resulted from pressure from macroeconomic conditions that have led to economic tightening, leaving the market risk-off.
While Pal says the bottom has been formed, others like Lark Davis have called for caution in the markets. In a tweet on Monday, Davis warned that we are still in a bear market until macroeconomic conditions change.