2022 was not the year of crypto. The industry was hit with one catastrophe after another. Terra Luna crashed in March; May saw one of the largest crypto funds declaring bankruptcy; July saw one of the most popular crypto lending platforms, Celsius, going down. Also, who can forget the surprise collapse of FTX in November? The crypto winter was freezing. But, with positive news starting to surface again, an end to the crypto winter appears to be on the horizon. The most notable developments are a resurging Bitcoin and the dramatic rise of Snowfall Protocol (SNW).
Bitcoin Consolidates at $20K
After touching its all-time high of almost $69,000, Bitcoin prices fell off the cliff after June 2022. But the coin has finally crossed the $20,000 mark. Reports suggest that the rebound in Bitcoin can be boiled down to three main contributors.
The first cause of the rebound in Bitcoin is the probability that the Federal Bank will slow down the hikes in interest rates, maybe even slashing the rates with the inflation going down. This may see capital flowing to the crypto markets again.
The second factor influencing the Bitcoin price is the increase in the buying activity by the whales, who own a little over 14% of all Bitcoin. According to Kaika, a crypto data collector, the average Bitcoin trade size has increased. The increased activity indicates whales have increased trust in Bitcoin.
The third reason driving the price of Bitcoin appears to be the scheduled halving event that occurs every four years. As the rewards for Bitcoin mining slash in half, the price of Bitcoin goes up. The next halving event will happen in 2024, but it has inspired confidence in the investors.
Snowfall Protocol Expected to Hit $1
Snowfall Protocol (SNW) offers what can be called a crypto highway. Snowfall Protocol (SNW) has become an attractive asset for crypto adherents who are trying to find the next big crypto.
The presale of Snowfall Protocol (SNW) was launched right in the middle of the crypto winter. Despite the bearish winds, it was one of the most successful presales for the year. The stage 2 sale for Snowfall Protocol (SNW) was an even bigger success. It had to be ended a day earlier than planned because all the Snowfall Protocol (SNW) tokens were sold out. At the start of the stage 3 sale, Snowfall Protocol (SNW) token had risen by 250% compared to its Stage 2 sale price.
After its launch in the first week of February, Snowfall Protocol (SNW) is expected to grow even faster. Experts have predicted that the token will rise sharply by 1000% in the months following its launch. It could be well on its way to hitting the $1 mark in 2023.
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