Messari analyst: Crypto market already seen the worst

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Updated October 5, 2022 | Published October 5, 2022

2 mins read

The cryptocurrency market is on its way to recovery, with the worst now behind us, according to one analyst.

The crypto market’s nadir may now be behind us, according to an analyst from crypto research company Messari.

According to Thomas Dunleavy, the worst has passed, and the cryptocurrency market is unlikely to inch downward any longer.

In fact, Thomas noted that company research indicated capitalization in the market was up 7% since July, signaling a slow but noticeable recovery.

Following the collapse of the Luna and Terra tokens, and the knock-on effect they had on cryptocurrency lenders such as Celsius, Voyager and the hedge fund linked to them, Three Arrows Capital, there seem to be no more shock waves across the sector.

However, the recent market debacle has prompted a stronger recovery in the long-term as regulators will be more closely involved with monitoring various products in the sector.

Things seem to be different now. In a statement to Yahoo Finance, Pranav Kanade, the portfolio manager at VanEck, said that while the Luna and Terra rout was bad, it never evoked similar feelings to the ones investors had in 2018/2019.

The bear market at the time was sometimes feared as a potential end of the cryptocurrency market. Today’s market may already be too big to fail.

Even without companies such as Tesla, cryptocurrencies are becoming a more important part of people’s everyday lives, argued Kanade.

Australians are on track to continue acquiring cryptocurrencies, despite a surge in crypto scams and attacks on retail investors.

El Salvador is keeping at Bitcoin as legal tender and the European Union broke ground with a universal framework referred to as MiCA. Overall, the crypto market is in a good position although many regulatory unknowns remain.

Looking for your next crypto casino? Check out: Bitcasino or FortuneJack.

Written by Alex

Reporter

Alex is a well-rounded crypto writer who focuses on general market and legal developments. His main interest lies in how crypto gaming can become a more permanent part of the gaming landscape and how blockchain holds benefits to players they are not even aware of.
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