We have been in a bear market since what it seems like forever. Now, the crypto market is struggling to recover following the latest disaster that took place after the fall of FTX.
According to the latest reports revealed by the online publication the Daily Hodl, this bear market is a perfect condition for startups involving Web 3.0 to grow. Check out the latest reports below.
Startups can thrive in this bear market
It’s important to note the fact that it’s pretty useful to compare the current bearish cycle to the last one. As you probably know by now, the latest one occurred back in 2018.
As revealed by the online publication the Daily Hodl, DappRadar recently published this blog post, which seeks to compare and contrast the circumstances surrounding each protracted downturn.
“The crypto world saw a surge in ICOs (initial coin offerings) in 2017, which led to the market becoming flooded with numerous startups that used cryptocurrency in order to fund their ideas.”
They also continued and noted the fact that the overall growth in the industry can be readily seen in the global crypto market cap.
At the peak of the 2017 bull market, the combined valuation of all crypto projects came in at around $820 billion. Today, even after a year-long slump, the market is still valued at over $900 billion.
The same notes are also offering a conclusion that reveals the fact that the lesson we can learn from history is the following:
“some of the projects launching during this bear market will ultimately emerge as success stories that help shape the future of the cryptocurrency space.”
Now, the crypto market is struggling to recover following the fall of FTX. At the moment of writing this article, most of the digital assets are trading in the green, and Bitcoin is currently priced at $16,578.
Check out the complete analysis that the online publication revealed.