6th December to 12th December
Weekly closing prices: Prices gained slightly ahead of the weekend as Bitcoin rose and markets traded higher on news of US inflation data. Among the losers, SOLUSDT tumbled roughly 12% while the rest dropped 1% to 4%.
If you have read the Crypto Theses for 2022 by Messari, a leading crypto data aggregator and research platform, you may already know their prediction of the three scenarios possible for the crypto market:
- We are entering into a bear market which will last for multiple years;
- The market will grow ten times (unlikely but still possible);
- The market will continue to rally and hit fresh all-time highs in a “Supercycle” instead of entering a bear market.
All things considered, it is possible that we have entered a short bearish market. With this market correction, the market could become more active and in the long term, it would be bullish. Since the consecutive price drop on 3rd and 4th December, BTC price in the spot market has been fluctuating back and forth around 49,000 USD. Trading volume has also been decreasing. It looks like the market is at a turning point. However, the open interest in the futures market (including perpetuals) is low, which means that deliberate mass liquidation is less likely to occur. Meanwhile, traditional institutions are entering the crypto market. Funds are being injected into the market but currently, the fund inflow is not reflected. Therefore, there is no sign that the market will have another big dip but we would likely still face a short-term correction.
Further reading: Crypto Theses for 2022 by Messari
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