The cryptocurrency market remains stable as Bitcoin and Ethereum maintain support levels. Bitcoin is trading at $ 23,000, while Ethereum prices remain at the high end of $ 1,600 and low of $ 1,700. Global cryptocurrency market cap remains above $ 1.1 trillion, suggesting good sentiment in the near term; however, the lack of market activity is causing the bears.
Cryptocurrency markets remain stable, interest in cryptocurrencies has never been lower.
The past couple of months have been disappointing for bitcoin, ethereum and other major cryptocurrencies. After moving sideways for most of June and July, August continues to show little price action in the cryptocurrency markets.
Additionally, data from Google Trends reveals that interest in cryptocurrencies and search volume are at their lowest throughout the year, signaling that the market is likely to continue trading sideways for the rest of the year.
The good news is that despite falling interest rates, Bitcoin and Ethereum are holding current prices relatively well and volatility begins to decline. A decrease in market volatility could spark renewed interest for retail and institutional investors to open positions in cryptocurrencies.
Furthermore, with the recent announcement of a partnership between Coinbase and BlackRock and the launch of the upcoming Bitcoin and Ether derivatives by CME Group, the cryptocurrency could be poised for a spectacular performance in the fourth quarter of 2022 or the fourth quarter of 2022. Q1 2023. If the global economy can show signs of recovery and the Fed eases monetary policy, we could see a significant shift in sentiment for cryptocurrencies.
The long-term potential is still bullish
After each bear market comes a bullish phase. The key to making gains in a bull market is to hold your position in difficult times, reduce your investments, and invest in forward-looking projects that have long-term potential.
With the imminent merger of the Ethereum network in September, we could also see a small bullish phase in just a few weeks, making Ethereum a value to watch in September 2022.
Also, with low cryptocurrency prices, it could be a great option to look into niche projects like Metaverse cryptocurrencies, NFT projects, DeFi ecosystems, and Web3 tokens that could explode in value during the next bull run.
Virtual real estate in the Metaverse is at an all-time low, and if you were considering investing in digital plots of land, some big projects to consider include ApeCoin’s Otherside Meta, The Sandbox, Wilder Worlds, Decentraland, Axie Infinity.
Additionally, Chromia projects like Mines of Dalarnia and My Neighbor Alice have huge long-term potential. They are still in the early stages of development for those who want to get into a Metaverse crypto game.