Indeed, crypto tracking website CoinMarketCap is running an end-of-the-year wrap-up poll, asking participants to cast their votes according to whether they believe the following year will be bullish or bearish.
Bulls vs. bears
At press time, the results are overwhelmingly on the bullish side, with 83.11% of voters demonstrating a bullish attitude for the next year on the crypto markets, as per data retrieved by Finbold on December 14. On the other hand, 16.89% of voters believe that 2023 will be bearish, despite the industry starting to show signs of recovery after the protracted consequences of the collapse of FTX, once one of the largest crypto exchanges in the world. Meanwhile, the total cryptocurrency market cap is recording slight increases, growing 3.86% – from $839,590,053,285 on November 14 to $871,911,483,257 on December 14 – which means that it has received an influx of $32.32 billion in one month.
Main drivers of recovery
These increases are largely pushed by the industry’s largest assets by market cap, including Bitcoin (BTC) and Ethereum (ETH), both of which are recording gains on their daily, weekly, and monthly charts, intensified by the Consumer Price Index (CPI) report coming out better than expected. Specifically, after breaking the psychological price level of $17,000, Bitcoin continued upwards, at press time changing hands at $17,799.33, which is an increase of 3.47% on the day, 5.78% across the week, and 6.40% over the previous 30 days. As Finbold reported earlier, the flagship digital asset might be looking to reclaim the $18,000 zone that has acted as its critical support level in recent weeks, with Kitco News analyst Jim Wyckoff observing that Bitcoin has potentially started a ‘bullish upside breakout.’ Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
