After reaching impressive heights in late 2021, the world's largest cryptocurrency, Bitcoin, experienced a steep decline, falling from a record-breaking high of $69,044.77 in November 2021 to $16,400 in November 2022.
This significant drop of over 76% was attributed to a number of factors, including the collapse of FTX, related bankruptcies in the industry, and growing concerns over regulations. Despite these challenges, many analysts remain optimistic about the future of cryptocurrencies and their potential for growth. So, what are some of the best altcoins to buy with this in mind?
First, let's look at the potential of crypto markets. As one example of the potential for crypto markets to continue growing, a recent survey conducted by the deVere Group, a leading financial consulting firm, found there may be a growing interest in cryptocurrencies among wealthy investors.
The survey, which included 560 high net worth individuals from various regions, including Europe, North America, Asia-Pacific, Africa, and South America, found that 82% of millionaires with assets ranging from £1 million to £5 million (USD $1.23 million to USD $6.16 million) sought advice on cryptocurrencies in the past 12 months.
According to the CEO and founder of the deVere Group, Nigel Green, the current rally in Bitcoin could very well continue, driven by hopes that inflation has peaked and monetary policies are becoming more favorable.
“Bitcoin is on track for its best January since 2013 based on hopes that inflation has peaked, monetary policies become more favourable, and the various crypto-sector crises, including high-profile bankruptcies, are now in the rear-view mirror,” said Green.
Green believes that the significant crypto market growth inRead more on cryptonews.com