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2022 Crypto Market Recap: What Happened This Year?

By (Rain İçerik Ekibi - Jul 13, 7:00 PM

2022 has been anything but uneventful so far and this shows its signs on the crypto market. From war to the end of the pandemic, we’ve seen an unprecedented sequence of happenings that left even the most esteemed economists clueless about what’s really ahead. Today, we’ll try to recap the main milestones of this year, and see what they meant for crypto prices.

General Crypto Market Performance In 2022 To Date

Let’s begin by a general recap of how prices have performed so far this year. The global market fell from $2.1T all the way to around $945M which classifies as a major correction. Bitcoin (BTC) also lost ground and went from trading at $46,000 to around $20,000, however, the latter level appeared to form a strong support. Ethereum (ETH) didn’t do well, either, as the asset’s price decreased from $3,700 to the $1,000 level. It’s worth mentioning again that Ethereum’s $1,000 level seems to be a solid support for the asset. 

The reasons behind the price drops are debated, however, the topics discussed in the following sections certainly had negative effects on the market. 

The End Of The Pandemic: The Aftermath Hurts

The beginning of 2022 saw the seemingly sudden end of the almost three-year-long Coronavirus pandemic. This crisis affected almost everyone globally, either from an economical or well being standpoint. Despite its termination, we are not done just yet with dealing with the pandemic, as its painful aftermath is still ahead. This means that the landslide that was started during the times of COVID and got temporarily halted by certain government interventions and incentives is about to continue its journey, which could be fatal for centralized economies.

The good news is, however, that cryptocurrencies are decentralized and are not tied to conventional economies, which could make them the ultimate survivors of the times ahead.

Russian-Ukrainian War: The European Conflict Of The Century

The Russian-Ukrainian conflict is the thing that nobody wanted, and the event that arrived at the worst possible time, that is, right after a pandemic-struck world. With it came increased energy prices and thus record-high inflation, which only made people realize that their centralized, fiat currencies are fully dependent on the central bank of their region.

Most crypto assets, however, are completely independent of such systems, and, despite their price drops, such high inflation just emphasizes the very reason for their existence. 

Crypto Heatmap: Real Strength Shows In Times Of Need

Regardless of how strong its fundamentals are in general, the crypto market needed a selection. The economic downturn of 2022 brought this, and the projects that weren’t strong enough have already fallen. 

Those that were strong and legitimate, on the other hand, managed to stay afloat regardless of great price losses. This can indicate that such assets and ecosystems are, indeed, designed for long term viability, and that investors planning for the mid- to far future should have no doubt about their longevity. 

Ending Remarks

With all said and done, 2022 has been anything but positive so far. The aftermath of the pandemic, the war in Europe, as well as the rising inflation and costs have probed even the toughest individuals. The crypto market has also felt the effects of the economic decline, however, with their current, strong support levels many assets showed that they are here to stay for when the storm passes, and it's time to redefine the norms of the world once again.


Rain is a Crypto-Asset Services Provider headquartered in İstanbul. Rain provides services to its users at financial institution standards.





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