The crypto market performance has been a tough one to swallow for crypto day traders. The market cap of the crypto market started in 2022 at around $2 trillion and is currently around $900 billion. That’s around a -55% hit on average for most cryptos. However, the stock market did not have the best year either.
Credit Suisse is the talk of the financial town, with its shares crashing by more than -50% YTD. Bitcoin lost around -60% YTD, a performance very similar to the former companies. Crypto investors are still waiting for the detachment of crypto prices from the equity market, as it was formerly considered a hedge against falling stock prices.
As the crypto market consolidates, crypto day traders increase the volume of their trades. In fact, this consolidation is the perfect time to cash in on predictable price actions. Bitcoin specifically started its consolidation phase in June 2022. To date, prices fluctuated between $24,000 and $18,500. Is Bitcoin a good buy currently?