STATE OF THE MARKET
During the last CTNG space, many people voiced their concern or displeasure with the water of the industry which they described as dull and uninteresting. "There seems to be nothing happening in crypto right now," one speaker said and I totally agree. Aside from the proposed ETFs there isn't much news about crypto.
It is beginning to dawn on most crypto stakeholders that there isn't liquidity in the market. The market is shrinking and dumb money has been sucked out of the market and institutional investment has dried up. This is only a reflection of what's happening in the global economy. Interest rates are high, venture capitalists are becoming increasingly conservative; inflation is rising and there isn't any out.
Many will argue that we've reached the button of the bear market and the inactivity in the market. However, I am expecting lower lows. One more major dip to see bitcoin falls below $20,000 before I am convinced that we have hit rock bottom.
Also I do not believe there will be a bull market next year considering the state of the global economy. Market sentiment needs to change drastically before we begin to see long lasting positive price action and based on my access I don't think this would happen.
I also do not think that the crypto industry is ready for another bull market. There isn't much development in space. What we have experienced for the last 2-3 years is redundancy and duplicity of blockchains. There is nothing out there that makes me believe we are ready for another bull run. The industry is not ready for mass adoption and there isn't any potent catalyst to kickstart the bull market.
Many crypto stakeholders are looking at the approval of Blackrock's bitcoin spot ETF and 2024 halving as the catalyst for the next bull market, but I do not think this is enough to change market sentiment. ETF approval will bring about legal clarity for bitcoin and also new investment into the space. However, if the global economy remains the same I don't believe the new will bring in the desired liquidity into the crypto market.
BUILDING WITH WHAT WE HIVE(HAVE)
Based on the state of the market I believe there are two things to do. The first is to grow slowly. This entails buying and holding the coins you believe in while anticipating the next bull market (whenever it starts).
If you don't have money to invest, your next option is to find means to earn in the web 3 space. There are new and existing projects doing campaigns where you can earn their tokens by carrying out simple tasks. For instance Hive is currently running a zealy campaign where participants can earn from its $5000 prize pool. There are many of such opportunities in the web 3 space.
The second option is to join a community and help build their project. Most communities and projects are looking for active participants and you can do a lot for yourself by being part of such communities as you will have access to important people in the web 3 space which can open doors of opportunities for you.
In addition, it will be beneficial to learn new and relevant skills for the web 3 space. There is more to crypto than just buying, selling and hodling of coins. Web 3 also provides a decent career path for people who want to build and leverage the technology. I believe people in this category will benefit the most from the next bull market
So this is my overview of the crypto market. If you found this post useful kindly like and reblog. Thank you.
Check out this short thread on products with potential airdrops.
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