Is cryptocurrency reign going to end in India?
Cryptocurrency projects have promising future-oriented applications that are gradually making their way into real-world applications. The current cryptocurrency price movements are solely based on the expectation that the projects will deliver as planned.
During the Cryptocurrency Taxation, a significant announcement was made. The finance minister announced during his Budget speech that virtual digital assets, including cryptocurrencies, will be taxed at a rate of 30% beginning April 1, 2022. Given these conditions, the future of the cryptocurrency market, according to the report, does not look promising. The value of the cryptocurrency market is expected to rise by 2022, according to traders, analysts, and investors. The report, on the other hand, shows the inverse of this expectation.
Many experts believe that Bitcoin prices in 2022 could reach $100,000 and Ethereum prices could exceed $10,000.
Bitcoin is consistently trading above its 200-day moving average, indicating a clear bullish signal to technical analysts. Furthermore, the selling pressure from Chinese markets, which many believe was a major cause of the November and December declines, is expected to ease as early as January of the new year, likely resulting in a new rally in Bitcoin and the cryptocurrency market in general. But, in addition to Bitcoin and Ethereum, experts believe that some cryptocurrencies, such as Solana, Avalanche, Polkadot, Monero, and Cardano, could reach the ultimate consecration in 2022.
Solana, which reached an all-time high of $220 in November, has now been stable at around $250 for a few weeks, but experts believe that increased adoption, thanks to the growing popularity of NFT and DeFi, could lead to new all-time highs for Ethereum, the most trusted blockchain rival.
Avalanche, which had one of the best performances among the most capitalised cryptocurrencies in 2021, could reach $300 from the current $100 in 2022, according to coin price forecast experts.
Many experts predict that Cardano’s price will rise from $1.3 to more than $4 by 2022. Polkadot, on the other hand, is expected to double in price from $30 to $60 by the end of 2022, according to forecasts.
Overall, there is no agreement on whether 2022 will be a bullish or bearish year for the crypto market. Still, one thing is certain: if the market continues to bleed, an increasing number of experts and investors will be pessimistic about the near future.