Huobi Global (CRYPTO:HT) said the ongoing cryptocurrency bear rally might be over for now, but the market may reach the bottom in early 2023.
What Happened: The 200-Week Simple Moving Average (SMA) Indicator suggests that the current price of Bitcoin BTC/USD is below the trend. Huobi expects BTC to reach $15,000 around March 2023, which will signal the next crypto market rebound.
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According to its annual report, the DeFi ecosystem was affected severely in 2020, as the total value locked (TVL) across blockchain networks dropped over 70% between January and October.
As per DefiLlama data, the TVL of DeFi protocols was estimated at $171 billion in January, plunging to around $55 billion by the end of the month.
On Jan. 1, 2022, the global crypto market had a market cap of $2.2 trillion, according to CoinMarketCap. The heat of the bear market has reduced this amount substantially, with a current market cap of $859.6 billion at press time.
Price Action: The apex crypto Bitcoin was trading at $17,221.07, up 2.45% in the past 24 hours, according to Benzinga Pro.