Indian crypto investors cheer as prices climb up

economictimes.indiatimes.com:

Mumbai: Indian crypto investors, who suffered significant losses throughout 2022, are now experiencing some relief thanks to the price appreciation of major cryptocurrencies in the first quarter of 2023. Bitcoin's year-to-date gains in the January-April 4 period were 68.56%,at 5pm on Tuesday on Coinmarketcap. After commencing the year at around $16,000, it is currently trading at $28,280, marking its best quarterly performance in two years. Ethereum, the second-largest token, rose 49.55 % to $1,861.93. Experts said that cryptocurrencies gained momentum on the back of anticipated monetary policy relaxation and banking disruptions that showcased the tokens' utility. According to CoinMarketCap.com, the collective market worth of all cryptocurrencies surged by 49% in the first quarter to reach $1.18 trillion.

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But despite a promising start to the year, most Indian crypto enthusiasts remain cautious about the prospect of a turnaround and putting the challenging bear market behind them.«I would say 2023 has been a hopeful yet confusing year for investors. Most investors are thinking of buying in fear of missing 'the next bull run' and some, including me, are staying heavy on cash for now. No one knows, but it doesn't look like we have a strong or big enough catalyst to drive the next bull run like we did the last time with the rise of DeFi,» said Chahal Verma, a Gurgaon-based crypto investor. A bunch of