Cryptocurrency markets start to pick up as traders hint panic selling is over

David Lifchitz, chief investment officer at ExoAlpha, believes that the cryptocurrency market now has one positive factor compared to the market crash of May 2021 - the number of cryptocurrency investors forced to liquidate their positions due to blowouts is decreasing, making the asset's pullback more modest.

For his part, independent market analyst Michaël van de Poppe posted a post suggesting that the panic sell-off is over. "The market has reacted in a sense that gold will start to pull back and risky assets like the stock market and bitcoin are rising."

Currently, the total market capitalization of cryptocurrencies is about $1.649 trillion, with bitcoin accounting for 41.9%.