The Bank of England recently stated that cryptocurrencies surviving the current crypto market crash could become the next Amazon and eBay.
The crypto market crash in 2022 has been intense, and many coins are already dead. Undoubtedly, only tokens with solid fundamentals will rise after this market crash.
The Bank of England’s reference to Amazon has gone down well with crypto community members. Notably, Amazon’s stock saw a boom in 2000, three years after its launch.
The company’s stock reached an all-time high at the time, but that was just the beginning of a beautiful and comprehensive backstory for the company. Interestingly, in 2002 Amazon’s stock crashed by over 80%. The stock market crash in 2002 affected many companies, and many organizations folded up.
Amazon was among the few companies that survived the crash, later becoming a Unicorn in the e-commerce world. The company also survived subsequent market crashes, including the 2008 economic downturn. Amazon has gone on to achieve top status in the global ranks, and the company may just be recession-proof at the moment.
Which Tokens Will Survive the Crypto Winter?
Bearish markets are not new in the crypto ecosystem. Over the years, Bitcoin, Ethereum, and many other blue chips have dipped intensely on different occasions. Some of the most bearish years in the history of the crypto markets were 2015, 2018, and now 2022.
Already, Terra’s LUNC, formerly called LUNA is in a state of oblivion. UST also crumbled badly, and Tron’s USDD which uses the same algorithm may be on the same path. Many other crypto-assets with smaller caps have lost more than 90% of their value.
Despite these catastrophes, Bitcoin and Ethereum will likely always be at the top of the crypto market. In the future, when more investors troop into the ecosystem, crypto tokens that survived this crash will likely be seen as the Amazon and eBay of the new decade.