In my opinion, the cryptocurrencies which are VC and institutional funded are inflated too high in this deep bear market.
They are at least 2x to 5x or 6x above their initial prices they were when they were listed on exchanges, approximately.
And that's one reason I think the value is still hanging in those kind of inflated alts manipulated by these big investors.
This also includes tokens like BNB, DOT, SOL, or whatever big names we known hyped in crypto market in recent years.
Another reason I understand is that stablecoins have helped kept value parked in these alts, specially like ETH locked, since these stablecoins are mostly on ETH and BNB network majorly the parked value is keeping the value inflated for these alts.
If my understanding is right, the BTC dominance will get affected when both stablecoins and ETH/BNB types will start going lower in total value locked in them.
That also means I expect lower prices for alts yet in 2023
and since there's Shanghai upgrade scheduled sometime around March-April 2023 for ETH, the ETH unstaking can affect the unloading of the value locked in ETH network, at least.
And that's also a time around when mostly financial year ends and a new one starts.
And how does Fed interest rates increase/stays or plays out can also impact the market liquidity overall and in result unemployment rate at that time can also impact how much unstaked ETH retail, VC, institutions hold.
If market sentiment keep pessimist, and in general market is still showing bear signals with unemployment yet increasing, my expectation is we will see bottom sometime before or around March 2023.
While BTC still may be going sideways, if history repeats like usual, ETH could be going down in that mean time making new lower lows in both USD and BTC pairs, as well as any other alts in the market.
