2022 was a brutal year for cryptocurrencies. The crypto market as a whole was worth $2.2 trillion at the end of 2021, according to CoinMarketCap data. Twelve months later, the total value of all cryptocurrencies had shrunk to $794 million. That's a 64% plunge, which fits the description of another crypto winter.

But crypto names have shown signs of life in early 2023. Market leader Bitcoin (CRYPTO: BTC) is up 26% year to date, and smart contracts innovator Ethereum (CRYPTO: ETH) has gained 29% over the same period. The total market is sniffing at a trillion-dollar valuation again.

The evidence of a recovery is mounting. It's still too early to call this the end of the bitterly cold crypto winter, but the ice may have started to thaw.

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Source Fool.com