The crypto market has had a surprising start to 2023, with almost all coins in the green for the first two months of the year. However, even with many top coins up 30% to 50% for the year, they still sit well below all-time highs. Bitcoin (CRYPTO: BTC), for example, is up 41% for the year, but at a price of $23,432, it's still significantly below its all-time high of $68,789.63.

If cryptos such as Bitcoin are going to recover to previous highs, a number of things need to happen this year. Here's a closer look at several key catalysts that could send the crypto market soaring back to all-time highs.

Arguably, the most important factor for the crypto market right now is the overall macroeconomic outlook, especially for the U.S. economy. As a result, all eyes are on the Federal Reserve right now. Any mention of further Fed rate hikes has the potential to spook the market, and that's one big reason why Bitcoin has been unable to break through the $25,000 level.

Continue reading

Source Fool.com