Even as the cryptocurrency market continues to trade at a fraction of last year’s all time high, interest in sustained. Institutional investors continue to closely look at the crypto industry, with an eye out for regulation friendly investing choices. Meanwhile, industry experts foresee huge demand for Bitcoin in the long term. Also, they describe the huge losses incurred in several cryptocurrencies earlier this year as the worst bear run phase.
Bitcoin Bear Run Phased Out?
Dan Morehead, the chief executive officer of Pantera Capital, said the worst part of the current cycle has phased out four months ago. The CEO felt that the market has gotten used to seeing Bitcoin as a proxy for blockchain. “We all are used to using Bitcoin as a proxy for blockchain, there are hundreds of really interesting projects.” Speaking to CNBC on Wednesday, Morehead said disruptive things like crypto will change many aspects of life in the next decade.
“My sense from having traded cycles for 35 years, we were pretty much through the worst part that was four months ago that some of the months hit the wall. When you have a market 75-80% down, you add any leverage on that it’s going to be tough. I think most of that has already washed out.”
Crypto Expanding To Billions Of People
The Pantera CEO said blockchain would grow to potentially billions of people using it in next four to five years. If the market grows to such a level, the demand and supply dynamics will define the prices of cryptocurrencies, he added. At the current levels, Bitcoin (BTC) is trading around 70% lower than its all time high. As of writing, BTC is trading at $19,168.29, up 0.23% in the last 24 hours, according to price tracking platform CoinMarketCap. Bitcoin dominates the crypto space but its market share has been shrinking in last few months, thanks to the bear run. Currently, BTC constitutes around 41.02% of the total market capitalization among top cryptocurrencies.
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