Just over a year ago, the market capitalization for the entire cryptocurrency industry exceeded $ 800 billion, but has since fallen by more than 80 percent.
Today, the figure is 141 billion. Such a protracted bear market received a separate term "cryptozyme". Pantera Capital, a blockchain investment fund from San Francisco, published a study comparing the 2013 Bitcoin price to the 2017 price based on real and forecasted figures. As stated in the report of the fund, despite the significant drop in prices, the fundamental indicators of the main cryptocurrency only grow.
In 2013, for the first time, Bitcoin rose above the $ 1,000 mark, but next year it cost a little more than $ 300. Remarkably, that cycle also marked the cryptozyme. According to Dan Morehead, Pantera Capital CEO, he worried about cryptozyme much more since it was the first test of the blockchain. But the technology survived, and the currency based on it only grew in value in the following years.
As for the current bear market, now the fundamental indicators and characteristics of cryptocurrency are much stronger than they were during the cryptozymes of 2014-2015.
And according to Morehead, this trend is primarily due to the growth of institutional interest in cryptocurrency. Recall that this year a platform for trading digital assets Bakkt from the NYSE and ICE should be launched, and Fidelity is going to launch a custodial service. More recently, JP Morgan has released its own cryptocurrency, backed by the dollar.
People have been talking for years about the looming wave of institutional money. I think that now space has the necessary conditions for this.
Today, the figure is 141 billion. Such a protracted bear market received a separate term "cryptozyme". Pantera Capital, a blockchain investment fund from San Francisco, published a study comparing the 2013 Bitcoin price to the 2017 price based on real and forecasted figures. As stated in the report of the fund, despite the significant drop in prices, the fundamental indicators of the main cryptocurrency only grow.
In 2013, for the first time, Bitcoin rose above the $ 1,000 mark, but next year it cost a little more than $ 300. Remarkably, that cycle also marked the cryptozyme. According to Dan Morehead, Pantera Capital CEO, he worried about cryptozyme much more since it was the first test of the blockchain. But the technology survived, and the currency based on it only grew in value in the following years.
As for the current bear market, now the fundamental indicators and characteristics of cryptocurrency are much stronger than they were during the cryptozymes of 2014-2015.
And according to Morehead, this trend is primarily due to the growth of institutional interest in cryptocurrency. Recall that this year a platform for trading digital assets Bakkt from the NYSE and ICE should be launched, and Fidelity is going to launch a custodial service. More recently, JP Morgan has released its own cryptocurrency, backed by the dollar.
People have been talking for years about the looming wave of institutional money. I think that now space has the necessary conditions for this.
