According to Bloomberg Markets, Joe Crugs, head of cryptocurrency investment firm Pantera Capital, believes the market is on the verge of a new bullish momentum that will raise cryptocurrency prices tenfold. If you believe this statement, then the capitalization of the cryptocurrency market could soon reach $2 trillion.
Since the price of Bitcoin often carries the rest of the market with it, Joe believes that this will happen in the next Bitcoin rally. He is also confident that an increase in the scalability of the market must necessarily be followed by another rise in prices.
The news that the companies Fidelity Investment and Intercontinental Exchange have exited on the cryptocurrency market, may also cause a price jump due to speculative mechanisms, as has already happened when large players joined the market.
However, Joe believes that it will take some more time to launch sustainable bullish dynamics, but for now it will remain the same or even fall. The market is not ready and is waiting for even more global adoption, increased scalability, liquidity and technology development. But once this is achieved, it will go up and all cryptocurrencies will increase significantly in price.
In addition, a representative of Pantera Capital believes that in two years some cryptocurrency companies will be able to reach the level of Visa/Mastercard payment systems, although this does not mean that the bear market will last that long.
According to atozmarkets.com
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