The cryptocurrency industry today has everyone’s attention, with the present bull run pumping Bitcoin’s price and driving the market capitalization through the roof. A series of investors and analysts have predicted that the bullish momentum experienced by the market is currently more mature than the one in 2017. This was backed by a recent SFOX report as well.
In a recent segment on Bloomberg, Muneeb Ali, CEO and Founder of Blockstack PBC, highlighted that the crypto-market was basically very repetitive, as it basically does the same thing time and time again, but on a different scale.
“The market goes up to its all-time-high, crashes down, takes a longer time to bounce back and if you have been in crypto long enough, you are pretty much expecting it.”
Ali suggested that Bitcoin had made significant progress on the development and protocol side as presently, a lot of highly skilled developers and engineers are involved in the technological aspect. The remark can be backed by the fact that Bitcoin recently released its Erlay protocol which was supposed to reduce bandwidth usage in the network and improve system efficiency.
The involvement of institutional investors has made Ali skeptical about the market since the technology is fairly new and “no one really knows” what is going on or where it is going in the future. He believes that the present bull run has less to do with institutional investors and more with the fact that the overall market was maturing.
Further, it was recently suggested that Bitcoin played a role in driving up the prices of Asian crypto-related stocks in Tokyo and Seoul, with certain companies witnessing hikes of more than 10 percent over the past week. The surging Bitcoin price and its corresponding market cap affords a lot of opportunity for these stocks to rise even higher.
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