Despite all the positive news and sentiment in the cryptocurrency market, the market lost about 25% in market capitalization to $191 billion in just a week. Additionally, bitcoin’s price was at $7,100 a few days ago but is currently trading around $6,024, the same has happened to other digital currencies. However, Meltem Demirors is still bullish about the market, after saying that bitcoin’s value will come in time.
News about positive developments and increased cryptocurrency adoption rocked the industry last week. Although these had a little impact on the markets, as seen from the green candles witnessed during the weekend, it seems we are back to the bears yet again, with coins like Ethereum dropping about 37%. Nonetheless, some individuals such as Meltem, the chief strategy officer at digital asset manager Coinshares believes that bitcoin’s value will come in time.
Currently, it is very easy for traders to quite the industry because of the market conditions that have been going from bad to worse. However, according to Meltem, new technologies that shift the paradigm take a long time to really understand. Speaking to CNBC news, Meltem stated that the current narrative around bitcoin is difficult to understand, because the only metric we have for most cryptocurrencies is the price, yet this is an imperfect metric. Instead, people should focus on the actual utilization of these platforms, since that is the real struggle.
Additionally, Willy woo, a veteran digital currency analyst with a strong focus on bitcoin, believes that the market will recover, just like the past. Woo stated that the current bears might not be as huge as everybody thinks. Bitcoin has overcome worse conditions like the 2014 Mt. Gox Saga, and thus will also overcome the current bears.
Do you agree that bitcoin and other cryptocurrencies will manage to recover from the current bears?
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