May 29, 2024
Don’t Anticipate a ‘Sexy’ Crypto Bull Run Regardless of Bitcoin ETFs
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Don’t Anticipate a ‘Sexy’ Crypto Bull Run Regardless of Bitcoin ETFs: Concordium Founder 

The next crypto bull run is expected to differ significantly from the previous one, and investors are advised to manage their expectations regarding a sudden surge in cryptocurrency prices, according to Lars Seier Christensen, founder of enterprise blockchain Concordium. Christensen expressed doubts about the immediate impact of the proposed spot Bitcoin exchange-traded funds on the crypto markets, stating:

“Even if you do get a Bitcoin rally, I don’t think you should naturally assume that everything is going to rally with it.”

He continued, “Does that necessarily mean that Ethereum and a lot of the older altcoins are going to rally on the back of it too? I think that’s nearly certain not going to happen.”

Christensen emphasized that while digital asset prices have remained subdued over the past 18 months, there is a sustained interest in blockchain technology from the corporate sector.

Christensen anticipates that the industry’s next significant development will not be characterized by an explosive price rally, as witnessed in 2021, but rather a gradual and subdued growth over the next 18 months. He noted:

“The only reason corporate types need a crypto asset is to execute what they want to do on a given blockchain. So, I think it’s very clear that you need to be aware that they’re not in desperate need for a given crypto to increase significantly in value.”

However, not everyone shares Christensen’s viewpoint. Ben Simpson, founder of the crypto education platform Collective Shift, argued that various data and indicators suggest that the initial stages of a Bitcoin bull market are already underway. He mentioned, “The drawdown from the all-time high chart and market-value-to-realized-value ratio suggests we’re in the final stages of accumulation, often a precursor to a bull market.”

Simpson believes that in the next bull market, assets like Bitcoin, Ether, and application-specific tokens, as well as sectors such as gaming, are poised for substantial growth. He said, “DeFi tokens are risky but offer significant upside, and Bitcoin, I believe, emerges as the ‘silent winner’ amid broader adoption and one I’m most bullish on.”

Image by macrovector on Freepik

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