In a recent dialogue with Cointelegraph, Lars Seier Christensen, the founder of enterprise blockchain Concordium, brought a breeze of skepticism to the crypto landscape. He expressed doubts on the electrifying impetus of the approval of spot BTC $26,614 exchange-traded funds (ETFs) suggested to the marketplace. Christensen’s rationale is that a boost in Bitcoin’s rally might not cascade to the rest of the coins in the market. The scalability of that bullish force to Ethereum and some other older cryptocurrencies, he believes, is doubtful.
Meanwhile, while the market value of digital assets has taken a downturn in the past one and a half years, enthusiasm towards blockchain technology from the corporate domain is still feisty. Christensen also notes that corporations’ interest in crypto assets is chiefly for the utilization of a specific blockchain to execute their operations, not necessarily desperate for the value of a given crypto to appreciate significantly.
In contrast, Ben Simpson, the founder of crypto education platform Collective Shift, opined that the initial stages of a Bitcoin bull market are already here. Pointing out the drawdown from All-Time High chart and Market Value to Realized Value Ratio (MVRV) as evidence of an upcoming bull market. Simpson is also optimistic about the potential growth of Bitcoin, Ether ETH $1,591 and application-specific tokens, seeing the likelihood of Bitcoin emerging as the ‘silent winner’ amid broader adoption.
Looking at the macroeconomic perspective, Josh Gilbert, eToro Markets analyst, sees a brighter future for Bitcoin and the broader crypto market. With the halt on interest rate hikes, Gilbert believes that as rates begin to fall and inflation subsides, investors will take on more risk, channeling more capital into financial markets — with crypto in the spotlight. Tina Teng, a market analyst from CMC Markets, however, injects a dose of caution. She points out that it is too early to confirm if this is the start of a bull market in crypto.
As cornerstones stand, blockchain technology continues to gain corporate interest, and many market analysts are optimistic about growth in the Bitcoin and Ether ETH market — all of these with the backdrop of shifting monetary policies that could either dampen or fuel the fervor of the market. Hence, as Christensen said, rather than ‘sexy’ rallies, we might be looking at more subdued growth occurring gradually.
Source: Cointelegraph
