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Pantera Capital CEO Dan Morehead says three overlooked crypto projects are showing impressive strength in the face of the overall downtrend in the digital asset market.
on the new CNBC interviewMorehead sees cryptocurrencies as a disruptive technology reaching billions of new users, regardless of the short-term volatility of Bitcoin (BTC) and Ethereum (ETH).
The important thing to keep in mind here is that cryptocurrencies are highly disruptive and will change many aspects of our lives in the coming decades. The world is in a strong bull market and occasionally gets caught in cyclical downtrends in risk assets, but while risk assets themselves may still be struggling, blockchain is back at all-time highs. can easily be seen in a few years time, doing its own thing based on its own fundamentals.
And the story is that there are hundreds of millions of people using blockchain today, and I think in four or five years there will be literally billions. And the way we value things is supply and demand. If he has a billion people who want to buy a fixed number of coins, the price will probably go up.
Morehead, who oversees about $4.5 billion in assets under management, said the number of projects other than Bitcoin and Ethereum continues to gain momentum and gain market share is one sign of the strength of the crypto industry. says there is.
He cites three notable projects, including the Ethereum-based decentralized exchange (DEX) Uniswap. (Uni)Decentralized Application (DApp) Platform Near Protocol (shortly) and DEX aggregator 1 inch (1 inch).
We are all used to using Bitcoin as a proxy for blockchain. There are hundreds of very interesting projects, many of them coming together and doing very well. Cool stats. is the percentage of the total market that is not Bitcoin or Ethereum, hitting a record 43% yesterday and averaging 20% over the past five years.BTC and Ethereum are slightly below their lows, but Near Protocol There are lots of cool projects like Uniswap, 1 inch, which is well above their low price.
Crypto veterans predict that crypto assets will soon break the correlation with broader financial markets.
Cryptocurrencies got caught up in the global macro plunge of all asset classes and I think there was a little bit of over-leveraging in the system in May/June. In May, cryptocurrencies will be able to start trading independently of risk assets.
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