Any cryptocurrency that has debuted since Bitcoin is referred to as an “altcoin” (BTC). Some Designers cloned the open-source code of Bitcoin in its early stages to produce alternative currencies. With differing supply cycles and privacy characteristics, various Bitcoin alternatives started to drift more from its forerunner over time.
A proliferation of Bitcoin-altcoin trading pairings appeared alongside altcoins, spurring a rise in market activity as investors took advantage of the erratic nature of these digital currencies to earn high-risk profits. As a greater variety of use cases for the technology have been feasible, the advent of altcoins and their corresponding blockchain networks heralds a period of exploration and maturation within the cryptocurrency sector.
According to Pantera Capital, Bitcoin is already in its next bull market cycle.
As he anticipates a year of restoring trust, Pantera CEO Dan Morehead claims that this cycle’s lows for Bitcoin and other cryptocurrencies are behind us. Some market players continue to believe that fresh macro lows are imminent across all crypto assets, despite BTC price movement having marginally reversed after rising 40% in January.Although there is no universal agreement on when such a situation may occur, it is still unclear how the market would recover.But Morehead believes that the moment has come to switch to a bullish position on cryptocurrencies.He said that they’ve gone through 35 years of comparable cycles, and Pantera has been through 10 years of Bitcoin cycles.
By ignoring the controversy about the price connection of cryptocurrencies with risky assets like stocks, that viewpoint departs from the majority. This serves as the foundation for several other predictions for 2023, as Cointelegraph will continue to cover.Despite falling below its previous bull market all-time high after the FTX fiasco in November 2022, Morehead said that the market had been well within the historical context following the drop from Bitcoin’s most recent all-time highs.The median of the normal cycle was represented by the drop from November 2021 to November 2022. The prior bull market was only partially erased by this down market. Giving back 136% of the prior rally in this instance, he noted with supporting evidence.
While Pantera set itself up for a year of “rebuilding confidence” in centralized finance (CeFi) first and foremost, similar optimism was aimed toward the decentralized finance field. Given the numerous company failures that occurred last year and contributed to the crypto bear market, Morehead argued that this would be required.
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