As a seasoned researcher who has closely observed the crypto market since its infancy, I must admit that this current cycle feels like a rollercoaster ride with a unique twist. Unlike past cycles, which were propelled by groundbreaking technologies, this one seems to be more influenced by external factors such as ETFs and celebrity endorsements.
It’s important to point out that while Bitcoin (BTC) reached a new high of around $73,000 in March during this current crypto cycle, it seems distinctly unique compared to previous ones.
Specifically, unlike past phases that were marked by the emergence of innovative creations, the present time has not yet brought forth “game-changing technologies” that usually spark widespread acceptance and excitement, as stated by Tieshun Roquerre, who is also recognized under his alias, Pacman.
How Different Is This Crypto Cycle From The Past Ones?
At the Foresight 2024 conference in Hong Kong, held virtually, Pacman emphasized various aspects that set the present cycle apart from its predecessors during a question-and-answer session. As he pointed out, this particular cycle stands out due to the absence of significant technological advancements that characterized past cycles, according to his expert perspective.
Expanding on that point, Pacman explains that the earlier stages were characterized by advancements including Initial Coin Offerings (ICOs), decentralized trading platforms such as Uniswap, and the rise of Non-Fungible Tokens (NFTs).
Pacman pointed out that these advancements stimulated a surge in adoption and opened up alternative paths for money circulation in the cryptocurrency world, revitalizing the market and fostering optimistic expectations.
Instead, Pacman noted that the recent trend in cryptocurrencies is more influenced by external factors such as exchange-traded funds (ETFs) and market forces, rather than advancements in the underlying technology itself.
As an analyst, I’ve observed that Exchange-Traded Funds (ETFs) have ushered in a unique momentum, shifting the focus towards the fusion of cryptocurrencies with conventional financial systems. This dynamic diverges from the initial trajectory, which was centered around nurturing an ecosystem driven by technological innovations and tech-centric advancements.
When considering the future of NFTs, Pacman thinks that to rejuvenate the NFT market and attract fresh attention, it’s essential to introduce a creative new angle or modification in the existing approaches.
As someone who has been closely following the evolution of technology and its impact on various industries, I have witnessed firsthand how groundbreaking ideas can completely revolutionize the way we interact with digital assets. The original concept of Non-Fungible Tokens (NFTs) was a game-changer for digital ownership and art, and it left a lasting impression on me.
He draws a parallel between the required innovation and the disruptive impact that Non-Fungible Tokens (NFTs) had on conventional fungible tokens. This disruption paved the way for fresh avenues of investment and unleashed a wave of creative opportunities within the cryptocurrency sector.
Current Cycle Performance
While this current cryptocurrency phase may differ significantly from past cycles, it doesn’t mean it’s entirely negative. In fact, Bitcoin has already reached a brand-new record high. Furthermore, unlike previous cycles, we’ve witnessed the rise and popularity of several meme coins in this particular cycle.
As someone who has closely followed the world of cryptocurrencies for several years now, I find it fascinating to see how celebrities have started getting involved in this space. From my perspective, their participation has significantly increased public awareness and engagement with crypto, which is a good thing for the industry as a whole.
Some well-known meme coins that have emerged during this cycle include NEIRO, BOME, DADDY, MOTHER, and TRUMP, along with several others.
Additionally, there’s been a significant transformation in the regulatory landscape. Not long ago, XRP managed to emerge victorious in its legal battle with the U.S. Securities and Exchange Commission (SEC).
Previously, Ethereum also secured approval for its spot ETFs in the U.S., implying that the regulatory body now classifies Ether as a commodity rather than a security.
Featured image created with DALL-E, Chart from TradingView
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2024-08-13 07:12