As Bitcoin and especially Ethereum’s DeFi ecosystem has drawn down from its recent highs, analysts have been left wondering what phase of the market cycle are cryptocurrencies in. Is this the early innings of a bull market or the start of another bear trend?
According to Kain Warwick, the founder of Synthetix and a long-time crypto market participant (since 2012), ongoing price action and fundamental trends suggest we’re still in 2016.
That’s to say, cryptocurrencies have a lot further to grow in the coming years.
We’re in 2016, not 2017: Synthetix founder and long-time crypto bull
Warwick explained that having lived through two previous crypto cycles, he thinks that the industry’s current situation is analogous to 2016, which was the “calm before the 2017 storm,” so to say:
“I’ve been trying to work out if we were in 2016 or 2017 for the last 6 months. This last week firmly put me in the 2016 camp. It’s actually shocking how similar human reactions are to the same stimuli. After the dump in July 2016 I could not convince anyone to buy BTC @ $500…” Read More