Three Signs That Could See Crypto Surge “On Par” With 2017
By FVP Trade on The Capital
Three Signs That Could See Crypto Boom Like 2017
Max Bronstein from Coinbase said,
“There are three clear signs that crypto is having a major reflation moment, soon to be on par with and likely exceed the 2017 boom.”
The Coinbase expert shared three data indicators from Glassnode and Dune Analytics, two data sources in the crypto world, backing this very strong viewpoint:
- Ethereum’s daily transaction count is at multi-year highs, with this indicator regularly crossing above 1,000,000 as DeFi sees more adoption.
- The volume of Bitcoin holders with one or more coins has reached a record high of over 822,500. This is up from about 782,000 at the beginning of 2020.
- The volume of DeFi users is going through the roof currently, with Uniswap, Synthetix, and 1Inch driving most of the growth.
Previously, Bronstein has said that the current macroeconomic environment points strongly to growth in Bitcoin and Ethereum.
Referencing the phenomenal money printing, lockdowns, and other large scale trends, he wrote in a Twitter thread published in March:
“All of these sums to the largest test of Bitcoin’s value proposition. The lower bounds of debt-based monetary systems continue to shrink each day, and the need for a decentralized alternative has never been stronger.”
Bitcoin And Ethereum Need Wall Street to Take It to New Highs
With the cryptocurrency industry apparently in a very positive place, it might be baffling to some why the price of Bitcoin isn’t attempting to push its previous all-time high of above 20,000 USD.
In spite of the uptick in the take up of the underlying technology, an expert says that Wall Street is necessary to start growth in the price of cryptocurrencies to new heights.
The expert, known as “Ceteris Paribus” tweeted on the subject last week:
“DeFi can rally without a ton of new money coming in, but BTC/ETH is at the point where they need real, institutional/macro fund flows to take it to the next level.”
Luckily for Bitcoin bulls, there is data suggesting that the institutional inflows that retail crypto investors have long awaited are finally beginning to show.
Last week, Grayscale Investments announced its latest quarterly/half-year report. The report saw the companies greatest influx of capital ever, with its Bitcoin and Ethereum products getting a major proportion of the capital.
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