Pantera Capital CEO Dan Morehead said three overlooked crypto projects are showing impressive strength in the face of an overall downward trend in the digital asset market.
on a new CNBC the interviewMorehead said he sees cryptocurrency as a disruptive technology that will see billions of new users regardless of short-term volatility in Bitcoin (BTC) and Ethereum (ETH).
“I think the important thing to remember here is that crypto is a disruptive thing that is going to change many aspects of our lives over the next few decades. It’s a secular bull market and it sometimes gets caught up in these cyclical down drafts of risk assets, but I can easily see a world a few years from now where risk assets are still struggling but blockchain is back at all-time highs and based on its own fundamentals. does his own work
And that story is millions of people using blockchain today. I think in four or five years it’s going to be literally billions of people. And the way things are valued is supply and demand. If you have a billion people who want to buy a certain number of coins the price will probably go up.”
Morehead, who oversees about $4.5 billion in assets under management, said one sign of the crypto industry’s strength is the number of projects besides bitcoin and ethereum that are gaining steam and increasing market share.
He named three notable projects that are on his radar, including Ethereum-based decentralized exchange (DEX) Uniswap. (UNI)Closer to Decentralized Application (DApp) Platform Protocol (nearby) and DEX Aggregator 1 inch (1 inch).
“We’re all used to using bitcoin as a proxy for blockchain. There are hundreds of really interesting projects and many of them are rallying and doing quite well. A great statistic is the percentage of our entire market, which is not bitcoin or ethereum, recorded 43% yesterday and It has averaged 20% over the past five years.While Bitcoin and Ethereum are far from their bottoms, there are many great projects such as Near Protocol, UniSwap, 1 inchwhich is far above their lowest level.”
The crypto veteran predicts that soon, crypto assets will break their ties with the broader financial market.
“I think crypto got caught up in the global macro sell-off of all asset classes and then there was a bit of excess leverage in the system between May and June. I think most of that has been done. And within the next few months crypto may start trading independently of risk assets.”
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