On Monday, I wrote:
With the crypto winter seemingly coming to an end and spring on the horizon,
So why do I think winter is behind us and spring is on the horizon?
Well you can see in the chart of the entire crypto market that there has been a meaningful move off of the bottom in the last five months.
The entire crypto market hit the low point in mid December at roughly $100bn and has rallied over the winter and spring to almost $250bn. While there is no guarantee that we won’t go back and test those lows, I do think we hit rock bottom in December.
It is also worth noting that the daily trading volumes are now higher (almost double) than they were at the height of the crypto bubble in January 2018. Investors are back in the market and pushing it higher.
And this is not just about Bitcoin. Here is the total market minus Bitcoin:
It is a very similar chart with very similar volume activity.
The most exciting thing to me is what you don’t see in these charts and that is the fact that many projects have been quietly building out their systems over the last 18 months and we will start to see new public blockchains and protocols go live over the next 6-12 months that will show the power of new ideas and new technologies that are coming to market.
I love spring.