Three weeks until Christmas.
Jason Guthrie, from WisdomTree, wonders if the momentum will last until the end of this year. David emphasized that in the Empire Newsletter today.
As I don’t own a glass crystal, it’s hard for me to predict the future. It’s possible that you missed out on the bitcoin price levels you should be watching because you went away for Thanksgiving early last week. However, we’re not able to tell what is next.
What if we instead looked at the moment as it is?
“The space, to me right now, does feel reasonably healthy,” Guthrie said.
“There aren’t a lot of individual projects or companies that seem to be bolstering or driving this in a very meaningful way. And I think that’s very distinctly different from previous cycles where there was a hyped-up innovation, whether it was NFTs or memecoins or something like that, or one big firm like FTX that really seemed to be kind of dominating the narrative … that feels a little shakier than what we’ve got now, which just seemed like a more diversified groundswell, if you like, through the space more generally. People are building innovative things we don’t have … it seems much more use case focused,” He also added.
It’s fair to say that at this time, memecoins seem to dominate the narrative. Who knows how long it will continue, particularly since they’re seen by many as a way to enter the retail market.
Guthrie isn’t sure we will see the same retail enthusiasm this cycle that we did last time, which has led him to believe we may see more of an “muted run. ” It’s Not Always the Case “an unhealthy thing for the space in any way,” “He said”
It is possible that this cycle will see the real growth of crypto, and not just a handful of high-net-worth individuals investing a large portion of their wealth in it.
“I would rather that that demand was coming from tens of millions of people doing something that makes sense for them, rather than a handful of people putting in a very large portion of their portfolio. And I think retail coming back in the future might look much more like a general risk-on sentiment, as opposed to this really loud hype from a relatively small community,” Guthrie said.
There’s room for the crowd who want to play around with memecoins and also those that add crypto as an investment.
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