The crypto market turned red on Wednesday, with Bitcoin, XRP, Ethereum and altcoins witnessing a new round of selling. Bitcoin is down more than 2% at $3,389, according to the crypto price tracker Coin360.
The overall market cap of all cryptocurrencies dropped from $113 billion to $111 billion in a matter of minutes, the lowest point since the middle of December, as shown by CoinMarketCap.
The market shuffle brought Binance Coin into the top 10 by market cap, surpassing Bitcoin SV.
EToro’s senior market analyst Mati Greenspan says the crypto market is going through “extreme apathy” at the start of February. In the long-term, Greenspan is bullish on real-world adoption of crypto.
“There is absolutely no reason to assume the Bitcoin adoption rates will continue to grow at the current pace… They will likely accelerate.”
The CEO of crypto investment firm Pantera Capital agrees. Dan Morehead says crypto traders can take solace in the fact that the fundamentals behind the scenes are stronger than ever – and that this isn’t the first Bitcoin bear market.
In a new interview on the Unchained podcast, Morehead says he’s no longer concerned about whether blockchain is here to stay. He points to Fidelity’s crypto exchange and Bakkt as two examples that show crypto is going mainstream.
“I think the underlying fundamentals are much, much stronger than they were in the 2014-15 crypto winter.”
“Institutional investors really want to have a custodian that’s well-known and regulated. We really haven’t had that in the past.”
Morehead says that Pantera is focused on supporting companies working on scalability, creating new fiat onramps and bringing blockchain to the world of cross-border payments.
He equates the current state of crypto scalability to the internet in the 90s, when people were just learning email – before they could stream Netflix on their phones.