A year ago, the market cap for the entire cryptocurrency industry was over $800 billion and it has since, fallen by over 80 percent to its current valuation of $135 billion. This period came to be known as the “crypto-winter.”
Pantera Capital, a blockchain investment fund based in San Francisco, released a study that charted the price of Bitcoin in 2013 and compared it to 2017, based on the real-time and projected valuations. The report suggested that top cryptocurrencies, despite a decline in the prices, saw their fundamentals remain resolute.
In 2013, Bitcoin first shot up above the $1,000 mark and then closed the following year just above the $300 mark, with many referring to this period as the first crypto-winter. Dan Morehead, the CEO of Pantera, stated that he had, “more of a worry,” during the first winter as that was Blockchain’s first test. The technology survived and the currency it powered only surged over the following years.
With respect to the current bearish…
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