- Peter Smith was speaking at the “Crypto Goes Mainstream” summit
- He says it was hard to have lost money during the 2021 bull cycle
- The next year could be about crypto projects with “real technical value”
Bitcoin and Ethereum account for the largest share of crypto by market capitalisation, thanks to the monstrous surge in their respective prices. Bitcoin’s run to prices above $69,000 and Ethereum’s dazzling spike to prices above $4,800 have had the crypto market cheering for more before the end of 2021.
Some analysts have even predicted the bull market, especially for the top cryptocurrencies, could continue well into 2022.
Blockchain.com founder Peter Smith holds such a view, but notes that the crypto environment will be a lot tougher and competitive over the next year. And although many have made money during the current bull cycle, the next phase of the market will be “harder and more competitive,” he said during an interview at the ‘Crypto Goes Mainstream’ summit.
“It’s very hard to have lost money in crypto over the last year. Some people have managed to do it, but it’s quite hard,” Smith said at the event.
The year has seen an explosion in usage and prices for several cryptocurrencies like Polkadot and Solana, as well as mainstream interest in non fungible tokens (NFTs) and the metaverse sectors.
According to the Blockchain.com founder, it’s projects with “real technical value” that will survive going forward.
It’s this gravitation towards use cases and functionality, not merely speculative investing, that’s going to hit some assets, he noted.
“We are going to get into a harder, more competitive environment, I think, over the next year. And that’s actually going to be net good for the market because it’s going to start separating the good from the bad.”
On top of that, a breakup in correlation that has seen digital assets trade up because of positive momentum across the market will impact prices.
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