In the wake of cryptocurrencies across the board experiencing losses and mass sell-off, some crypto analysts believe brighter days are coming for the sector.
As of today, many crypto traders have been left confused about the most recent market crash. Crypto enthusiasts are divided into those who believe the prices will drop even harder, while others hold a more optimistic view, retaining the faith that crypto will bounce back as soon as mid-to-late 2022.
One of those in the latter category is Jack McDonald, CEO of PolySign. The analyst believes that strong bullish sentiment will result in prices rising in the second half of the year, and that Bitcoin’s (BTC) tight correlation with macro markets has changed the way Bitcoin is perceived by investors. “I do still believe that in the longer term that you would see a disconnect from some of the other market trends, but of late it is undeniable that there has been a very strong correlation”, says McDonald.
How Soon Can Crypto Bounce Back?
The dramatic downfall of Terra (LUNA) ignited an enormous price drop which saw Bitcoin (BTC) fall to ignonimous lows of $28,000. However, the leading crypto soon bounced back to slightly above $30,000. BTC is slowly regaining its position, having picked up 1.62% in value over the last 24 hours. At the time of writing, Ethereum (ETH) is trading at $2072.3, which signals slight gains since its slip to the $1915.18 pricepoint recorded on May 19th.
The rivalry between Solana (SOL) and Cardano (ADA) is set to become even more intense, according to McDonald. At press time, Solana (SOL) is trading at $54.35—its best result in 5 days, and a signal of slight recovery. Meanwhile, Cardano (ADA) is trading at $0.55 at the time of writing, and its 7-day chart indicates a firm, ongoing uptrend.
Taking the Opportunity to Come up with New Products
Despite the falling prices and mass sell-off, many crypto companies have taken the opportunity to dip their toes into new, innovative products. One such firm to do so is Robinhood (NASDAQ:HOOD). Regarding the current situation in the market, the CEO of the financial services company, Vlad Tenev, said: “Now is actually the best time to build new products”. He further underlined that most leading products were built during the infamous crypto winter. Thus, Tenev presented Robinhood users with a non-custodial crypto wallet that gives their customers full control over their private keys. In the current state of crypto confusion, there is huge demand for investors looking to feel more secure in their investments, and companies such as Robinhood are looking to supply that safety.
Self-custody, the Robinhood way. We are building a non-custodial wallet. A standalone app that is beautiful, intuitive and fast. https://t.co/J6s9nlPgcc— VLAD (@vladtenev) May 17, 2022
