It was a measly five weeks where the crypto market lost some of its steam and it’s safe to say that many finance gurus were worried. Sure, there were the true faithful that never lost confidence in their beloved market, but they were far and few in between.
But now, it looks like crypto has taken the high seat once, with a total market cap that managed to surpass $1 trillion.
The fact that this is taking place amidst three major crypto bankruptcy filings says volumes about the less sheer dynamic unpredictability in the industry. You can be sitting on a gold mine one day, only for it all to implode the next—and it’s almost impossible to know when it’s going to happen.
So after a miserable quarter for much of the cryptocurrency world, especially Bitcoin, this positive surge will certainly be viewed as a win.
And yet, will positivity seemingly lingering in the air, there’s still a hefty level of skepticism amongst people in the industry. There’s still a fear that the numbers will dip back down, and possibly to even worse levels.
If you ask BitWise chief investment officer Matthew Hougan, Ethereum is at the center of all of this. “Ethereum will be the institutional asset of choice in the second half of the year and its on sale,” he claimed.