In a recent interview, Vitalik Buterin, the co-founder of the Ethereum (ETH) blockchain revealed that the cryptocurrency industry could be prolonged in remarkable bearish momentum over the next few days. He described this dynamic, which will extend over a long period of “cryptocurrency winter”.
“Cryptocurrency winter is coming”
As it approaches “Cryptocurrency Winter”, Buterin said his view on the future of the sector is shared by several professionals. In particular the developers believe that the market will be bearish in the next few days. However, they are happy with it, because a drop in the value of digital assets is a sign that strong short-term speculation will take place.
Buterin explained that the developers welcome the bear market because when there are these long periods of prices dropping by huge amounts like that happens – that obviously makes a lot of people happy – but it also tends to invite a lot of very short-term speculative attention.
Waiting for it to happen ” Winter ” predicted by Buterin, the digital asset market is already in 45% drop compared to its last all-time high in November 2021. For example, the price of Ethereum (ETH) has fallen by 40%.
The benefit of ”cryptocurrency winter”
The 28-year-old co-founder, whose fortune is estimated to be in the billions, said he was “surprised” by how markets had changed since late last year. Mr. Buterin was unsure if the cryptocurrency was going to perform or not.
He told Bloomberg: “I feel like the cryptocurrency markets have kind of shifted from being a niche group controlled by a very small group of participants and quite disconnected from traditional markets to something that behaves more and more like if it was part of the traditional financial markets ».
Buterin said the cryptocurrency winter will allow developers to focus on improving their technology.
Cryptocurrency winter is coming soon, according to Ethereum (ETH) co-founder Vitalik Buterin. Feared by many people, this period will however be beneficial for developers, according to him. For good reason, they will have the opportunity to focus on new technologies.
Source : CRYPTOGLOBE
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