Benzinga - Renowned investor and former ARK Invest executive Chris Burniske on Monday shared his insights on the future trajectory of major cryptocurrencies, including Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH), and Solana (CRYPTO: SOL), asserting that these digital assets have already reached their lowest points of the cycle.
Burniske, who accurately predicted the crypto market bottom in 2022, drew a comparison to the market dynamics of 2019 and stated, "While 2019 is useful context, I don’t think $BTC, $ETH, and $SOL make new lows in '23 — 2022 was the low imo."
He further cautioned investors about potential market fluctuations, emphasizing that while the market might face challenges, the long-term uptrend for these cryptocurrencies is expected to persist into 2024 and 2025.
He also warned against "bottom vultures" who perpetually wait for lower prices but never take the plunge.
Burniske also touched upon the role of decentralized finance (DeFi) games in reviving the market during its previous downturn, suggesting that such innovative strategies were crucial in attracting early adopters, colloquially referred to as "apes."
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He opined, "To pull us from the depths of the last bear, DeFi games were built to get the apes aping." Drawing a parallel, Burniske anticipates that social games, like FT, will be the driving force in the current cycle, attracting these early adopters.
He highlighted the typical pattern of market adoption, stating, "Apes always ape first — then, the rest of society comes later as follower apps clean up the experience."
This suggests that while early enthusiasts lead the charge, broader societal acceptance and adoption follow suit, especially as user experiences are refined and improved.
The overall cryptocurrency market has experienced a significant drop in recent days, seemingly in response to the Federal Reserve's indication of an interest rate increase.
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