Benzinga - New York-based investment bank H.C. Wainwright‘s analysts have declared the end of the “crypto winter.”
What Happened: Wainwright analyst Mike Colonnese observed, in a note sent to investors on Wednesday, that overall cryptocurrency prices have rallied 45% year-to-date, supported by a 67% increase in the price of Bitcoin (CRYPTO: BTC).
Colonnese, noting that the market has likely now entered the next bull price cycle, added that this typically results in enormous growth in the total crypto market cap, institutional and retail adoption, as well as high trading volumes.
“Crypto winter is over, and spring has sprung,” he added.
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Why It Matters: The investment firm foresees Coinbase (NASDAQ:COIN) expanding its market share in the cryptocurrency sector and benefitting from the rapidly growing global crypto economy, given its position as the world’s largest publicly-traded crypto exchange.
The bank expects this trend to continue throughout the remainder of 2023.
Colonnese added that bullish sentiment usually comes before a Bitcoin halving event, with the next one set for April 2024.
Price Action: At the time of writing, BTC was trading at $28,996, up 2.30% in the last 24 hours, according to Benzinga Pro.
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