TradingView’s Managing Director explains the difference for the bull market in 2017
He thinks there is an important difference. I think the crypto-veterans would agree with that too.
The cryptographic coinage area has been through a number of bull and bear markets since its introduction in 2009. The cryptographic bull race in 2017 was one of the biggest years for the industry. At that time, digital asset prices soared and the industry grew rapidly.
Chain markets look very different today than they did three years ago when looking at regulation, acceptance and other factors. How does the current Bitcoin Bank uptrend of crypto-macro differ from 2017? According to Pierce Crosby, CEO of the analytical platform TradingView, asset diversification is an important difference.
„The key here is account distribution. That is, in the total number of accounts with a given cryptographic asset,“ Crosby told Cointelegraph. He also said:
„In 2017, very few accounts had a disproportionate distribution. However, the number of accounts has now increased enormously. There are now 30 million accounts registered in Coinbase alone.
Coinbase currently has over 35 million users on its platform, compared to 11.7 million in October 2017, according to CNBC figures.
„I also think people should consider the proportion of institutional owners, which is usually a strong ’support‘ factor for the course,“ Crosby said. Krypto is attracting more interest, especially from key market players. Jack Dorsey Square and Microstrategy’s business information company are just two examples of the big names that bought Bitcoin in 2020.
Crosby also said the technology is another difference between today’s bull market and 2017: „There are now thousands of applications built on one of the many block chains in the ecosystem. These also play a key role in stabilising price movements,“ he said. This year’s DeFi boom serves as one such example of progress.
Bitcoin recently broke his historical record, surpassing his previous record of $19,892, which he set in 2017.
Bitcoin showed great strength in 2020, although it fell to $3,600 in March due to the Corona crisis.
Since then, Bitcoin and the encryption market in general has grown.
„In general, we are seeing a change of mood and focus in the last year of the current US administration,“ Crosby said. „When the pandemic started, it really took off. This was due to the fall in Bitcoin prices, but also to global monetary policy.
The US printed a lot of money in 2020, keeping interest rates low.