The cryptocurrency industry is going through a transformational phase right now, as it expands to mainstream areas reaching an unprecedented number of users.
While experts and crypto watchers vividly compare the recent bullish run of cryptocurrencies and especially Bitcoin to the 2017 bull run, TradingView General Manager Pierce Crosby opines a bit differently.
2017 VS 2020 Bullish Run
Ever since its evolution, it has seen numerous highs and lows, sometimes the price of digital currencies soaring to massive numbers and sometimes the shares plummeting horrendously. The recent bullish run of Bitcoin and other cryptocurrencies is compared with 2017 uptrend.
As per Pierce Crosby, the GM of TradingView, the Asset Dispersion is the main distinguishing factor between the 2017 uptrend and 2020 Bullish run of crypto assets. The cryptocurrency markets have undergone tremendous change in recent times, with more emphasis on legal compliance, wider institutional adoption, and newer platforms coming in.
As reported by CoinTelegraph, he said that one must note the number of accounts that hold any crypto asset. The distribution of accounts was disproportionate in 2017. However, now there is an enormous increase in the number of crypto accounts. Coinbase has more than 30 Million accounts, he noted, the number has gone up around 19 Million of what it was in 2017.
Citing more differences between the 2017 and 2020 Bullish run, he mentioned that Technology had played a significant role in the recent uptrend with thousands of new applications being introduced over blockchains, keeping the markets running and contributing to the high price of digital assets. With the increase in decentralized finance and the emergence of Decentralized platforms like Ethereum, space is showcasing immense potential.
Crosby also talked about the US presidential Elections, which impacted the Bitcoin price. As the Covid-19 Pandemic tumbled the global economy, there was a bit decline in the Bitcoin price; however, the price correction happened soon.
The heightened institutional investment in Bitcoin and other cryptocurrencies gave the crypto industry a significant impetus, triggering the current Bullish run. Mainstream organizations and tech giants like Square, Microstrategy, and Paypal are embracing crypto like never before, which act as the ‘strong support’ for cryptocurrencies, noted Crosby.
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