Cautious optimism returns to the crypto space

Cautious optimism returns to the crypto space

Cautious optimism returns to the crypto space

Set against the doom and gloom of a painful bear market, recent events and market activity suggest there’s every reason to turn that frown upside down.

    The Merge

    Regardless of price action, it’s worth remembering that all the while, bright minds continue to work on distributed ledger tech.

    It has been a long time coming, but it seems like ‘the merge’ - Ethereum’s first step to becoming a next generation smart contract platform - is now on the cusp of being realized.  The final test deployment is expected to go live next month, with mainnet deployment likely to follow in September.

    The realization of the progress that is being made, together with the implications for Ethereum as a smart contract platform, has stoked investor interest. According to on-chain analytics firm Santiment, 131 new Ethereum ‘whales’ have emerged in recent weeks. Yesterday, Ki Young Ju - CEO of CryptoQuant - confirmed that someone had bought $1.7 billion worth of Ethereum futures in the space of an hour.

    How to buy Solana SOL
    Ethereum price performance over the past 7 days -  IMG Source

    After an extended period of depressed prices in the crypto space, Ethereum has led a recent resurgence in the crypto market as a whole.

    Positive outlook on Bitcoin intact

    The recent crypto market slump has been humbling, not just for retail investors but for professional investors in the space also. Nobody has been humbled more than Mike Novogratz, CEO of digital assets financial services firm, Galaxy Digital. Novogratz got his take on Terra/Luna totally wrong and will likely continue to suffer the ridicule that his Luna tattoo is bringing him.

    Despite this, Novogratz is not shying away from making bold predictions. When speaking at the Bloomberg Crypto Summit earlier this week, he reaffirmed an earlier call that Bitcoin will reach a unit price of $500,000. “We continue to see institutions in Europe, the Middle East and the US who haven’t gotten involved yet, looking at this as an opportunity”, he said. Novogratz maintains that institutions are more cautious but as the space gets back on its feet and starts a new narrative, the institutions will get on-board.

    How to buy Solana SOL
    Bitcoin price performance over the past 7 days - IMG Source

    Based on data retrieved from CoinGecko, around $70 billion has been added to the market capitalization of Bitcoin over the past seven days.

    ADA and SOL join in the action - how to buy

    Meanwhile, Solana and Cardano have been prominent amongst altcoins that have outpaced many of their rivals in this most recent crypto market resurgence.

    If you're wondering how to buy Solana (SOL) or Cardano (ADA), the tokens of both of these smart contract blockchain contenders are available to buy using MoonPay in Exodus Desktop, Exodus Mobile and Exodus Browser Extension.

    While this recent price action has had an upward trajectory, we all have a responsibility to act with an abundance of caution. However, even if this recent rally ends up being a bull trap, it’s useful to maintain the perspective that real tangible developments within crypto continue to contribute towards driving the technology and the sector forward.

    This content is for informational purposes only and is not investment advice. You should consult a qualified licensed advisor before engaging in any transaction.

    Get insider crypto knowledge and product updates from the world’s leading crypto wallet
    Sign me up