After the recent crash, the cryptocurrency market has not been able to recover from the dominance of the bears. However, Pantera Capital CEO Dan Morehead talks about three overlooked altcoin projects. The famous CEO says that these projects show impressive strength in the face of the general downtrend in the market.
“I can easily see crypto returning to ATH levels”
In a new interview with CNBC, Dan Morehead says he sees cryptocurrency as independent of short-term volatility in Bitcoin (BTC) and Ethereum (ETH). In this framework, it considers it as a disruptive technology that will shape the future of billions of new users. In this context, Morehead makes the following assessment:
I think there is something important to keep in mind here. And that is because crypto is so disruptive that it will change so many aspects of our lives over the next few decades. In a secular bull market and at times these cyclical risk assets get caught up in the blueprints. However, after a few years, I can easily see that risk assets will still struggle but Blockchain is back to ATH levels.
According to the famous CEO, that story is that hundreds of millions of people are using Blockchain today. Morehead suggests that in four or five years there will be billions of people. The CEO said, “It is supply and demand that values things. “If you have a billion people willing to buy a fixed number of cryptocurrencies, the price will likely go up,” he says.
Altcoin projects on the radar: UNI, NEAR and 1INCH
Morehead, which you know from the news of Kriptokoin.com, manages approximately $ 4.5 billion in assets. He says that a sign of the strength of the crypto industry is the number of altcoin projects that are gaining momentum and continue to increase market share alongside Bitcoin and Ethereum. Three notable projects are on its radar, including Ethereum-based decentralized exchange (DEX) Uniswap (UNI), decentralized application (DApp) platform Near Protocol (NEAR), and DEX aggregator 1inch (1INCH). Morehead makes the following statement on the subject:
We are all used to using Bitcoin as a proxy for Blockchain. There are hundreds of really interesting projects. Many of them are collecting and have done quite well. A great statistic is the percentage of the entire market that is not Bitcoin or Ethereum. It broke a record of 43% yesterday. In addition, the average for the last five years was 20%. BTC and ETH are a little off from their lows. However, there are many great projects that are well above their lows, such as NEAR, UNI, 1INCH.
“Crypto will break correlation with financial markets”
Dan Morehead predicts that at some point soon, crypto will break its correlations with the broader financial markets. He explains his prediction as follows:
I think cryptos got caught up in the global macro selling of all asset classes and then a little too much leverage in the system during May and June. I think most of these have been resolved. And in the next few months, it is possible for crypto to start trading independently of risk assets.
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