Dan Morehead, CEO of Pantera Capital, said three overlooked cryptocurrency projects are showing impressive strength in the face of the overall downtrend in the digital asset market.
on the new CNBC interviewMorehead said he sees cryptocurrency as a disruptive technology that will see billions of new users use it regardless of the short-term volatility of Bitcoin (BTC) and Ethereum (ETH).
“I think the important thing to remember here is that crypto is a disruptive thing that will change every aspect of our lives for decades to come. It’s in a secular bull market that occasionally gets caught in the cyclical downtrend of risk assets , but I can easily see a world a few years from now, where risk assets themselves may still be struggling, but blockchain is back at all-time highs and doing its own thing based on its fundamentals.
The story is that there are hundreds of millions of people using blockchain today. I think in four or five years there will be billions of people. The way things are valued is supply and demand. If you have a billion people who want to buy a fixed amount of coins, the price could go up. “
Morehead, who oversees about $4.5 billion in assets under management, said one sign of the strength of the crypto industry is that projects other than bitcoin and ethereum are growing in number and continuing to grab market share.
He listed three notable projects he followed, including Ethereum-based decentralized exchange (DEX) Uniswap (Unite)the decentralized application (DApp) platform Near Protocol (near) and DEX Aggregator 1inch (1 ft).
“We are all used to using bitcoin as a proxy for the blockchain. There are hundreds of really interesting projects, and a lot of them are assembling and doing well. A cool statistic is the percentage of our entire market, not bitcoin Bitcoin or Ethereum, which hit a record 43% yesterday and an average of 20% over the past five years. While Bitcoin and Ethereum are only slightly off their lows, there are a lot of cool projects like Near Protocol, UniSwap, 1″, which is well above their lows. “
The crypto veteran predicts that at some point in the near future, crypto assets will break their correlation with the wider financial market.
“I do think cryptocurrencies did get caught up in a global macro sell-off across all asset classes, and then into May and June, there was some overleverage in the system. I think most of that has been resolved. Over the next few months , cryptocurrencies can start trading independently of risky assets.”
Don’t miss a beat – subscribe to get encrypted email alerts delivered straight to your inbox
Check price action
follow us Twitter, Facebook and telegraph
Surf Daily Hodl Combo
 
Disclaimer: Opinions expressed on The Daily Hodl are not investment advice. Investors should conduct due diligence before making any high-risk investments in Bitcoin, cryptocurrencies or digital assets. Please note that your transfers and transactions are at your own risk and any loss you may suffer is your own responsibility. Daily Hodl does not recommend buying or selling any cryptocurrencies or digital assets and Daily Hodl is not an investment advisor. Please note that The Daily Hodl engages in affiliate marketing.
Featured Image: Shutterstock/Golden Dayz
