The Bitcoin rise in December 2017 and its immediate fall that followed in the first quarter of 2018 has had many repercussions on the Cryptocurrency Market. Crypto traders, experts, investors were crestfallen and there was only a little hope left. The huge BTC sell off before the tax day made it worse and crashed the BTC market. However, the little ray of hope has ignited and now the Bitcoin has seen some minor growth in the last 7-10 days.
People who are contemplating on whether they should buy a Bitcoin or not, Pantera Capital’s CEO says that that’s a good moment to enter the market. Dan Morehead, CEO of Pantera Capital, said the digital currency has been growing at 165 percent per year in the five years the firm has been in business.
Morehead said,
“Something that’s growing so fast hardly ever gets below its 200-day moving average. When it does, it’s a very good time to buy,”
BiTC Price had a record year in 2017 with the cryptocurrency gaining more than 1,300 percent to almost $20,000 in December. That helped Pantera, which was founded in 2013, return roughly 25,000 percent life to date as of last December. However, during this year Bitcoin has been traded under $6,000.
Morehead also told that institutional investors have barely even gotten involved in the cryptocurrency market – leaving plenty of room for expansion. He explained,
“There’s such an institutional appetite to get exposure to this. It’s a half a trillion dollar asset class that nobody owns. That’s a pretty wild circumstance. And it’s also only got a 0.1 percent correlation to the rest of the financial markets […] And BTC is still so under-owned by institutional investors that it trades kind of at its own beat.”
Pantera, which has roughly $800 million in assets under management, also announced the launch of its third blockchain-focused venture fund last month.
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