According to Kathleen Breitman, CEO of blockchain company Tezos, the current bear market in cryptocurrencies is still far from entering a new bull run despite its recent resurgence. Nonetheless, she asserts that a “small minority” of beneficial crypto applications will make it through the present difficulties and “thrive” in the future.
Breitman said that during the past few years, the valuation of various cryptocurrency projects had been briefly inflated by enthusiasm and “easy money going into the system.” The CEO used OpenSea as an example, where total trade decreased from about $3 billion in September last year to less than $350 million in September this year.
Who will survive this bear market?
According to 28 years old “crypto royalty”, only a small portion of the thousands of bitcoin ventures offer specific benefits. She believes they will survive the difficult environment they are in now and ultimately “thrive.” Breitman further states:
“Crypto hasn’t been evaluated by that metric, and neither has technology in the last 10 years that we’ve had low interest rates. It remains to be seen, but basically, I think what you’ll find is the things that are useful are going to thrive. But that’s the small minority of crypto applications, whether people want to admit it or not.”
Mirroring her thoughts, many leading influencers also commented on the ongoing and persisting bear market over the past months. In July this year, Meltem Demirors, the chief security officer (CSO) of CoinShares, also shared his thoughts on the consistent struggles of the crypto bear market which, according to him, can last till 2023.
Charles Hoskinson, the founder of Cardano, has also commented on the winter market which began soon after Terra’s demise in May. He predicts that things will get better in a few months, assuring investors that similar dips have happened previously and that these dips are an important part of the market.
According to Coinbase CEO Brian Armstrong, The bear market will persist between 12 and 18 months. He expressed optimism that his trading platform will remain active.