Following a spectacular surge throughout March, BTC has had a minor pullback ahead of the Bitcoin 2022 conference in Miami.BTC is experiencing a rare period of calm, but any substantial positive news from the world’s largest bitcoin conference might enhance its value.
Other major cryptocurrencies, such as Ethereum (ETH), Binance Coin (BNB), and Ripple (XRP), have also followed bitcoin’s path, with the exception of dogecoin, which has witnessed significant gains in recent days.
Exchange of cryptocurrencies FTX. Many of today’s blockchains, according to US President Brett Harrison, will be abandoned by the market in the future.
Harrison says he expects major consolidation now that the space has exploded to hundreds of individual blockchains in a new interview with the Thinking Crypto YouTube channel.
Harrison goes on to discuss which projects will succeed, noting that, in addition to industry heavyweights like Bitcoin (BTC) and Ethereum (ETH), he’s keeping an eye on competing layer-1 smart contract platforms Solana (SOL) and Avalanche (AVAX).
He explains that because it was the first, Bitcoin is most likely still in existence. Ethereum is probably still around because it was the first blockchain to incorporate smart contracts.
A small number of layer-1s are vying for slots in the long run. Things like Solana and Avalanche, for example, I believe have gone out, and we’ll see which ones have genuinely gone out over time.
Part of it will be about the qualities of the technology itself, and part of it will simply be about where the killer apps are being developed, he added.
Long term case is bullish
Despite day-to-day price changes in the market, the amount of money and work put in the blockchain industry, according to the president of FTX.US, lends validity to trusting in its long-term prospects.
He says that consider all of the institutional and venture funding that has poured into crypto in the previous few years. Hundreds of billions of dollars. There’s investment, intellectual capital, [and] technological innovations going on, regardless of what asset values are doing right now, he added.
He opines that is bullish for space in the long run. It’s tough to say what this means in terms of asset prices in the short term, and it’s not my area of expertise.
Based on how much effort is being put into it, he says he is optimistic about the sector’s and technology’s progress.