We are at the beginning of a new bull market, according to Simon Dedic
Simon Dedic, co-founder of cryptocurrency research house Blockfyre, posted some thoughts on his official Twitter account.
Times similar to 2017
In recent months, the cryptocurrency market has experienced an increase in the entry of new funds that have caused a large increase in the price of tokens such as Cardano (ADA), VeChain (VET) and Chainlink (LINK) of approximately 100 %. Many analysts are watching this phenomenon closely and trying to determine if we are in the beginning of a new bull market for cryptocurrencies.
Simon Dedic, co-founder of cryptocurrency research house Blockfyre, posted some thoughts on his official Twitter account. According to Dedic, the current climate is very similar to that experienced during 2017 with the ICO boom: an extremely bullish climate that led many tokens to achieve exorbitant prices. In recent months many new projects are emerging and the sale of their tokens are sold out in hours, especially in the field of DeFi. Dedic believes that what is happening with the DeFi closely resembles the events of 2017 with the ICO: "It is a narrative. Many interesting concepts emerge that could change the financial sector. However, many useless appropriations of cash will also".
The amount of money that is entering the market will create a bullish cycle that, according to Dedic, has already started: "By now most of the money is polite and careful, due to the recent bear market. But [people] have started to launch it with less care. " However, the experience lived in 2017 seems to have helped the market to mature and there is currently a more moderate air compared to the ecstasy of that year.