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Crypto Market Enters New Growth Phase, Says Pantera Capital
The cryptocurrency market is showing signs of moving beyond speculative cycles, according to a recent research note by Pantera Capital. The venture capital firm highlights on-chain activity, stablecoin adoption, and improving regulatory conditions as key indicators of a new phase of growth.
Pantera Capital suggests that the crypto industry is shifting away from speculative boom-and-bust cycles and entering a phase of mass adoption and diffusion. This next chapter is expected to bring more sustainable and meaningful growth, presenting compelling opportunities for long-term investors.
“There’s a possibility we are moving beyond the speculative boom-and-bust cycles of the early days and are now entering a phase of mass adoption and diffusion.”
On-Chain Fundamentals and Regulatory Landscape
Pantera Capital notes that layer-1 blockchains are generating $6 billion in annualized revenue, while on-chain applications bring in $10 billion. Daily active addresses have also reached 17 million, indicating high on-chain activity. The firm believes that increasing regulatory clarity will “unleash the entrepreneurial potential that has long been constrained.”
The creation of a White House AI & Crypto Czar is seen as an important step in this direction. Pantera Capital believes that AI and crypto will be “the fastest and most exciting growth sectors in the world in the coming years.”
Macroeconomic Trends and Geopolitical Landscape
Addressing the geopolitical landscape, Pantera Capital notes that while interest rates remain a concern, fiscal policies in the U.S. and China are loosening, boosting global liquidity. As long as macroeconomic trends “align with the crypto industry’s structural tailwinds,” the firm believes the stage is “set for a period of durable growth.”
Some key takeaways from Pantera Capital’s research note include:
- High on-chain activity, with daily active addresses reaching 17 million
- Increasing regulatory clarity, with the creation of a White House AI & Crypto Czar
- Loosening fiscal policies in the U.S. and China, boosting global liquidity
- A shift away from speculative boom-and-bust cycles and towards mass adoption and diffusion
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