What makes Ethereum co-founder Vitalik Buterin feel that the current cryptocurrency market dip is a good thing?
According to Ethereum co-founder Vitalik Buterin, Many crypto developers wouldn’t mind if the price of cryptocurrencies continued to fall since it would weed out less-viable projects.
Cryptocurrencies have fallen alongside stocks in recent weeks as investors become warier in taking risks in the face of persistent inflation, Federal Reserve interest-rate hikes, and geopolitical tensions.
“When prices rise by large amounts over extended periods, it makes a lot of people happy, but it also tends to attract a lot of short-term speculative interest.”
Many of those applications fade away during this market downturn, allowing you to discover which initiatives are truly long-term viable.
The NFT marketplace that got through the last crypto winter is OpenSea. It was established in December 2017, only days before cryptocurrency values plummeted. But, after holding on through the market trough, it reached 1 million active wallet users and a valuation of $13 billion in January of this year.
Cryptocurrency losses have coincided with strong dips in stock markets, particularly technology sectors, which have been slammed by a wave of risk aversion fueled by increasing prices, and geopolitical concerns in Ukraine.
