TradingView general manager explains how the current crypto bull market is unlike 2017

Wednesday 02 December 2020, 8:07 AM AEST - 1 month ago

The cryptocurrency space has undergone a number of bull and bear markets since its inception in 2009. The crypto bull run in 2017 was one of the biggest years for the industry, hosting soaring digital asset prices and growth.

Blockchain markets look much different today than they did three years ago, however, based on regulation, adoption, and other factors. How will cryptos current macro uptrend differ from 2017? Asset dispersion is a key differentiator, according to Pierce Crosby, general manager of asset charting platform TradingView.

The key here is to be looking at the distribution of accounts, i.e. the total number of accounts holding a given crypto asset, Crosby told Cointelegraph, adding:

In 2017, there was a disproportionate weighting in very few accounts, whereas now, the number of accounts has grown tremendously. Coinbase alone now reports having 30M accounts.

Coinbase currently boasts over 35 million users on its platform, up from 11.7 million in October 2017, according to numbers from CNBC reporting.

Additionally, I think people should consider the institutional ownership percentage, which is typically a strong support factor for price, Crosby said. Crypto now garners greater interest from large mainstream players. Jack Dorseys Square and business intelligence outfit Microstrategy are just two examples of fresh Bitcoin buying power stepping up to the plate in 2020.

Crosby noted technology as another differentiator between the current bull market and 2017. There are now thousands of applications built on top of one of the various blockchains in the ecosystem, these also play a key role in stabilizing price drips, he said. The decentralized finance boom this year serves as one such example of advancement.

Bitcoin recently broke its all-time price high,

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