Kathleen Breitman – Chief Executive Officer of the blockchain platform Tezos – thinks the ongoing cryptocurrency bear market is nowhere near its end.
However, she believes a “small minority” of useful crypto applications will survive the challenging times and “thrive” in the future.
The End of the Crypto Winter not Close
Despite the recent revival of the cryptocurrency market, Breitman argued that the sector is far from starting a new bull run. In her view, enthusiasm and “easy money going into the system” artificially boosted the valuation of numerous cryptocurrency projects over the past few years.
Tezos’ CEO gave the leading NFT marketplace OpenSea as an example, where trading volume dropped from nearly $3 billion in September 2021 to less than $350 million in September this year.
“Clearly, there is a phenomenon that has kind of crested and gone away in a lot of these markets, but meanwhile, they’re saddled with a $13 billion valuation,” Breitman stated.
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