“The Bull Run Has Already Begun”: Market Comment from the Famous Crypto Money Analyst
So does this indicate the beginning of a new bull market, or another balloon waiting to burst? Simon Dedic, founder of crypto research firm Blockfyre and analyst, says both are possible, according to a Tweet series shot on July 24.
Big bulls are back
The current situation in the crypto landscape is reminiscent of the ICO boom of 2017 in many respects. Especially with the emergence of a number of projects selling in decentralized finance.Three-digit increases are seen in installed projects or, at least, the tokens of the strongest. That’s why Chainlink is called “Tesla”. Speaking of Tesla, it is worth noting that Tesla CEO Elon Musk has pumped Dogecoin (DOGE) with his social media application TikTok .Dedic acknowledges that the latest DeFi craze reminds of the ICO craze in 2017 and thinks it is likely to result in a similar way:
“THIS IS A NARRATIVE. MANY INTERESTING CONCEPTS EMERGE THAT CAN CHANGE THE FINANCIAL SECTOR. HOWEVER, MANY USELESS MONEY IS BOILING IN BETWEEN. ”
However, according to Dedic, the most powerful projects will survive. The current money poured into Chainlink and VeChain also shows this:
“BOTH PROJECTS WERE IN 2017, FIRST AT THE HYPE STAGE (NOW DEFI IS AT THIS STAGE); THEN THE BEAR MARKET CAME AND THEY FOCUSED QUIETLY ON BUILDING THEIR PRODUCTS. ”
Among the DeFi projects, the interest of Dedic now is DMM Dao, Aleph, DecentR and DeFiPie. It is uncertain whether all of them will be successful or long term; “All these projects have very interesting approaches to have a devastating effect on decentralized finance,” says Blockfyre founder.
FOMO is coming
Dedic, with the fresh capital coming into the market, believes that we will see another strong bull market and adds that the market is gradually starting:
“FOR THE TIME BEING, THE MAJORITY OF THE MONEY THAT WAS RELEASED WAS CAUTIOUS DUE TO THE LAST BEAR MARKET. BUT NOW PEOPLE STARTED TO SPEND MORE CARELESSLY. ”
The next thing might be “a big wave of FOMO that can raise the whole market.”However, this will inevitably lead to another bubble burst, according to Dedic. Since this is common in the crypto world, caution is essential.