U.Today – The past few weeks have seen a major decline in the cryptocurrency market, losing 12% of its value from its weekly high, down to $52,550. This pullback caused the total cryptocurrency market capitalization to decline by 3.71%, which is around $73 billion according to the TOTAL index. The price drop has led to a rather negative market sentiment, which seems to be at its lowest point in recent months.
Despite the gloomy outlook, Chris Burniske, a well-known cryptocurrency expert and partner at Placeholder VC, shared an optimistic outlook.
He noted that while Bitcoin and Bitcoin Cash are going through a period of consolidation, there are signs of strength across a broader range of blockchain projects. Although the market is down, blockchains are still making their way into the broader social and technological landscape, the expert noted.
Burniske's optimistic view is not new. He was right last year when the price rose again after falling to $9. This gave him much more credibility when the project resurfaced.
Bullish unlocks
Now, the expert suggests that there could be some good news on the horizon in the coming weeks. He believes that some big token unlocks and conferences could change the sentiment once again.
It is worth mentioning that the cryptocurrency market is gearing up for some major unlocking events that could impact price movements. Next up are XAI (6.28%, $6.44M) and GMT (3.68%, $9.79M) on September 9, followed by APT (2.23%, $66.39M), ICP (0.51%, $17.04M), and MOCA (2.01%, $17.12M) on September 11. On top of that, STRK is scheduled to unlock 3.6% ($27.63M) on September 15.
While market sentiment may currently seem as if “Satoshi is dead,” as Burniske puts it, upcoming events and continued blockchain progress signal a potential bullish shift on the horizon.
This article was originally published on U.Today
