According to TechFlow, DeFi analyst Ignas expressed his views on social media, believing that the current cryptocurrency market sentiment is similar to that in early 2020.
He pointed out that the market is generally filled with indifference and pessimism, questioning the actual application value of cryptocurrencies beyond speculation, innovation stagnating, and looking forward to the entry of institutional investors.
After interacting with early cryptocurrency participants at the Korea Blockchain Week, Ignas felt that many people had lost enthusiasm for the industry. However, he also noticed that a group of young new participants were entering the market, bringing new ideas and energy. These young generations are optimistic about cryptocurrency, especially the Bitcoin ecosystem.
Ignas believes that although market sentiment is currently dominated by senior players, young and optimistic participants are gradually building influence and may replace the older generation in the future.
He expects that catalysts similar to the 2020 DeFi Summer, NFT and metaverse craze may reappear to inject optimism into the market, and this change is likely to be driven by a new generation of cryptocurrency builders and communities.
