Currently Bitcoin is trading at 29,017 USD, 2% up in the last 24 hours. Global cryptocurrency market went through a tough phase for the past several months. Strangling growth of digital assets and many entities, some of them eventually collapsed. The phase popularized by the term “crypto winter” is now claimed by many experts and analysts to come to an end soon. And the instance is likely to push the crypto asset prices shot up again and firms dealing with cryptocurrencies to share the similar fate in contingency.
Recently, an analyst from H.C. Wainwright, a prominent investment bank in New York, has shared in a note to investors “crypto winter is over.”
Analyst Mike Colonnese also argued the global cryptocurrency market valuation has surged up to 45% since the start of this year. The leading crypto asset Bitcoin (BTC), amid the crypto market growth, has swelled more than 65% in its value during the similar timeframe.
Colonnese noted that the crypto market seems to enter the next bull price cycle of Bitcoin (BTC). He added that the cycle has resulted in “significant growth in total crypto market cap” in the past, resulting in higher adoption across retail users and institutions, and pumping of cryptocurrencies’ trading volumes.
Seeking the potential of crypto companies influenced following the cryptocurrencies price surge, the bank is watching over the leading US crypto exchange Coinbase. It gives a “buy” rating to COIN stock and anticipates the exchange is likely to take advantage of the growth of the crypto industry.
Coinbase (NASDAQ: COIN) Stock in the Wishlist
Colonnese added that Coinbase is “uniquely positioned to benefit from the large and rapidly growing global crypto economy,” given that it stands as the largest publicly-traded crypto exchange in the world. As a result, the investment firm expects the company to expand its market share in the cryptocurrency sector throughout the remainder of 2023.
The analyst further added that the crypto exchange is in position to benefit from the “rapidly growing global crypto economy.” The investment firm also expects Coinbase to push more towards the expansion of its market share in the burgeoning asset class market for the rest of this year.
Crypto Winter’s End Seeking Analysts List Getting Longer
H.C. Wainwright analyst is the recent one to join the clan of analysts assuring the crypto winter is over.
Earlier, TheCoinRepublic reported that Geoff Kendrick, digital assets research head at London-based multinational banking giant, Standard Chartered, shared the similar thoughts on crypto winter.
Kendrick stated there are multiple factors to benefit the growth of Bitcoin (BTC). It includes the banking sector going through struggles, settling down of traditionally risky assets given the interest rate hikes from the Federal Reserves taking a halt, and the crypto mining sectors becoming profitable, etc.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing
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