Bitcoin is currently trading at $29,017 USD, up 2% in the last 24 hours.
The global cryptocurrency market has been going through a tough phase in recent months. Stifling growth of digital assets and many devices, some of which eventually collapsed. The phase popularized by the term “crypto winter” is now claimed by many experts and analysts to end soon. And the event is likely to push crypto asset prices back up and firms dealing with cryptocurrencies will share a similar fate in anticipation.
Recently, an analyst from HC Wainwright, a prominent New York investment bank, shared in a note to investors that “crypto winter is over.”
Analyst Mike Colonnese also claimed that the global cryptocurrency market capitalization has risen up to 45% since the beginning of this year. The leading crypto asset Bitcoin (BTC), in the middle of the crypto market boom, has increased by more than 65% in value during the same time frame.
Colonnese noted that the crypto market appears to be entering the next bull price cycle of Bitcoin (BTC). He added that the cycle has resulted in “significant growth in total crypto market capitalization” recently, resulting in higher adoption across retail users and institutions, and pumping cryptocurrency trading volume.
The bank is looking at the potential of crypto companies affected by the rise in the price of cryptocurrencies, monitoring the leading US crypto exchange Coinbase. It gives a “buy” rating to COIN stock and expects the exchange to likely benefit from the growth of the crypto industry.
Coinbase (NASDAQ: COIN) Stock in Wish List
Colonnese added that Coinbase is “uniquely positioned to take advantage of 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 through the remainder of 2023.
The analyst further added that the crypto exchange is in a position to benefit from the “rapidly growing global crypto economy.” The investment company also expects Coinbase to push more towards expanding its market share in the burgeoning asset class market for the rest of this year.
Crypto Winter’s End Searching Analyst List Gets Longer
HC Wainwright analyst is the latest to join the clan of analysts assuring that the crypto winter is over.
Earlier, TheCoinRepublic reported that Geoff Kendrick, head of digital asset research at London-based multinational banking giant Standard Chartered, shared similar thoughts on crypto winter.
Kendrick stated that there are several factors in favor of the growth of Bitcoin (BTC). That includes the banking sector going through struggles, settling on traditionally risky assets given the Federal Reserve’s interest rate hikes stalling, and the crypto mining sectors becoming profitable, etc.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while graduating. A keen observer of detail, he shares his passion for writing alongside being a developer. His backend knowledge of blockchain helps him bring a unique perspective to his writing
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