Willy Woo has something pretty interesting to say these days following a massive sell-off that managed to shake the crypto market of weak hands.
Check out what Woo tweeted today.
A key to reading this chart is to know that BTC user count has roughly doubled every year since inception a dozen years ago. So the 2021 peak is expected to end at levels MUCH higher than the 2017 peak. Under this trend, we are just warming up.
— Willy Woo (@woonomic) May 24, 2021
He also said “Finally, the latest data on this chart over exaggerates to the high side. It takes time to bake in accurately. (What looks like a new user may turn out be an old user as more transactional data comes in.)”
Crypto investors bought the dip
People definitely need hope and positive thinking these days following such significant price drops. But, as we already said, people with diamond hands made sure to hold their satoshis and accumulated even more during the dips.
CoinDesk recently noted that the demand from wealthy investors looks to have brought relief to the crypto market.
“Crypto funds, macro funds, opportunistic venture capitalists are beginning to buy this dip in BTC, ETH as well as blue-chip DeFi by staggering limit orders and running longer time-weighted average prices,” crypto financial services provider Amber Group tweeted early Monday.
The fact that some investors bought the dip definitely means that they are still confident in the long-term bullish prospects of cryptos amidst regulatory concerns.
“The long-term thesis for crypto remains unchanged. Inflation, decentralization, privacy, programmability, seizure-resistance, and censorship-resistance…these are the secular drivers of adoption,” angel investor and entrepreneur Balaji Srinivasan tweeted.
At the moment of writing this article, BTC is trading in the green and the king coin is priced at $37,742.40. Stay tuned for more news and keep your eyes peeled on the crypto market.