Real Vision CEO Raoul Pal believes crypto markets have likely been through the worst of it, and that a turn in macro conditions may be around the corner.
The macro guru tells his 966,300 Twitter followers that the low for crypto is “probably” in, citing major gains since the Three Arrows Capital saga began.
“Crypto – Is the low in? My view is on balance, probably.
I also think the macro turn is very close too. Have bond yields topped? Probably.
Returns since the panic 3AC liquidation:
BTC +24%
ETH +71%
SOL +64%
AVAX +77%
DOT +26%
AAVE +116%
UNISWAP +131%
XRP +29%”
Looking closely at Ethereum, Pal also points out that non-fungible tokens (NFTs) are on the rise yet again on the leading smart contract platform.
“NFTs are rising in ETH volumes and floor prices are rising too for good, trusted projects.
Bottoms in crypto are not usually a straight line higher and there is often a big gut check at some point or sideways range for a few months after an initial recovery.
Let’s see…”
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