Andy Bromberg, the Co-Founder, and CEO of Coinlist, spoke about the performance of cryptocurrencies since the beginning of this year, during an interview with Bloomberg. He also spoke about the effect the market has on Coinlist, a platform for digital asset companies.
Andy stated that the ICOs had a lot of hype and attention in the year 2017. However, at present, there has been a bifurcation between high-quality and the low-quality projects. He further added that the investors are now understanding the difference between these kinds of ICOs, unlike the previous year where they would invest in any project.
Furthermore, Andy spoke about the overall investment flow and whether it is better than the previous year’s ICO investment. He said that there has been a significant increase in investments. Currently, the company has witnessed an overall investment flow of over $15 billion, which is more compared to the $6 billion investment in 2017.
He further added that the reason for the increase is the emergence of different types of tokens from various categories which are not similar to the tokens which emerged in 2017. Andy further spoke about whether he found it normal to create so many tokens. He said that there is no requirement for a lot of tokens in the space. He said that in comparison to the previous year, the investors would invest in token even if they were of low-quality and have started to opt for high-quality tokens this year. He further added:
“This year, what we’re seeing is those high-quality projects are making significant gains, Bloomberg also reported that last month was the worst month for cryptocurrency ICOs in a long time, since 2016 levels”
The CEO gave some insight into the future of the cryptocurrency market. Andy said:
“while old in the eyes of some younguns, is still nascent, Bitcoin has only been around for approximately a decade whereas the altcoins and ICOs have only existed for less than a couple of years, at least in their popular form.”
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