Despite the recent bullish trend in the current crypto cycle, with Bitcoin (BTC) reaching a new high above $73,000 in March, it is important to recognize that this cycle is distinct from past ones. Blast founder Tieshun Roquerre, also known as Pacman, explained during a virtual Q&A session at the Foresight 2024 event in Hong Kong, that the current cycle lacks the transformative technologies that have historically driven mass adoption and excitement in the crypto space. This sets it apart from previous cycles, which were characterized by the emergence of new innovations such as initial coin offerings (ICOs), decentralized exchanges like Uniswap, and non-fungible tokens (NFTs). These innovations fueled market enthusiasm and adoption, whereas the current cycle is primarily driven by external financial instruments such as exchange-traded funds (ETFs) and market pressures, rather than intrinsic technological advancements.
Pacman also highlighted the need for innovation in the NFT market in order to regain momentum and capture new interest, similar to the disruptive impact NFTs had on traditional fungible tokens. Despite these differences, the current cycle has seen Bitcoin reaching a new all-time high and the launch of popular meme coins, as well as shifts in the regulatory sector, such as XRP’s legal victory over the US Securities and Exchange Commission and Ethereum gaining approval for its spot ETFs in the US.
