The cryptocurrency market might be hitting a near nine-month low, but that doesn’t mean that investors should be in a hurry to jump ship. This is at least the case according to eToro, with both CEO Yoni Assia and Senior Market Analyst Mati Greenspan making positive public statements. Greenspan reaffirmed his positive view on the recent market correction with a Twitter post. He also published a pretty revealing chart showing the increase in crypto interest among traders, accompanied by the caption “Despite falling prices this year, clients @etoro are increasing not decreasing their $BTC holdings.”
Short-Term Pain, Long-Term Gain
In a recent interview, Assia hinted that this current bearish turn would only go on to benefit Bitcoin over the long-term. He believes that growth for the crypto market is a case of “when” rather than “if.” “In our view, the recent market correction is good for the long-term development of the market. Cryptoassets are still a relatively nascent market; emerging technologies like this often see swings in their value in the early days,” he said. The statistics emerging from eToro show that interest in cryptocurrencies – specifically Bitcoin – remains high.
Assia’s words are making headlines, but he’s not the only one backing the crypto market to bounce back. Other leading exchanges have also echoed similar sentiments, believing that Bitcoin could run with the bulls in the wake of this current downturn. Brian Armstrong – Coinbase CEO – described the current state of the market as a cycle of “bubbles and corrections.” It might be a simplistic way to describe the crypto market slump, but Assia agrees, “Market adjustments like those we have experienced recently help to stabilize prices, and make the industry more robust. Despite these adjustments, however, we have not seen a significant dip in demand for digital assets.”
eToro is Flexing its Muscles
eToro is rightfully considered to be a major player in the assets trading market, as it brings commodities, stocks, ETFs and cryptos to a 6 million strong user base. What eToro has also shown an appetite for is altcoins, with the number of tradable coins now standing at 12 with the recent addition of IOTA. Not only that, it is helping Bitcoin breach the mainstream, generating increased exposure through marketing deals with tennis superstar Gaël Monfils and several leading English Premier League football clubs.
Something worth noting is that one altcoin specifically seems to have caught the eye of eToro – that being Litecoin. In a recent research report, it was described as being the world’s seventh largest cryptocurrency, along with being a crypto that’s currently valued at a “massive discount to what it should be worth.” Has Litecoin been underestimated? Is it likely to blossom in the months to come? eToro certainly thinks so.
Don’t Discount the Crypto Market
There is a generally negative tone surrounding the cryptocurrency market right now. Many traders are on edge, concerned that the coming months could prove to be make or break. However, there is something to be said for listening to the experts, especially during a market dip as severe as this. The takeaway from recent comments made by those at eToro is positive, the crypto market will bounce back and Litecoin could very well be the digital currency to watch when it does.