VC Investor: Fundamentals Show Bitcoin and Ethereum Oversold in Bear Market

December 11, 2018

 

It’s no secret that 2018 has been a rough year for cryptocurrencies, with Bitcoin falling over 80% from its 2017 highs, and most major altcoins dropping 90% or more. Despite the market’s poor performance, one venture capitalist laid out his case for why Bitcoin and Ethereum are currently oversold from a fundamental standpoint. The past few weeks have been especially volatile, with both Bitcoin and Ethereum setting fresh 2018 lows. Last Friday, Bitcoin fell to $3,300 and Ethereum fell to $83, the lowest prices these cryptocurrencies have seen in all of 2018. The market’s recent performance has been particularly disappointing to crypto investors, as many of them anticipated a Winter rally resembling that which occurred in late-2017, but instead they got fresh lows and dwindling signs of fundamental strength. Although the recent drops have led the overall market sentiment to hit rock bottom, Chris Burniske, a partner at the New York-based venture capital firm, Placeholder, offered a more optimistic view of the current markets in a recent Medium post, titled “Bitcoin & Ethereum: Prices are Down More than the Fundamentals.”Initially, Burniske defined his terms and explained to readers that for him, the fundamentals of cryptocurrencies are defined by the health of their supply-siders and demand-siders.In his words, supply-siders are “the folks who provision the network’s service (currently, the most common form of supply-sider is a miner),” and demand-siders are “the ones who consume the service.”

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