The pseudonymous crypto trader Altcoin Pscyho says the decentralized finance (DeFi) market is set to experience a bull phase that will make the previous initial coin offering (ICO) bubble look like “child’s play.”
In a series of tweets made on January 16, the popular trader explained the DeFi market is still relatively underfunded, with the majority of retail investors unaware of the industry. He compared buying into DeFi today to investing in ETH in 2016.
Plenty of people don’t even know what defi stands for, getting in to DeFi rn is like buying ETH in 2016
— Altcoin Psycho (@AltcoinPsycho) January 16, 2021
Altcoin Psycho said the coming DeFi bubble would make 2017’s ICO boom look like “child’s play.” He also predicted last week’s correction would lead to the start of an altcoin season, which would benefit DeFi tokens.
DeFi bubble is going to make the ICO bubble look like child’s play when things really get going
— Altcoin Psycho (@AltcoinPsycho) January 16, 2021
Despite being bullish on the market for DeFi, the anonymous trader also pointed to the relative strength of bitcoin. In a tweet published at the end of last month, Altcoin Psycho said there would be narratives regarding the next “ethereum killer,” with few direct competitors for bitcoin.
In the next alt season, there will be a lot of narratives for a new “ethereum killer”
There will be 0 narratives for a Bitcoin killer.
I’m not a maximalist, but keep this in mind.
— Altcoin Psycho (@AltcoinPsycho) December 31, 2020
Featured Image Credit: Photo via Pixabay.com
