Bitcoin (BTC), Ethereum (ETH) and meme cryptocurrencies such as Dogecoin (DOGE) are likely to evolve into three different markets in a year from now, according to Paul Brody, global blockchain leader at EY.
What Happened: Brody told CNBC’s “Street Signs Asia” that people could even stop talking about crypto as a single entity in a year on.
Brody puts meme coins such as Dogecoin in the first category. However, he does not see a very bright future for these altcoins in the ecosystem and said the segment could be categorized as “investing as entertainment.”
See Also: How to Buy Ethereum (ETH)
The second ecosystem revolves around Bitcoin, which Brody feels is “better than gold” in some ways. He believes that the idea people should hold some percentage of their portfolio in the apex cryptocurrency could drive a lot of participation.
The Ethereum ecosystem could potentially diverge into a third ecosystem and be driven by demand around sectors such as decentralized financial (DeFi) services and storage, the blockchain lead predicted.
Why It Matters: After seeing extreme volatility, the cryptocurrency markets have recovered from a dramatic crash over the last few days.
Bitcoin, the largest cryptocurrency by market capitalization, is still down 37.7% from its all-time high of $64,863.10 reached on April 14. However, the apex cryptocurrency is up 4.4% higher during the last 24 hours, trading at $40,546.55 at press time.
Ethereum, the second-largest cryptocurrency by market cap, is trading 8.9% higher during the past 24 hours at $2,880.58.
Dogecoin is up 0.3% during the past 24 hours and is trading at $0.3629 at press time. However, the meme coin is down 50.7% from its all-time high of $0.7376 reached on May 8, amid a market-wide carnage.
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