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The chief strategy officer of market intelligence firm CoinShares, Meltem Demirors, believes that institutional investors and retail traders are still waiting on the sidelines as the cryptocurrency market experiences what she calls the “most hated rally.” Demirors suggests that the lack of participation from big traders and institutional investors is a leading indicator of market sentiment. She believes that when retail investors return, it will signal a surge in the value of “dog coins.”
Demirors acknowledges that 2022 has been a challenging year for the digital assets industry, with bankruptcies, failures, and fraud cases tarnishing its reputation. However, she sees the current rally as a turning point, despite public fatigue with cryptocurrency news. The total market capitalization of crypto assets has risen from $1.06 trillion to $1.60 trillion, according to TradingView.