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The cryptocurrency market could be on the verge of a 10x spike in valuation, says Pantera Capital Chief Investment Officer, Joey Krug.

In a recent interview with Bloomberg, Krug shares his current take on the crypto market, stating that he believes it has reached a bottom and is currently ranged bound waiting for a catalyst to push prices higher.

Krug notes that this catalyst will likely comeĀ from scalability in both Bitcoin and altcoin networks. In his explanation, Krug describes the ongoing network user issues as a computer science problem, one that he and Pantera Capital are looking to invest in the future solution.

“If you look at that next bull run, I think the crypto space overall could hit 10x from here,” claims Krug.

According to CoinMarketCap, the current global market capitalizationĀ for crypto stands at roughly $210 billion, meaning a 10x run from here would put the market around a $2 trillion valuation.

This would be a welcomed outcome for Pantera Capital, which recently showed a loss of nearly 73% this year for its Digital Asset Fund. The fund holds around 20-30 different cryptocurrencies and tokens, includingĀ AugurĀ (REP),Ā BraveĀ (BAT),Ā EnigmaĀ (ENG) and 0x (ZRX).

From a technical perspective, the market has begun to show signs of life in recent weeks. Analyzing the AltDex 100 Cryptocurrency IndexĀ (ALT100), a benchmark index for large-cap coins and tokens that doesn’t includeĀ stablecoins, shows that the crypto market has put in higher lows since September 12. This indicates that the broader market might be building a base to start a new uptrend, but this would require a breakout move in order to confirm.

šŸš€  Wednesday Crypto Recap: Litecoin Bounces Over 34 Percent
AltDex 100 Index
More:Ā Bitcoin Scalability to Power Next Bull Run, Pantera’s Krug Says
Related:Ā Leading Crypto Fund Pantera Capital Is Down 73% in 2018

Disclaimer: This articleā€™s author has cryptocurrency holdings that can beĀ tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.

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