Exchange Ranking
Top Exchanges
24h Volume Ranking
Popularity Ranking
Exchange BTC Balance
Proof of Reserves
Decentralized Exchanges
Funding Rate
Funding Heatmap
Liquidation Data
Max Pain
Long/Short Ratio
Whale L/S Ratio
Binance/Okex/Huobi L/S
Bitfinex Margin L/S
ETF Tracker
Solana ETF
XRP ETF
Hong Kong ETF
Bitcoin Treasuries
Crypto Reversal
Ethereum Reserves
HyperLiquid Wallet Analysis
Hyperliquid Whale Watch
Large Transactions
On-chain Movement
Bitcoin ROI
Stablecoin Market Cap
Options Analysis
News
Articles
Economic Calendar
Features
Wallet
Contract Calculator
Security
Collections
Watchlist
Following
XRP The logic behind the fall in crypto asset prices: The gap between expectations and reality
Even if the industry announces new partnerships and makes progress in blockchain development, the price of crypto assets may still fall. Dom Kwok, co-founder of EasyA, pointed out that the fundamental reason for this phenomenon lies in the huge gap between the "vision" investors expect for future crypto assets and the "delivery capabilities" that technology can actually provide today.
Kwok posted on X (formerly Twitter) that the market is not pricing cryptocurrencies based solely on their current utility, but is making speculative bets on the possible future achievements of blockchain technology. He believes this explains why crypto-asset prices may continue to fall even when the industry is making positive progress.
To illustrate this point, Kwok compared the current crypto market with the Internet bubble of the late 1990s. At the time, investors flocked to Internet-related companies, although many companies had not yet demonstrated that their business models could generate sustained profits. As Kwok said: "This is currently the most misunderstood concept in the crypto field. Almost no one can clearly explain it, but everyone is asking: 'Why are prices still falling despite so much good news?' The truth is that cryptocurrency trading is not the current performance of technology, but the market's hope for the future."
Kwok analyzes the Internet bubble
Kwok cited the bursting of the Internet bubble as an example of how speculation drove asset prices up before technology truly became commonplace. In the late 1990s, many companies received high valuations simply because they planned to build businesses around the Internet, but many of them had not yet demonstrated sufficient revenue capacity to support those valuations.
Several major stocks suffered huge losses when market sentiment reversed. Kwok cited Amazon, which fell more than 90% in the subsequent downturn, and Nvidia, which fell about 85%.
However, despite the stock price collapse, the development of the Internet has not stalled. Today, the Internet is widely used in shopping, banking, communications and entertainment. Kwok further explained that the bursting of the Internet bubble does not mean the failure of Internet technology, but that the market has finally moved out of the hype stage and companies that provide useful products and services have found a way to establish successful business models.
He cited Amazon's eventual market capitalisation of trillion-dollar dollars as an example of how the company transformed Internet technology into a service that millions of people rely on in their daily lives. At the same time, he linked this development to EasyA's work to help developers build applications on blockchain networks.
Cryptocurrency still depends on future expectations
Kwok 认为，加密货币正经历类似互联网泡沫的阶段。投资者看到了去中心化网络的潜力，但区块链技术尚未达到他预期的日常使用水平。这或许可以解释为何好消息并不总是推高加密资产价格。投资者可能已将未来发展纳入预期，而市场情绪和投机的变化仍可能导致价格剧烈波动。
Kwok 相信，当人们在日常生活中的使用区块链技术而不必思考其背后的技术原理时，情况将会改变。他还引用了此前文章中提到的“S型曲线”概念，该概念解释了随着技术超越早期用户群体并触及更广泛人群，采用率如何增长。Kwok 认为，加密货币的长期成功将取决于能否达到这一阶段。
这对 XRP 持有者意味着什么
Kwok 的评论为 XRP 持有者提供了另一种看待加密资产价格和行业动态的视角。积极的新闻表明技术在进步，但这并不必然意味着更多人会购买或使用某种加密货币。
他明确表示，并非每个加密项目都能实现广泛采用。要在长期内取得成功，项目需要吸引用户并提供现实世界的利益。Kwok 相信，区块链最终在全球金融体系中可能发挥重要作用。对于“XRP 军团”而言，他的信息是：加密货币的长期价值不仅取决于投机，还取决于个人和企业是否开始在日常金融活动中使用区块链技术。
Until then, crypto asset prices are likely to remain volatile as investors continue to weigh the technology's potential against its current level of adoption.
