The future of the crypto industry remains uncertain, with the current market conditions still in a state of flux. However, amidst the instability, there is still hope for many founders as they enter the new year. A recent survey conducted by CoinFund among 30 of their web3 portfolio companies has revealed an optimistic outlook for the potential of crypto startups in 2024. The survey, exclusively shared with TechCrunch+, was conducted from November 7 to November 17, during a period where major cryptocurrencies like Bitcoin and Ethereum were starting to recover in price.
Alex Felix, managing partner and chief investment officer at CoinFund, assured that while some crypto companies may be facing challenges, the 30 companies surveyed have enough runway and are actively planning for the future. “What sets this bear market apart is the determination to persevere and not let external factors hinder progress,” Felix stated. He also noted that many of the issues seen during the market downturn were a result of human errors and poor governance, which has reignited the drive to innovate and build within the industry.
The survey identified several key areas that are expected to see growth in the coming year within the crypto space. These include artificial intelligence integrated with web3, zero-knowledge technology, decentralized finance, consumer apps, gaming, layer-2 blockchains, and crypto wallets.
“The one thing that was so different about this bear market is the resolve to keep going and not let price action or media cloud the vision.”
The survey results also highlighted the determination and resilience of the crypto community, with a majority of founders maintaining a positive outlook despite the challenges faced. This sentiment of hope and perseverance is a testament to the potential of the industry and the determination to drive innovation forward.
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