Cryptocurrency investment firm Pantera for the first time since spring bitcoin and from Ethereum going back to altcoins.
Pantera Capital “Moves From Ethereum To Altcoins It Believes Will Outperform”
According to Co-Investment Officer Joey Krug, the firm switched from altcoins to Ethereum last year “to avoid further declines” but has started to switch back to some altcoins it believes will “outperform ETH in the coming cycle.”
The move came as cryptocurrencies saw a modest rally in January, following last year’s rout when Bitcoin lost more than 60% of its value. Pantera’s Liquid Token Fund fell 80% in 2022.
“This has been a very brutal year for risk assets in general,” Krug said.
The firm said at an investor meeting last week that its Liquid Token Fund, which typically invests in 15 to 25 liquid tokens at a time, is on the rise again this month, gaining nearly 47% so far this year.
Pantera said the Bloomberg Galaxy Crypto Index fund fell 72% in 2022 and rose nearly 40% in January.
Pantera Capital is a crypto investment firm based in San Francisco, California. The company was founded in 2013 and is recognized as one of the oldest investment firms in the crypto industry.
With the rally of the crypto money market in January, the price of Bitcoin had risen above the level before the FTX collapse. BTC price is trading at $ 22,700 at the time of this writing.
*Not investment advice.
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