Pantera Capital’s ICO fund surges 500% in 2020

Pantera Capital’s ICO-focused fund rose 500% in 2020. A similar figure for the Bitcoin fund stood at 299%, The Block reports.

Pantera ICO Fund invested in Filecoin, 0x and other projects that build protocols in the blockchain ecosystem.

According to Dan Morhed, the company’s chief executive, the current market environment differs from 2017. Investors are far more focused on Bitcoin and Ethereum than during the previous rally.

“There has been a mass shift away from speculative and non-functional tokens, which in 2017 accounted for around half of the market capitalisation of cryptocurrencies, to the current situation, where market capitalisation depends on two proven assets: Bitcoin and Ethereum,” the head of the investment company said.

Morhed noted that these two cryptocurrencies account for 86% of the total crypto market capitalisation, while the remaining 5,000 altcoins share the remaining 14%.

Earlier in January, the Pantera Capital CEO predicted the rise in Bitcoin’s price to $115,000 by August 2021.

Earlier Morhed made an optimistic forecast regarding Ethereum and XRP.

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