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The crypto ecosystem is moving forward despite the recent dip, says Joseph Lubin

November 18, 2021 By Hassan Maishera

The cryptocurrency market has experienced a slight dip by Joseph Lubin believes the ecosystem is moving forward.

Joseph Lubin, Ethereum’s co-founder, has pointed out that the cryptocurrency ecosystem is moving forward despite the recent price dip. The cryptocurrency market has lost over $200 billion over the past few days as Bitcoin and other cryptocurrencies retraced.

Bitcoin slipped below the $60k level for the first time in weeks while Ether was trading just above the $4,100 level. During an interview with Bloomberg, Lubin pointed out that the crypto space is not moving backward. Instead, the market is moving forward.

He added that the crypto market is very volatile. Lubin added that looking at the cryptocurrency market’s chart in the medium and long-term instead of the short term, people will see that the ecosystem has experienced massive growth.

The broader cryptocurrency industry has also experienced a high level of growth in the past year. According to Lubin, the emergence of sectors such as decentralised finance (DeFi), decentralised organisations (DAOs) and nonfungible tokens (NFTs) have been spectacular.

Lubin added that the improvement recorded by the decentralised entities is starting to create a positive impact not only in the cryptocurrency space but beyond. The Ethereum co-founder also talked about ConsenSys’ latest funding round, where it generated $200 billion. The company is now valued at $3.2 billion following the latest fundraiser.

He stated that ConsenSys is focused on helping the growth of Web 3.0. Thanks to the funds raised, Lubin said they are committed to developing tools that would allow them and other developers to create applications that would make it easier for people to use.

ConsenSys’ latest investors include HSBC, Coinbase Ventures, ParaFi, Thirdpoint and Marshall Wace. ConsenSys is popular for its wide array of blockchain products, including wallet browser extension MetaMask and developer tool Infura. Both Infura and Metamask have experienced massive growth in recent months.