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The word narrative is overused in crypto, and it might elicit a roll of the eyes if uttered in dialogue with a committed Bitcoin maxi. It refers to a story, in this case about a coin, protocol or product, that will drive attention and attract buyers.
You could argue that rather than narratives, crypto needs concrete real-world utility, but still, when sentiment picks up and bullishness stirs for certain, the reality, whether we like it or not, is that narratives have a gravitational effect on incoming traders.
As for when crypto bullishness might return, opinion is split. Some observers reckon the early stirrings are already upon us, and that BTC’s recent price rise is indicative that the bottom has been reached and the cycle is rotating us into a fresh phase. Others, meanwhile, maintain that recent pumps are the result of an oversold market in which too many traders were positioned short, and don’t represent a meaningful shift in structure.
Either way, it’s worth being ready for incoming storylines that can become prominent when bulls are back in control, and, regardless of whether or not we actually believe in them, we can already get an idea of what those narratives might be.
Artificial Intelligence
At the tail-end of 2021, the metaverse was a hot topic, and accordingly, any coin that was connected via metaverse notions briefly rode the waves of that hype.
With the rise of ChatGPT, and with investment channeling into AI and Machine Learning
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