The crypto market is bouncing back, and a mix of easier U.S. regulations and falling interest rates is helping drive that recovery. But experts warn the next phase could be tricky for investors.

According to CoinGecko CEO Bobby Ong, we’re now in the middle stage of this crypto cycle. It’s a time when confidence is growing again, rules are becoming less strict, and big institutions are starting to get more involved. Speaking about Bitcoin’s comeback, Ong said the market is probably in the “third or fourth inning,” meaning there’s still a long way to go before it peaks.

Bitcoin had dropped to around $16,000 after the FTX crash in 2022, but it has since surged nearly 10 times higher. Ong says this strong rebound is partly thanks to more relaxed crypto regulations in the U.S., especially compared to previous years when the SEC was cracking down hard on crypto companies.

Economic conditions are also playing a big role. Lower interest rates tend to boost both stocks and crypto. Investors have more money to take risks, which benefits digital assets like Bitcoin and Ethereum. However, Ong warns not to assume that this time will be completely different from past market cycles. Historically, crypto follows a four-year cycle, and ignoring that pattern could be risky.

Ong also discussed new trends shaping the market. Meme coins and AI-related tokens are getting a lot of attention on platforms like CoinGecko. Meanwhile, the battle between blockchains is shifting. It’s no longer just Ethereum versus Solana — now it’s Solana versus Base. Base is a newer blockchain built on Ethereum and supported by Coinbase. It’s growing fast because users want access to more tokens beyond what’s available on centralized exchanges.

Despite the ups and downs, Ong remains optimistic about where crypto is heading. Right now, the total crypto market value is around $4 trillion — about the same as one major tech stock like NVIDIA. Ong believes that number could grow fivefold in the future, potentially reaching $23 trillion, putting it on par with the biggest tech giants.

Looking ahead, he expects the next decade to be huge for crypto. As tokenization becomes more common and more real-world assets move on-chain, the space will continue to grow. While there will be challenges along the way, Ong sees a bright future for digital assets and blockchain technology.