Will 2023 be the year for utility tokens? The cryptocurrency market is off to a much better start this year than most had expected with the token universe up 42% year-to-date to $1.1 trillion, bankofamerica says.
Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.The cryptocurrency market is off to a much better start this year than most had expected with the token universe up 42% year to date to $1.1 trillion, Bank of America said in a report on Friday.
The bank views cryptocurrencies that power smart contract-enabled blockchain platforms, on which developers can build applications, as growth assets exposed to the same risks as growth stocks. It notes that these cryptocurrencies and small-cap liquid tokens have led this year’s rally. “Given that January’s risk asset rally was partially driven by short-covering and mean reversion, the likely higher-for-longer rate environment may result in pressure for growth and, therefore, digital assets,” analysts Alkesh Shah and Andrew Moss wrote.
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