Bank of America: “99 percent of cryptocurrencies are worthless”

Bank of America analyst commented on the crypto bull that started with Republican candidate Donald Trump being elected as the 47th president of the United States.

Bank of America analyst Alkesh Shah stated that the crypto market matured more after the elections. Stating that the current bull cycle will not be as big as expected, Shah made the following statements;

“We do not expect the rally to resemble the 2017 or 2021 bull markets, and we think the rally will be dull because 99 percent of the tokens in circulation have no intrinsic value.”

CNBC stated that memcoins experienced a big rally after the elections, but that market dynamics will soon shift to major cryptocurrencies.

Bank of America analyst comments on crypto and Bitcoin

US presidential candidate Donald Trump's pro-crypto promises created expectations as the Republicans won the elections. The crypto ecosystem expects Trump to make Bitcoin a strategic reserve.

While expectations fuel the crypto bull, market comments continue to come from experts.

Alkesh Shah of Bank of America, in a note he published, suggested that the bull run in memecoins will soon fade. Shah used the following statements; “Bitcoin and other blockchain tokens that power them will outperform memecoins. In the near term, we expect the money flow in memecoins to shift to large crypto projects such as $AVAX and $SOL .”

Bank of America analyst warned that the price of memecoins could fall.

The analyst stated that large cryptocurrencies such as ETH, AVAX and SOL should be followed in the coming period.

Shah said the following;

“These large projects enable developers to create applications such as decentralized exchanges and Web3 platforms.”

Shah stated that $BTC -focused stocks such as #MicroStrategy and Bitcoin miners will be beneficial in the long term.

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