Bank of America analyst commented on the cryptocurrency rally that began since Republican candidate Donald Trump was elected the 47th president of the United States.
Bank of America analyst Alkesh Shah claims that the crypto market has matured after the election. Shah claims that the current bull run will not be as big as expected, and makes the following statements;
“We don’t expect this rally to resemble the 2017 or 2021 bull market, and we think this rally will be sluggish because 99 percent of the tokens in circulation have no intrinsic value.”
CNBC claims that memcoin experienced a major price surge after the election, but the market momentum will soon shift to major cryptocurrencies.
Bank of America Analyst Comments on Cryptocurrencies and Bitcoin
US presidential candidate Donald Trump’s pro-crypto promises have created expectations as the Republican wins the election. The crypto ecosystem expects Trump to make Bitcoin a strategic reserve.
While expectations fuel the crypto price rally, market commentary continues to come from experts.
Alkesh Shah of Bank of America, in a note he published, suggested that the memecoin bull run will soon end. Shah used the following statements; “Bitcoin and other blockchain tokens that power them will outperform memecoin. In the near term, we expect the money in memecoin to flow into major crypto projects like $AVAX and $SOL.”
Bank of America analyst warns that memecoin price could fall.
The analyst stated that major cryptocurrencies like ETH, AVAX, and SOL should be watched in the coming period.
“These major projects enable developers to create applications like decentralized exchanges and Web3 platforms,” Shah said.
Shah claims that $BTC focused stocks like#MicroStrategyand Bitcoin miners will benefit in the long run.
