Recent statements from Tom Lee of Fundstart suggest that the current bull market for cryptocurrencies is just beginning to develop, despite significant achievements by the largest coins in the market.
Cryptocurrency Market in Early Stages
Tom Lee, a renowned analyst, believes that the cryptocurrency market is still in the early stages of its cycle. He points out that traditional financial institutions are still not ready to fully embrace cryptocurrencies, which creates conditions for further growth.
Declining Interest Among Morgan Stanley Interns
Lee also noted that the percentage of Morgan Stanley interns who own cryptocurrencies has dramatically decreased. While in 2022, 63% of them owned Bitcoin, this figure has now fallen to only 12%. This may indicate a gradual move away from traditional cryptocurrencies such as Bitcoin and Ethereum.
Ethereum and Bitmine Achievements
Ethereum recently reached a new all-time high of $4,945. One of the reasons for this growth is the high level of corporate adoption and impressive ETF inflows. Meanwhile, Bitmine, the largest corporate holder of Ethereum, now has total assets exceeding $7 billion.
Tom Lee's statements highlight that the cryptocurrency market is still just beginning its journey towards maturity, despite the current successes of Ethereum and other achievements in the field.
