(BofA) The Bank of America maintains a bullish outlook on the long-term cryptocurrency prospect, warning that it is difficult to ignore the $2.15-trillion market cap.
BofA says the digital asset ecosystem has evolved beyond Bitcoin, with the decentralized finance and non-fungible token sectors also occupying space.
BofA opines that blockchain applications are growing quicker than past technologies. Anyone can establish a process, a project, or application built on trust and consistency.
The bank report says that the growth of the cryptocurrency sector has caught even the enthusiasts by surprise, noting that the OpenSea marketplace has already generated at least $2.5 billion in the first half of this year.
BofA warns of intense volatilities in crypto, especially in the NFT sector, saying that heightened risks need to be understood before true adoption can occur.
BofA report highlights that more than $17 billion have poured into the crypto industry in the first half of 2021, more than triple $5.5 billion in the entire 2020. At least 22 million users have used blockchain applications or traded digital assets as of June 2021, up from 66 million in May last year.
BTCUSD is up +1.55%, ETHUSD is up +1.86%.
