of bitcoinInvestors who question its functionality, to smart contract tokensis heading.
Users are moving away from cryptocurrency, which is designed as an alternative to cash, preferring native crypto assets of blockchain platforms that host smart contracts and applications. MarketVectorSmart Contract Leaders Index, which tracks major tokens like ETH, DOT, and SOL, according to data from MVSCLE) 2023in 36 percentIncreasing Bitcoin 33 percentHe even surpassed his rise of . wither‘s native crypto asset LEFT, this year 76 percentexperienced an increase.
DeFi Protocols Show a Robust Appearance
Crypto-focused asset manager fineqiaof CEO‘This Bundeep Rangardecentralized finance of the biggest crypto returns ( DeFi) said it expects it to come from smart contract tokens on platforms that support its applications.
CoinSharesdatas, bitcoinwhile its products have been out for four consecutive weeks, EthereumAnd Solana’It shows that investment products following the .
Nearly seven of the top 20 cryptoassets ETH, DOT, LEFTAnd ISLANDIt consists of smart contract tokens. BofAAnalysts also likened smart contract tokens and the blockchain-based applications they power to growth stocks in the equity world, typically technology stocks. Bank of Americaanalysts, February 24“We expect 2023 to be the year when token prices diverge,” he said in his research report dated March 25.
Bitcoin has long been trading alongside technology stocks, but the growing growth of smart contract tokens may be wearing down Bitcoin.
Cryptocurrency Nasdaq30-day correlation with February 23in, DecemberIt turned negative for the first time since the beginning.
Some crypto watchers, 2022Despite the market turmoil in DeFi says its protocols are showing solid performance. But they warn that the global macro outlook and central bank policy could hit the growth of crypto projects and their associated tokens.
CoinShares‘s Research Manager James ButterfillHe also warned that it is too early to say that there is a big divergence in crypto.
