Analysts Predict These Cryptos Will Outperform the Rest of the Field in 2023
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Which cryptos will outperform their counterparts in 2023? Coins that “provide utility” like ether and Solana’s SOL, according to a new report from analysts at Bank of America.
This will be the year that tokens based on more advanced infrastructure will reward investors with higher returns (or smaller losses) compared to meme coins and governance tokens, the analysts wrote. (Governance tokens are cryptos that give holders voting power on decisions about the development and operations of the project.)
The analysts say institutional investors — who are increasingly considering crypto assets alongside retail investors — are going to be more likely to buy cryptos that are native to blockchain platforms that developers can build applications on. Take ether as an example. The crypto, which is the second-largest after bitcoin in terms of market cap, is the native token of the Ethereum blockchain network, which has many uses, like powering non-fungible tokens (NFTs).
Other major tokens native to such platforms that the analysts say could outerform other cryptos include Polygon's MATIC and Avalanche’s AVAX.
