Fundstart's Tom Lee believes that the current cryptocurrency bull market is only in its early innings despite the fact that the biggest coins by market cap have recorded some impressive gains.
His reasoning is based on the fact that traditional finance is still seemingly reluctant to embrace cryptocurrencies.
Morgan Stanley sounding on crypto?
Lee has pointed to the fact that the percentage of European Morgan Stanley interns who own crypto actually went down dramatically
As reported by U.Today, the interns of the prominent bank have ditched both Bitcoin and Ethereum at a rapid pace over the past few years. For instance, 63% of them owned the largest cryptocurrency by market capitalization as of 2022. However, this percentage has now shrunk to only 12% in a dramatic reversal.
In fact, XRP is the only token that has seen its ownership rates go up over the past two years (from zero to 5%).
Prominent investor Dan Tapiero previously predicted that 2026 would be "a boom year" for cryptocurrencies.
Bitmine's vast ETH holdings
As reported by U.Today, Lee previously opined that Ethereum (ETH) is supposed to be trading at $6,000 as of now.
Lee's Bitmine, the biggest corporate owner of the flagship atlcoin, has now surpassed a whopping $7 billion in total holdings, according to data provided by Arkham Intelligence.
ETH's new record high
In the meantime, Ethereum (ETH) recently hit yet another all-time high of $4,945, according to CoinGecko data.
The flagship altcoin is enjoying a massive rally due to strong corporate adoption as well as extremely impressive ETF flows.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team