Bank Of America Reveals Surprise Crypto ‘Key Driver’ Among $300 Billion Bitcoin, Ethereum, BNB, XRP, Cardano, Dogecoin, Polygon and Solana Price Boom

by Arthur · April 16, 2023

Bank Of America Reveals Surprise Crypto ‘Key Driver’ Among 0 Billion Bitcoin, Ethereum, BNB, XRP, Cardano, Dogecoin, Polygon and Solana Price Boom

BitcoinBTC, ethereum and other top ten cryptocurrencies have surged higher so far this year, with ethereum’s founder issuing a warning over crypto’s “next bull run.”

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The bitcoin price has breached $30,000 per bitcoin for the first time since last summer, helping the combined bitcoin, ethereum, BNBBNB, XRPXRP, cardano, dogecoin, polygon and solana markets to surge to $300 billion in just one month – a rally some believe may be just beginning.

Now, a Bank of AmericaBAC report has named a surprise “key driver of digital asset adoption” that passed $1 billion in value last month.

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to a low of just over $15,000 per bitcoin last November, which helped the ethereum price and BNB, XRP, cardano, dogecoin, polygon and solana to rise.

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The tokenized gold market — with lower costs and better liquidity than exchange-traded funds (ETFs) and futures — topped $1 billion in value for the first time in March, according to a Bank of America report seen by Coindeskand calls the accelerating tokenization of real-world assets a “key driver of digital asset adoption.”

“Tokenized gold provides exposure to physical gold, 24/7 real-time settlement, no administration fees and no storage or insurance costs,” the bank’s analysts Alkesh Shah and Andrew Moss wrote in the report, adding that the low minimum investment increases accessibility and “fractionalization enables the transfer of physical gold ownership and value previously not possible.”

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lowest level but remains well below the end of 2021 peak of almost $70,000. Ethereum price and other top ten coins BNB, XRP, cardano, dogecoin, polygon and solana have also increased.

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Meanwhile, ethereum’s long-awaited Shanghai upgrade this week has rekindled hopes that Wall Street and institutional investors may be piling into the crypto market.

Last month, two of the world’s largest financial institutions with a combined $14 trillion in assets under management – Fidelity and BlackRockBLK – were found to be quietly expanding into the world of bitcoin, ethereum and cryptocurrency.

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I am a journalist with significant experience in technology, finance, economics and business around the world. As founding editor of Verdict.co.uk, I reported on how technology is changing business, political trends and the latest culture and lifestyle. I have covered the rise of bitcoin and cryptocurrency since 2012 and have charted its rise from a niche technology to the greatest threat to the established financial system the world has ever seen and the most important new technology since the internet itself. I have worked and written for, among others, CityAM, the Financial Times and the New Statesman. Follow me on Twitter @billybambrough or email me at billyATbillybambrough.com. Disclosure: I occasionally hold a small amount of bitcoin and other cryptocurrencies.