Morgan Stanley, a Wall Street investment bank, believes that the rise of newer cryptocurrencies on decentralized exchanges like Uniswap, particularly meme coins, could indicate the end of Bitcoin's dominance.
The Bitcoin price has risen by approximately 100% since November 2022, but Morgan Stanley's crypto analyst, Sheena Shah, has issued a bearish price forecast.
The number of new cryptocurrencies listed on Uniswap has doubled in the past month, a pattern that has often occurred around market tops since 2020. Traders interested in short-term price speculation are turning to new Uniswap coins, which can often outperform Bitcoin's rate of return within minutes.
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