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CoinShares CEO Jean-Marie Mognetti warned investors to be cautious about cryptocurrencies with no real use cases, saying even such tokens are rising as the broader crypto market rebounds sharply.
According to CoinPost, Mognetti said investor sentiment had been at one of its lowest levels in recent years until just a month ago. More than 100 crypto projects have shut down or disappeared from the market this year, he said, adding those projects did not fail simply because of macroeconomic conditions. Rather, the main reasons were depleted funding, security problems, and a failure to create sufficient utility, revenue, or economic value. While the broader crypto market has recently been trending higher, that does not mean the fundamentals of every asset have improved, he said. Many are climbing simply as risk appetite returns. Rather than asking whether the market is back, investors should examine which assets can retain value when liquidity, political conditions, and investor sentiment no longer support price gains, Mognetti added, according to CoinPost.