Despite having a market cap of over $1 trillion and always making headlines, it is safe to say that the crypto markets have a long way to go to become a significant investment option. There is a lack of knowledge of the crypto market and investors at large are hesitant to accept these virtual assets as a medium of investment. Investors need proper advice and education on cryptocurrencies. Thus, money managers have a huge potential to exploit the crypto market.
This market needs money managers to strengthen investor confidence cryptocurrency Given that they are highly sentiment-driven, risky with high cyber threats, and no regulatory backup.
The crypto market is currently untapped by money managers.
In its 22nd edition Annual Report on the Global Wealth Management Industry, Boston Consulting Group (BCG) said on Thursday that “non-traditional Property Managers currently manage up to $1 trillion in crypto-related money, and the market capitalization for crypto could grow four to five times by 2030.”
There is a huge opportunity for money managers in the crypto market.
“The opportunity for wealth managers is clear: almost 80% of clients surveyed said they would consider increasing their crypto holdings if wealth managers provided advisory and education services,” the BCG report said.
Furthermore, according to the BCG report, two-thirds of customers who obtained their crypto investments with third parties said that they did so because they did not think their wealth managers offered such services.
“In order to determine whether crypto is right for their businesses, money managers must consider what, when and how they want to participate,” the BCG report said.
Anna Zakarzewski, global leader in BCG’s wealth management segment and co-author of the report, said, “While this sustainability offers tremendous opportunities for wealth managers, they must make strategic choices to remain competitive. Wealth Clients Next Generation Offers and are looking for next-level service – which includes Net Zero, crypto, personalization and digitization. The most important question facing wealth managers today is not which initiatives to prioritize, but how to implement them Go.”
In general terms, wealth managers are called professionals who offer a range of services including investment advice, tax planning services, estate planning and other financial planning. They often work as brokers or asset managers who provide advice on stocks or mutual funds and trade in these securities for their clients. Wealth managers need to be experienced and competent advisors well versed in everything from investments, taxes, retirement and financial planning.
The income of asset managers comes through the fees charged by their firm for providing various services to the clients.
According to CoinMarketCap, which tracks real-time performance, the global crypto market cap is approximately $1.25 trillion which has risen 0.20% over the past day. However, in terms of volume, the crypto market is currently down 30.05% in the last 24 hours to $63.75 billion.
Meanwhile, the total volume of DeFi currently stands at $7.36 billion – 11.55% of the total crypto market 24-hour volume. The volume of all stablecoins is now $55.84 billion, which is 87.60% of the total 24-hour volume of the crypto market.
Currently, bitcoin is trading below the $30,500 mark. It is trading at $30,376.15, down 0.28% with a market cap of $579.53 billion. Bitcoin is the leader in the crypto market. However, bitcoin dominance declined by 0.09% to 46.44% during the day due to selling pressure.
Counterpart Ethereum traded around $1,810. Tether was largely flat but in the red and was trading at $0.9994.
The top performers in the crypto market today are – Tezos XTZ up nearly 9%, Chainlink (LINK) up over 8%, OMG Network up over 7.7%, Helium advanced over 6% and Solana up over 5%.
The top underperformers in the cryptocurrency market today are – Elrond (EGLD) down nearly 6%, Gala diving 3.5%, Klayton (Black) down over 3%, Apcoin (APE) down 2.85%, and eCash (XEC) down 2.8%.