Crypto seeing sector rotation into names like Solana, Avalanche and Luna - CoinShares exec

CoinShares Chief Strategy Officer Meltem Demirors said Wednesday that the cryptocurrency market will continue to see a rotation into newer entries, with growing interest in names like Solana (SOL-USD), Avalanche (AVAX-USD) and Luna (LUNA-USD). "We're seeing a sector rotation and I think we're seeing a big shift in the blockchains people are building on," Demirors told CNBC. Getting ready for 2022, Demirors predicted that the key trends from 2021 will continue into the next year. This includes an expanding market cap for the overall market, spurred by continued financialization. She noted that the market cap for the overall crypto market grew from under $1T at the start of 2021 to a level of about $2.5T now, reaching a peak along the way of about $3.5T in November. Demirors pointed out that crypto's current market cap equates to about a third of the gold market. The CoinShares chief strategy officer predicted