Sam Bankman-Fried, the founder of the FTX exchange, spoke about what type of cryptocurrencies he believed could best survive a bear market.
Crypto tokens linked to the burgeoning metaverse have surged in latest week, while traditional coins have lagged.
The cryptocurrency market has lost $500 billion in value in the week since bitcoin hit an all-time high, as investors have cashed in on recent gains.
Bitcoin dipped below $59,000, while ether neared $4,000, as investors sold cryptocurrencies for a second day.
Bitcoin tumbled towards $60,000 on Tuesday after Joe Biden's infrastructure bill was signed into law and China warned state firms about crypto mining.
Crypto billionaire Sam Bankman-Fried, who heads up the FTX exchange, recently discussed the current cryptocurrency climate and FTX.
Shark Tank's Kevin O'leary told a Reddit Talk session his crypto holdings now made up 10% of his portfolio.
Investors have poured a record $8.9 billion into crypto products so far this year, more than the $6.7 billion for all of 2020.
Ether and bitcoin rallied on Tuesday to record highs off the back of a weaker dollar, taproot upgrade and positive investor sentiment.
Ether hit an all-time high above $4,760 on Monday, while bitcoin topped $66,000 as it headed towards October's record.
JMP also sees the number of tokens exploding from more than 10,000 today to potentially the millions, though only a small number will survive.
The odds of winning are 100,011-to-1 for a bitcoin prize, 10,001-to-1 for ether, and 1-to-1 for dogecoin.
Worldcoin has scanned more than 100,000 people from different countries through a device called the Orb. The firm is currently valued at $1 billion.
Crypto assets under management hit a record $72.32 billion in the week to Friday ahead of this week's ETF launch, CoinShares said.
"Such a collapse is certainly a plausible scenario, given the lack of intrinsic value and consequent price volatility," Cunliffe said in a conference.
Elsewhere, the dogecoin spinoff shiba inu rallied 19% on Monday, gaining 265% from a week ago, while other altcoins saw general downturns.
Move over, dogecoin. A spin-off, shiba inu, is on a tear, having gained about 350% in a month - roughly what bitcoin's gained in a year.