JPMorgan Says Cryptocurrency Markets Look ‘Sparkling’ – Bitcoin Planet Markets & Prices

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Global investment bank JPMorgan says cryptocurrency markets “look sparkling” as retail investors spill over from the stock market into cryptocurrencies and non-fungible tokens (NFTs).

Crypto Markets Look Sparkling, Says JPMorgan

JPMorgan released a note on the stock market and cryptocurrencies on Wednesday. He explains that retail investors bought stocks at a record pace over the summer with an estimated net inflow into the US stock market of $ 13 billion in August after hitting a record high of nearly $ 16 billion in August. July.

JPMorgan analysts claimed that the stock buying frenzy spread to altcoins and non-fungible tokens (NFTs) in August, and that the increase in NFTs and decentralized finance activity (challenge) had driven up the price of some cryptocurrencies, such as ethereum, solana, and gimbal.

They wrote:

Cryptocurrency Markets [are] sparkling again.

As Bitcoin.com News reported, the crypto market has gained around 83% in value over the past three months, led by altcoins. The global crypto market capitalization is currently $ 2.28 trillion. Bitcoin’s dominance fell from 47% on August 1 to 41.39% on Saturday. Ethereum (ETH) currently accounts for 20.13% of the overall crypto market, followed by cardano (ADA) at 4.11%. Solana (SOL) represents 1.80%.

Solana has become one of the top performing cryptocurrencies this year. Priced at $ 141.04 per coin, SOL is now the seventh largest crypto by market cap. The coin has gained 310.8% in the past month and 3,277.6% since the start of the year.

JPMorgan analysts noted that altcoins trading now accounts for around 33% of the crypto market, pointing out that this was a big increase from the 22% reading in early August. They concluded:

The share of altcoins looks rather high by historical standards and, in our opinion, is more likely to reflect the ‘mania’ of foam and retail investors rather than a reflection of an upward structural trend. .

What do you think of the comments from JPMorgan analysts? Let us know in the comments section below.

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