JPMorgan issued stern price warning on Solana, Binances BNB and Cardano as Ethereum rivals roar back

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Wall Street giant JPMorgan, which has already rightly called a massive sell-off in the cryptocurrency market this year, warned of the “foam and retail investor mania” currently plaguing the market. cryptography by distinguishing the rivals of Ethereum solana, BNB of Binance and cardano.

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Binance’s solana, cardano, and BNB price has risen at a breathtaking rate over the past few months, with solana’s sol token entering the top ten in the crypto market and trailing both BNB and cardano. Solana, up 30% from this hour yesterday, added a whopping 5,000% from this hour last year.

In a note to clients, JPMorgan chief executive Nikolaos Panigirtzoglou said retail investors have taken small cryptocurrencies to unprecedented heights, with bitcoin’s market share now looking “uncomfortably small” compared to to historical standards.

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Wall Street giant JPMorgan has been following the ups and downs of the crypto market closely this year, … [+] the bank is now turning to ethereum rivals cardano, solana and Binance’s BNB.

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The August rally in non-fungible tokens and the resumption of decentralized financial activity helped not only Ethereum but also alternative cryptocurrencies that facilitate or plan to facilitate smart contracts, such as solana, binance coin and cardano Panigirtzoglou wrote, pointing to data that showed the so-called altcoin trade now accounts for around 33% of the cryptocurrency market, a significant increase from 22% in early August.

“The previous phase of the retail investor mania in the cryptocurrency markets took place between early January and mid-May … and retail investors are once again making the cryptocurrency markets look sparkling.”

This week, crypto prices rocked sharply as El Salvador’s plan to adopt bitcoin as the official currency alongside the US dollar garnered enormous media attention.

On Tuesday, the price of bitcoin fell nearly 20%, sending shockwaves through the crypto market and pushing the price of ethereum and its rivals Solana, BNB and Binance cardano down. However, most of the major cryptocurrencies have now rebounded.

“The share of altcoins looks rather high by historical standards and, in our opinion, is more likely to be a reflection of the foam and ‘mania’ of retail investors rather than a reflection of a trend. structural bullish, ”JPMorgan analysts concluded.

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The price of ethereum has jumped 900% since this time last year with its biggest rivals, … [+] including cardano, Binance’s BNB and solana, making even bigger gains.

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After solana has dominated the altcoin market for about the last week or so, it is believed that cardano is expected to regain its shape over the next week, as expectations rise ahead of a planned upgrade this weekend. .

“The altcoin space has only headed in one direction with ADA being one of the top performing assets,” said Lukas Enzersdorfer-Konrad, product manager at crypto exchange Bitpanda, in comments sent by e-mail. “The upgrade of Cardanos alonzo and the arrival of smart contracts on the network are fast approaching, which is pushing up prices. “

“Cardano is now the third-largest crypto thief in the bitcoin and ethereum world,” said Nigel Green, chief executive of the deVere Financial Advisory Group, in comments sent via email, highlighting cardano’s price increase of 1,668% since January.

“This impressive momentum should pick up as we approach the end of the year. I think we can expect cardano to hit new all-time highs, reaching over $ 4 by the end of this year. 2021. “

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