'We believe that any further upside for crypto markets from here would likely be more limited,' said JPMorgan. cryptocurrency bitcoin $BTC
Basing their prediction on the relationship between stablecoins and the rest of the crypto market, the bank’s analyst explained that stablecoins’ share of the total crypto market cap “no longer looks excessive.”warned about cryptocurrency markets having limited upside in a note published last week.
JPMorgan sees stablecoins’ share of the total cryptocurrency market value as an indicator of potential for rallies or declines. Previously, when stablecoins accounted for almost 10% of the total crypto market cap, JPMorgan analyst Panigirtzoglou said it “pointed to further upside for crypto markets.”
In the note issued last week, he explained: “The share of stablecoins in total crypto market cap no longer looks excessive … This share currently stands below 7% which brings it back to its trend since 2020.” The JPMorgan analyst continued: As a result we believe that any further upside for crypto markets from here would likely be more limited.
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