Crypto Markets Look Frothy, According to JPMorgan
JPMorgan published a note Wednesday on the stock market and cryptocurrencies. It explains that retail investors bought stocks at a record pace over the summer with an estimated net flow into the U.S. stock market of $13 billion in August after reaching a record high of almost $16 billion in July.
The JPMorgan analysts asserted that the stock-buying frenzy spilled over into altcoins and non-fungible tokens (NFTs) in August, and the surge in NFTs and decentralized finance (defi) activity has boosted the price of certain cryptocurrencies, such as ethereum, solana, and cardano.
They wrote:
"Cryptocurrency markets [are] looking frothy again."
As Bitcoin.com News reported, the crypto market gained approximately 83% in value over the last three months, led by altcoins. The global crypto market cap is currently $2.28 trillion. Bitcoin’s dominance slipped from 47% on Aug. 1 to 41.39% Saturday. Ethereum (ETH) currently represents 20.13% of the entire 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. At the price of $141.04 per coin, SOL is now the seventh-largest crypto by market capitalization. The coin gained 310.8% during the last month and 3,277.6% year-to-date.
https://news.bitcoin.com/jpmorgan-cryptocurrency-markets-looking-frothy/
