JPMorgan Warns Altcoins and NFTs Are Overvalued
AP Photo
Main page News, Altcoins, Banking, Cryptocurrency, NFT
Hot topic
3 September
334 334

Analysts at banking conglomerate JPMorgan have said the prices of some altcoins and non-fungible tokens (NFTs) have recently exceeded reasonable limits. The experts have said:

"The share of altcoins looks rather elevated by historical standards and in our opinion it is more likely to be a reflection of froth and retail investor 'mania' rather than a reflection of a structural uptrend."

According to them, the share of altcoins in the total volume of the crypto market currently stands at 33%, while it was 22% at the beginning of August. At the same time, experts believe the interest in these assets is unlikely to remain for a long time. However, the current share is still lower than in May, when it stood at 37.6%, compared to 13% in January. According to the publication, altcoins recorded a record 55% share in January 2018, when Bitcoin started to retreat after reaching $20,000 for the first time in its history.

Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.

According to JPMorgan experts, the hype in areas such as DeFi, NFTs and smart contract platforms, such as Solana and Cardano, is a continuation of a trend that emerged this summer in the stock market. The inflow of retail investor assets into the equity market, according to the bank, hit a record $16 billion in July and stood at $13 billion in August. The previous record of $10 billion was reached in June last year.

Read also:
Please describe the error
Close