- Total crypto market cap was about $2 trillion at the end of last month, the report said.
- JPMorgan said the crypto ecosystem lacks major catalysts in the near-term.
- Stablecoins were the outlier, as total market cap grew and volumes also increased from the prior month, the bank said.
As a seasoned analyst with over two decades of experience in the financial markets, I have seen the ebb and flow of various asset classes, from stocks to bonds, commodities, and now, cryptocurrencies. The crypto market, currently valued at $2 trillion, presents an intriguing conundrum, one that is reminiscent of the dot-com bubble of the late 90s or the subprime mortgage crisis of 2008.
At the close of the previous month, the overall value of the cryptocurrency market stood at approximately $2.02 trillion, representing a 24% drop from its March high, according to a report released by JPMorgan on Friday. The bank is now anticipating the next significant event that could spur growth and increased interest among retail investors.
In simpler terms, the analysts, headed by Kenneth Worthington, are saying that they don’t foresee significant events driving growth in the cryptocurrency market soon. As a result, they predict that the prices of crypto tokens and assets will be more influenced by broader economic factors.
Stablecoins were an outlier, as market caps grew from the previous month and volumes also increased compared with July, the bank noted.
According to JPMorgan, the flow of funds between Spot Ether and Bitcoin Exchange-Traded Funds (ETFs) has been rather underwhelming. Many observers found the debut of Ethereum ETFs less exciting than the launch of Bitcoin ETFs back in January.
Flows into Bitcoin ETFs were disappointing last month as well, with a total withdrawal of approximately $81 million, according to recent reports.
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2024-09-06 15:21