JP Morgan warns investors again

Şükriye Akdeniz

Sep 10, 2021

JP Morgan analysts warn investors that certain altcoins bought by retail investors are creating too much bloat in the market

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Analysts' opinion is that this altcoin-led uptrend is not structurally healthy.
In an article published in Forbes this morning, a note was sent to clients of JP Morgan, the largest bank in the US. Managing director Nikolaos Panigurtzoglou said that retail investors are buying altcoins such as Binance Coin, Cardano, and Solana.
As a result of this situation, the price of cryptocurrencies increased greatly and altcoin dominance reached 33% of the market.
Panigirtzoglou said:
“The rally and the increase in decentralized finance activity in August has helped not only Ethereum but also alternative cryptocurrencies such as Solana, Binance coin and Cardano that are facilitating or planning to facilitate smart contracts.”
“The previous phase of the retail investor's craze for the cryptocurrency markets was between early January and mid-May… and retail investors are inflating the cryptocurrency markets again.”
In a note to investors, JP Morgan analysts concluded:
“The share of altcoins looks pretty high by historical standards, and we think it's more likely to be a reflection of retail investor frenzy than a structural uptrend.”

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