JPMorgan Analyst Warns Crypto Markets Look Frothy After ‘Mania’ Took Over

JPMorgan Analyst Warns Crypto Markets Look Frothy After ‘Mania’ Took Over


A JPMorgan analyst is issuing a warning following a cryptocurrency market rally that propelled a long list of altcoins to new record highs.

JPMorgan managing director Nikolaos Panigirtzoglou says in a new note to clients that cryptocurrency markets are looking “frothy again,” reports Forbes.

 

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“The August rally in non-fungible tokens and the pickup in decentralized finance activity have helped not only Ethereum but also alternative cryptocurrencies that facilitate or plan to facilitate smart contracts, such as Solana, Binance Coin and Cardano.

The previous phase of retail investors’ mania into cryptocurrency markets was between the beginning of January and mid-May… and retail investors are making cryptocurrency markets look frothy again.”

According to CoinGecko, Cardano (ADA) hit an all-time high of $3.09 on September 2nd. Solana also reached its own record high of $193.87 on Tuesday.

In the same note, Panigirtzoglou says the combined market share of Bitcoin (BTC) and Ethereum’s (ETH) has dropped 78% to 67% as he

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