JPMorgan cautions investors about soaring altcoin market

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Last Update: September 21, 2022

2 mins read

JPMorgan analysts have cautioned crypto investors to look out for “froth” in the August altcoin market that may be sending misleading signals of buoyancy and recovery.

In a note to clients, JPMorgan stated: “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 the bank, altcoin trading is now estimated to account for 33% of the total crypto market, which is up from 22% at the beginning of August.

Naturally, crypto traders have been happy with the most recent spike in the price as it provides them with some leeway to feel happy about their investment.

Spot investors have driven support for several major altcoins, including Cardano and Solana, which have both gone up 400% since the beginning of August, according to CoinMarketCap data.

However, the uptick in interest does not seem to be predicated on regular growth factors, and JPMorgan advises investors to avoid rushing into investing into altcoins.

Altcoins have proven an important driver of mass adoption for cryptocurrency, as they are based on a model that is generally more accessible than paying $40,000 for Bitcoin, for example. However, there are still risks.

Shark Tank investor Mark Cuban was infamously burnt on one such altcoin, TITAN, earlier this year showing that even the smartest and most business-savvy people can still fall for marketing hype that is usually the bread-and-butter of altcoins.

Altcoins are very popular nevertheless, and they are some of the most used currencies to bet with at places such as Bitcasino, 1xBit and FortuneJack.

Looking for your next crypto casino? Check out: Mega Dice or FortuneJack

Written by Barney

Co-founder

Barney is co-founder of CryptoGamblingNews.com. When not at work he can usually be found behind a Nikon. He's won numerous international competitions for his photography and volunteers as a content creator for aid organisations in Africa.
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