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JPMorgan Chase & Co. has warned that any upside for crypto markets from here would likely be more limited. Basing their prediction on the relationship between stablecoins and the rest of the crypto market, the bank\u2019s analyst explained that stablecoins\u2019 share of the total crypto market cap \u201cno longer looks excessive.\u201d<\/strong><\/p>\n Global investment bank JPMorgan reportedly<\/a> warned about cryptocurrency markets having limited upside in a note published last week.<\/p>\n JPMorgan sees stablecoins\u2019 share of the total cryptocurrency market value as an indicator of potential for rallies or declines. Previously, when stablecoins accounted for almost 10% of the total crypto market cap, JPMorgan analyst Panigirtzoglou said it \u201cpointed to further upside for crypto markets.\u201d<\/p>\n In the note issued last week, he explained: \u201cThe share of stablecoins in total crypto market cap no longer looks excessive \u2026 This share currently stands below 7% which brings it back to its trend since 2020.\u201d The JPMorgan analyst continued:<\/p>\n As a result we believe that any further upside for crypto markets from here would likely be more limited.<\/p>\n<\/blockquote>\n Panigirtzoglou pointed out that the price of bitcoin (BTC<\/a>) and ether (ETH<\/a>) rallied in early March following financial sanctions imposed on Russia by Western countries after its invasion of Ukraine.<\/p>\n The note describes: \u201cThese sanctions had raised expectations that cryptocurrencies will be used more extensively in the future to circumvent the traditional banking system given cryptocurrencies are not attached or depend on any government.\u201d<\/p>\n However, citing the stablecoin share indicator, the JPMorgan analyst warned that the rallies seen in crypto markets may be coming to an end.<\/p>\n In February, JPMorgan predicted<\/a> that the long-term price of bitcoin would reach $150,000. In January, the bank conducted a client survey and found that the majority of respondents expected the price of BTC<\/a> to reach $60,000 or more<\/a> this year.<\/p>\n Unlike JPMorgan, several people have said they see a significant upside to the crypto market. The CEO of Defiance ETFs said she remains \u201ccompletely bullish on bitcoin<\/a>,\u201d expecting the price of the cryptocurrency to reach $100,000. In addition, Mike Novogratz, the CEO of Galaxy Digital, outlined a number of bullish factors<\/a> affecting crypto markets last week.<\/p>\nJPMorgan\u2019s Crypto Outlook<\/h2>\n
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