According to analysts at the American investment bank JPMorgan Chase, the increase in the share of stablecoins in the cryptocurrency market hints at the upcoming growth of digital assets.
The capitalization of stablecoins in mid-June reached a historical maximum. In a letter to investors, Nikolaos Panigirtzoglou, head of analytics at JPMorgan, stressed that the share of stablecoins in the cryptocurrency market has grown to 14%.
“The share of stablecoins in the overall cryptocurrency market looks extremely high, which indicates that conventional cryptocurrencies are oversold and the possibility of significant growth from current values,” Panigirtzoglu said.
At the time of publication, the share of stable cryptocurrencies in the market has grown to 17%, and their capitalization is $155 billion.
Note that back in February, the JPMorgan analyst team stated that bitcoin should cost $38,000. Now the first cryptocurrency is trading at $21,000.
Source: Bits
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