Disclaimer
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.
$85,133.00
2.09%$1,918.27
3.95%$2.15
1.30%$610.04
0.61%$128.22
1.48%$0.999971
0.01%$0.173539
3.55%$0.687845
4.08%$0.236498
-0.86%$1,917.33
4.11%$85,094.00
2.14%$4.00
-3.09%$14.33
5.13%$9.36
2.56%$0.277668
3.99%$2,294.71
3.91%$19.71
4.13%$0.999984
0.03%$2.47
7.27%$0.00001288
2.91%$0.173583
5.68%$85.21
1.94%$4.21
3.56%$6.33
1.26%$312.80
2.82%$4.59
2.46%$1,919.99
4.09%$0.99999
0.00%$1.001
0.17%$0.709213
-1.60%$13.48
1.05%$2,036.89
3.90%$28.17
-0.16%$218.50
1.37%$6.27
4.38%$5.42
1.34%$0.00000778
8.27%$2.68
3.12%$1.047
0.15%$48.55
0.40%$0.103573
2.83%$22.82
1.73%$85,109.00
2.02%$33.50
1.61%$0.794161
-0.36%$5.52
2.93%$0.825781
4.85%$17.15
1.82%$0.999973
0.18%$169.19
5.36%$1.16
0.01%$10.40
2.32%$0.02363077
3.71%$231.20
2.92%$4.45
0.35%$0.36931
3.88%$1.00
0.00%$3.73
7.19%$2.88
3.34%$3.17
1.16%$85,317.00
2.28%$0.068254
3.89%$0.204461
-0.79%$4.02
0.01%$0.192313
6.75%$0.513319
6.80%$0.338811
1.89%$10.91
-2.17%$84,943.00
2.03%$0.482676
4.52%$0.768747
2.76%$4.70
-7.92%$1,405.64
5.97%$0.425413
-2.80%$1,995.28
3.99%$1,921.43
4.50%$1.092
4.41%$0.069163
0.24%$0.70026
11.55%$133.46
1.36%$71.23
3.55%$0.834708
6.69%$0.410497
0.91%$1.00
0.15%$0.540896
2.01%$0.628841
1.76%$2,170.10
4.04%$0.000012
6.59%$9.08
3.55%$0.998071
0.03%$0.092022
3.18%$0.177526
2.01%$0.859332
6.27%$1.001
0.16%$0.0138791
-1.45%$0.999723
-0.05%$7.50
9.25%$0.905409
3.91%$14.13
-19.77%$3,142.31
-0.51%$84,133.00
1.85%$2,030.99
3.78%$0.999356
-0.02%$608.96
0.65%$2.30
0.88%$0.561288
21.67%$0.01596924
3.73%$0.532426
6.33%$0.670829
1.59%$84,918.00
2.02%$3,130.65
-0.57%$0.280281
2.50%$41.44
10.57%$0.999496
-0.04%$0.00000067
0.41%$0.178029
3.67%$32.64
2.86%$0.999417
-0.05%$0.394853
3.16%$163.74
1.43%$0.104937
1.40%$1,995.93
3.94%$0.00006052
2.64%$1.94
-2.11%$7.55
9.26%$3.14
2.51%$16.53
3.37%$0.01131953
4.41%$0.664483
3.94%$140.44
1.37%$1.83
6.76%$0.146816
3.51%$0.999085
-0.10%$0.074977
-1.30%$0.515739
14.66%$1.85
8.98%$0.998151
0.10%$0.527702
15.33%$84,725.00
2.82%$0.487185
-3.66%$3.02
2.57%$0.257149
3.68%$2.97
11.69%$0.999586
0.02%$0.999989
0.04%$16.60
3.24%$2,034.06
3.94%$27.70
-1.07%$0.00491845
0.07%$0.720748
3.37%$0.15322
0.42%$0.173296
3.62%$84,977.00
2.17%$0.00000044
-0.38%$0.429928
-0.05%$85,693.00
0.93%$1.00
0.05%$6.51
0.92%$0.0444686
4.58%$1,919.13
4.14%$47.04
18.59%$0.387467
-10.73%$1.19
4.20%$1,917.54
4.12%$0.082254
2.19%$1,919.99
4.24%$1.002
0.16%$5.77
9.23%$1.083
0.10%$110.52
0.02%$0.00002018
0.87%$0.605422
3.22%$0.488068
2.35%$1,996.53
3.74%$1.096
0.80%$85,131.00
2.36%$0.00719799
0.77%$0.00660015
4.06%$0.458959
3.05%$0.181771
4.90%$0.869134
2.80%$0.205202
-0.46%$0.37845
3.48%$0.00000171
5.22%$0.999413
0.00%$1,912.73
3.82%$1,931.50
4.30%$1.001
-0.00%$0.599856
-0.85%$0.00531286
-5.03%$0.00006128
1.33%$0.00391677
1.36%$0.03310703
9.08%$0.998473
-0.21%$1.52
12.87%$122.76
2.09%$1.32
7.74%$2.79
0.33%$0.03106534
0.19%$1,900.70
4.14%$0.00914752
-3.72%$1,917.24
4.04%$0.245396
1.72%$1.20
0.95%$0.252138
3.22%$0.648959
2.73%$3.62
3.21%$22.84
2.46%$2.90
-0.69%$0.999409
-0.00%$0.00045653
6.41%$84,903.00
1.99%$2,024.88
3.95%$85,351.00
2.45%$0.196978
3.70%$2,099.18
4.21%$16.23
1.91%$0.263105
1.39%$0.524873
5.05%$3,108.80
26.01%$1.062
0.49%$2,084.07
4.17%$0.558313
11.60%$0.00336755
7.12%$0.73834
-3.60%$0.067742
1.40%$0.00279291
7.30%$0.107959
1.83%$0.999846
-0.09%$0.117762
0.44%$0.03519
1.20%$0.03062984
2.38%$2.48
12.30%$1,905.67
4.25%$0.081585
-2.53%$1,707.92
1.89%$0.00228511
-2.10%$0.01166629
3.00%$0.94162
0.96%$20.94
3.59%$0.292163
-2.09%$0.02976854
1.00%$0.086025
0.98%$0.666184
4.44%$0.00479286
1.32%$0.200474
20.29%$0.524694
2.70%$3.75
5.23%Reading
JP Morgan analysts have said that BitcoinBitcoin will struggle to get institutional adoption because of its volatility while EthereumEthereum will face more competition from rival blockchains.
In a note for investors, analysts at the New York City-based bank said that they saw "significant challenges" going forward for the two biggest cryptocurrencies by market cap.
But the note also said that the cryptocurrency market’s current price dip looks "less like capitulation relative to last May," when prices shed billions in one week.
"We think the biggest challenge for Bitcoin going forward is its volatility and the boom and bust cycles that hinder further institutional adoption," the note read.
It added that Bitcoin, which is down 44% from its November all-time high of $69,044, trading for $38,449 right now, was also five times more volatile than gold. Many cryptocurrency investors claim that Bitcoin works as a form of "digital gold," meaning that it serves as a hedge against inflation like the precious metal.
The analysts noted that Ethereum competitors—Solana, Terra, Binance Smart Chain, and others—were gaining traction in the world of decentralized financedecentralized finance (DeFi) and non-fungible tokens (NFTs).
DeFi refers to apps that aim to automate what banks do by using blockchainblockchain networks. Such apps are usually built on Ethereum’s network but because so many people use it, it has become costly and slow. Other blockchains have popped up to compete with Ethereum and, as the JP Morgan analysts noted, they are doing well.
"What has been striking during this month’s correction is that Ethereum has not managed to re-capture market cap share vs. its main competitors as its price declined by a similar magnitude to smaller altcoins," the note said.
NFTs are digital tokens representing anything from art, video clips and music which tend to exist on Ethereum’s network. But recently other networks like Solana have muscled in, the analysts noted.
Crypto wallet Phantom has announced a $109 million Series B funding round led by Paradigm, an investment firm focused on crypto- and Web3-related companies. The funding round brings the project’s valuation to a whopping $1.2 billion. “It’s amazing to see the expansive growth that has happened in just under a year since our beta launch,” said Brandon Millman, CEO of Phantom, in a prepared statement. The Phantom wallet gives Solana traders the ability to interact with decentralized finance (De...
Solana's network is popular because it is cheaper and faster than Ethereum's. And NFT collectors are increasingly looking to use it to trade NFTs. Solana, however, has its own share of problems and frequently suffers from network congestion and slowdowns. Last September, the network went down for a full 17 hours. The price of SOL, Solana’s native cryptocurrency, remains resilient, however; at just under $100, it remains the seventh-largest crypto asset by market cap.
Disclaimer
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.
Stablecoin issuer Tether Holdings purchased 8,888 Bitcoin in the first quarter, adding $735 million worth of the asset to its reserves on Tuesday alongside its latest attestation report. The company managing Tether’s industry-leading footprint now controls $7.8 billion worth of Bitcoin, according to the blockchain data platform Arkham Intelligence. Three months ago, Tether padded its reserves with $777 million worth of Bitcoin. Tether meanwhile reported record-breaking profits of $4.5 billion th...
Tokyo Stock Exchange-listed firm Metaplanet just grabbed another 696 Bitcoin (BTC)—its most recent step in a bid to build one of the largest corporate Bitcoin treasuries in the world. The Japanese investment company said it had acquired the coins as part of its Bitcoin Income Generation strategy, which involves selling put options and using the collateral to purchase Bitcoin at an effective discount, in a statement released Tuesday. *Metaplanet Purchases Additional 696 $BTC* pic.twitter.com/ppn...
A member of the California State Assembly has introduced an amendment to a recently introduced money transmission bill that would protect the ability of state residents to use cryptocurrencies as a means of payment. First introduced by Democrat Senator Laura Richardson on February 20 as the Money Transmission Act, the bill had been concerned primarily with requiring digital wallet providers operating in California to “take certain actions” to ensure the security of their products, including the...