Investment bank officials claim that the share of altcoins in August increased from 22% to 33% and approached the value that was observed in May before the market crash (37.6%)
Analysts at investment bank JPMorgan warned clients that the cryptocurrency market looks overheated after a significant rise in assets in August, writes Business Insider .
Analysts say that in early September, the share of altcoins on the crypto market increased to 33%. In early August, this figure was 22%.
The indicator approached the value that was observed in May this year before the collapse of the crypto market. From January to May this year, the share of altcoins increased from 13% to 37.6%.
“The share of altcoins looks quite high by historical standards, and, in our opinion, this is more a reflection of the overheating and mania of retail investors than a reflection of a structural upward trend,” – said analysts at the investment bank.
The indicator peaked (55%) in January 2018, when Bitcoin began to decline after reaching a local high of $ 20,000 in December 2017. By the end of 2018, bitcoin fell in price by 84%, its price dropped to $ 3.2 thousand.