JPMorgan Signals- Altcoin Season Potential in August
JPMorgan Signals– Many investors are eagerly awaiting the altcoin season this year. Non-Bitcoin investors, in particular, have been looking forward to finally seeing some profits after a long wait.
Before the recent market crash, the chances of an altcoin season were already on the rise. Despite the setback, there’s renewed hope that next month might bring the much-anticipated event.
JPMorgan Sees Positive Signs for Recovery
In a recent research report, JPMorgan shared their expectations for a rebound in Bitcoin and the broader crypto market come August. They mentioned that the likelihood of liquidations easing up before the end of this month is quite high.
Despite this optimism, the bearish market conditions have led the bank to lower its estimated net inflows for the year. They now predict the crypto market will see inflows of about $8 billion, down from the previous forecast of $12 billion.
JPMorgan also pointed out that if Bitcoin’s price rises in August, it could lift altcoins as well. There’s a common misconception that altcoins are struggling because of Bitcoin’s growth, which some are calling a ‘Bitcoin season.’
What’s the Latest on Altcoins?
Altcoins are far from experiencing an altcoin season right now. As of the time of writing, about 70% of altcoins have been underperforming compared to Bitcoin over the past 90 days.
The only altcoins that are currently in the green and doing better than Bitcoin are Toncoin (TON), PEPE, BONK, Kaspa (KAS), Monero (XMR), and Tron (TRX). All the other tokens are recording losses.
For the latest in crypto updates, keep tabs on Crypto Data Space.
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