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JP Morgan lifts bitcoin price prediction as cryptoasset market cap breaks record
Invest
JP Morgan lifts bitcoin price prediction as cryptoasset market cap breaks record
Despite once being a crypto sceptic, JP Morgan has now revised its bitcoin price target to $130,000.
JP Morgan lifts bitcoin price prediction as cryptoasset market cap breaks record
Despite once being a crypto sceptic, JP Morgan has now revised its bitcoin price target to $130,000.
JP Morgan has reversed its stance on bitcoin, noting that the cryptocurrency’s price volatility has declined in recent weeks, making it more appealing to institutional investors.
In a recent note to clients, JP Morgan floated its prediction that bitcoin could in fact reach heights of $130,000 in the long term if it continues to see its volatility converge with that of gold’s.
“Considering how big the financial investment into gold is, any such crowding out of gold as an ‘alternative’ currency implies big upside for bitcoin over the long term,” JP Morgan analysts led by Nikolaos Panigirtzoglou said.
JP Morgan’s analysis found that the six-month measure of bitcoin volatility appeared to be stabilising around 73 per cent. This, the bank noted, implies “tentative signs of bitcoin volatility normalisation” that could help to “reinvigorate” interest from institutional investors.
The investment bank previously predicted that the price of bitcoin would reach $146,000 in the long term, but lowered its estimate when the price of gold dropped from its peak of $1,900 per troy ounce.
Following JP Morgan, Ark Invest, a vehicle of veteran stockpicker Cathie Wood, also announced they expect the world’s largest cryptocurrency to “comfortably” eclipse gold’s $10 trillion market capitalisation, demonstrating high confidence in the asset’s potential.
This news coincided with the announcement that the total cryptoasset market cap has broken a new record, moving past $2 trillion, making it more valuable than any listed company globally bar Apple.
According to data from major crypto monitoring resources like CoinGecko, the rise in the market cap of all crypto comes after a recent surge in the price of bitcoin and ethereum, the two largest coins.
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