In a recent note, JPMorgan analisdollarseries claims that the leading altcoin Ethereum (ETH) is seeing “much healthier” institutional demand compared to its arch-rival Bitcoin. JPMorgan analystsdollars go a step further, suggesting that institutions are selling Bitcoin for Ether. Cryptocoin. com we have compiled the details for you, let’s examine it together…
JPMorgan analisdollarseries: Institutions sell Bitcoin for leading altcoin Ether!
The analystdollar series of American mega bank JPMorgan signals the return of Bitcoin futures offered by Chicago-based giant CME Group. There has been a steady decline in the number of Bitcoin futures contracts traded on the CME since August. On the other hand, Ether saw a sharp increase in open interest over the same period.
JPMorgan analisdollarseries go a step further, suggesting that institutions are selling Bitcoin for Ether. Still, JPMorgan’s Nikolaos Panigirtzoglou recently told Business Insider that the second largest cryptocurrency is overvalued. Nikolaos Panigirtzoglou made the following comments on the subject:
To try to understand the value of Ethereum, we look at the hash rate and the number of unique addresses. We struggle to get above $1,500. There is a question mark here. The current price represents an exponential increase in usage and traffic that may not happen.
Analyst: This market threatens the dominance of Ethereum!
In addition, Nikolaos Panigirtzoglou from JPMorgan believes that the increased competition in the smart contract industry is threatening the dominance of Ethereum, despite its first mover advantage. ETH, the cryptocurrency running on the Ethereum Blockchain, has gained more than 850 percent against the dollar last year amid a widespread crypto boom. Still, Nikolaos Panigirtzoglou recently said that Ethereum’s key selling point—the ability for developers to build decentralized applications and smart contracts on top of the network—can be “easily copied by other networks.”
Bitcoin, the leading cryptocurrency, is trading at $44,000, up 4% at the time of writing. The flagship of cryptocurrencies currently has a market cap of $829 billion. The second largest cryptocurrency ETH is trading at $3,120, up 6% at the time of writing. The largest altcoin currently has a market cap of $367 billion.