Most analysts suppose the last month of summer might be crucial for the crypto market. Nikolaos Panigirtzoglou and analysts at JPMorgan believe that the recovery of the cryptocurrency market will begin in August. Previously, the digital asset market took a significant hit. Contributing factors included the liquidation of Bitcoins by MtGox creditors and the sale of confiscated assets by the German government. However, the situation stabilized.
Experts suggest that if BTC surges in August, it will trigger a chain reaction among altcoins. They are likely to recover too. For the altcoin season to start, around 75% of the top 50 coins, excluding stablecoins, need to outperform Bitcoin in terms of growth.
Analysts estimate that since the beginning of 2024, financial inflows into the digital asset sector have amounted to $8 billion. However, this is 33% less than their previous estimate of $12 billion. In 2023, the crypto industry received nearly $15 billion, in 2022 – $40 billion, and in 2021 – $45 billion. Despite the massive investments, the digital sphere experienced a boom followed by a decline.
Previously, JPMorgan's currency strategists advised investors to be cautious about investing in the upcoming spot ETFs on Ethereum.
