JPMorgan: These Are The Main Factors for Bitcoin’s Bullish Rally

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The increase in cryptocurrency prices in recent times is primarily driven by individual traders making impulsive decisions, rather than by traditional investors or market fundamentals, as noted by JPMorgan analysts.

According to financial expert Nikolaos Panigirtzoglou, the surge in crypto prices can be attributed to a similar momentum seen in the stock market. This has been particularly noticeable since February, resulting in a strong rally of more than 13% for the GMCI 30 index since the start of the year.

JPMorgan also points to the popularity of meme tokens and coins related to artificial intelligence, which have increased in market capitalization in February.

They also highlight a resurgence in activity among users of popular platforms such as the Block, PayPal, Robinhood, and Coinbase since the fourth quarter of 2022.

The analysts believe that there are three main catalysts behind this retail interest – the upcoming Bitcoin halving, the expected major update on the Ethereum network in March, and the potential approval of an ETF based on Ethereum.

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