[ad_1]
© Reuters Bitcoin has already overtaken gold in investor portfolio allocation – JPMorgan
JPMorgan analysts said the allocation to gold in investors’ portfolios has already exceeded that of gold, taking volatility into account. Specifically, the flagship cryptocurrency has a 3.7 times larger allocation compared to gold bullion.
They pointed to a net inflow of $9 billion into Bitcoin ETFs since their launch, which explains outflows from Grayscale, and suggested that the potential size of the Bitcoin ETF market could reach $62 billion if gold as Benchmark is used.
February was one of the most bullish periods for the cryptocurrency market, with total market capitalization rising nearly 40% month-over-month to $2.2 trillion.
This increase was mainly led by a 45% increase in Bitcoin and a 47% increase. Although the altcoins’ performance lagged, they still recorded double-digit gains. Both the decentralized finance (DeFi) and non-fungible token (NFT) sectors also saw gains during this rally.
Spot Bitcoin ETF net sales rose to $6.1 billion in February, compared to $1.5 billion in January.
The value of BTC rose 33% in the last two weeks to reach a new all-time high, a rise that was accompanied by significant inflows into spot Bitcoin ETFs. Crypto mining stocks also hit new record highs in February.
[ad_2]
Source link
