JPMorgan Analysts Put Ethereum Fair Value At $1,500, With Bullish Outlook For Bitcoin
Ethereum’s value has hit a recent all-time high above $4,600. However, not everyone agrees that the altcoin is fairly priced. Analysts at JPMorgan fall into this category. Although the altcoin has made great strides in utility recently, the analysts do not believe that the coin is fairly valued. They believed that the fair price of the digital asset is in fact much lower than its current value.
Ethereum has been one of the most successful digital assets in the market. This has been due to the growth of use cases such as decentralized finance and NFTs. Ethereum remains the default blockchain for investors to access these services and this has made its native token, ETH, rally over the months. Despite its use cases, JPMorgan analysts have posited that the coin is overvalued.
JPMorgan released the first issue of a publication that focused on cryptocurrencies. The publication would show the firm’s stance on crypto and other digital assets. It opens a window into the firm and how they are viewing investments in the market. Nikolaos Panigirzoglou is at the lead of the new publication and brings his knowledge and expertise in the digital assets space to it. Starting out, Panigirzoglou focused his attention on Ethereum. The second-biggest cryptocurrency by market cap got some not-so-encouraging words from the analyst. According to Panigirzoglou, ETH was wildly overvalued despite its utility in the market. This comes as a surprise to the market as ETH has proven to have more applications than its counterpart bitcoin.