The share value of Bitcoin in the cryptocurrency market has sharply dropped to 41.32% from 47% in August 2021. On the other hand, the market cap of Ethereum has increased from 18% to 20%. According to the latest Coinmarketcap reports, the overall market cap of Tether, Binance Coin, and Cardano has slightly inclined in the last month. According to a statement made by JP Morgan Chase, the cryptocurrency market seems to be frothing due to the growing demand for NFTs and altcoins,
Retail investors had purchased shares at a rapid pace earlier this year, raising revenue of $16 billion in July and $13 billion in August. Even the value of the crypto market had inclined steeply by 83% over the past 3 months. As of today, Solana is the highest performing altcoin of the year. In the opinion of the analysts at JP Morgan, trading altcoins represents almost 33% of the current cryptocurrency market. The growth in the altcoin shares in the stock market is a clear indication of the retail investor froth.
The global investment bank is currently focusing on the employment of blockchain technology to improve fund transfer among international banks. JP Morgan Chase has recently launched the “Confirm” feature to eliminate returned or rejected transactions owing to mismatches in payment information. The use of blockchain technology at JP Morgan will help in reducing the cost of transactions for both the receiving and sending banking institutions. The “Confirm” feature is an application that validates international account information. It operates on the blockchain network of JP Morgan to enable the partner banks to place requests to verify the account details of the beneficiary to receive direct responses from the participating banks. The whole process takes place in real-time and with 100% accuracy.
