JPMorgan says that Ethereum is better than Bitcoin, citing its robust infrastructure for decentralized finance and non-fungible tokens.
JPMorgan’s market strategist Nikolaos Panigirtzoglou says that potential interest rate increases could become a problem for bitcoin. He compares the impact to be similar to that of gold in a high rate environment.
Panigirtzoglou maintains that ETH interest will remain strong because the ecosystem has many uses and is less susceptible to higher real yields.
JPMorgan’s analysts have pointed out that the upcoming upgrade of ETH set for the end of next year will cut on high-energy consumption, attracting more investors away from bitcoin’s ecosystem.
The analysts warn that the two cryptocurrencies could be overvalued with their highly volatile prices. Ethereum has retraced from its ATH of $4600 to trade at $4489, while BTC is trading at $61,166 after hitting an all-time high of $67,000 last month.
Source: Business Insider