What Happened: Bitcoin (BTC) price has reached yet another record –- it has crossed $52,000, gaining 8.30% over the last twenty-four hours. The new all-time high has been crossed on the same day the price surged to $51,000 levels for the first time.
Bitcoin's current market capitalization is over $972 billion, while the entire crypto market cap accounts for more than $1.5 trillion at press time.
Why It Matters: The latest spike took place after JPMorgan analysts published a note saying that the current price “looks unsustainable.”
According to the analysts, this year’s price surge has been “more influenced by speculative flows.”
"This also suggests that some pickup in real money flows would likely be needed to sustain current prices in the absence of a re-acceleration of the retail flow," the note says.
JPMorgan also believes that the retail interest has been “particularly strong since January.”
“<..>and there is little doubt that this retail impulse has been a driving force not only for equities, but also for bitcoin."
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