JPMorgan Analyzes Top Cryptocurrency Performance in April
- Bit has outperformed gold over the past year
- Bit's prospects continue to look promising
This marks a sharp contrast to the downturn when Bit was hovering around $80,000 months ago. JPMorgan's research found that Bit prices continued to strengthen in April, with an even more rapid rise in May.
In the previous weeks, the market had been severely impacted - with U.S. President Trump announcing comprehensive tariffs that triggered global trade war panic, leading to widespread pressure on international markets.
In its May 14th report, JPMorgan noted that while Trump advocated for supporting cryptocurrency policies, during his first hundred days in office, he neither boosted crypto prices nor achieved regulatory reforms.
However, as Trump made concessions on trade issues and more global cryptocurrency adoption emerged at both corporate and national levels, market pessimism has gradually dissipated.
"The bull market foundation for Bit has never been so solid," David Marcus, former PayPal executive and prominent Bit supporter, tweeted on May 10th, "Fasten your seatbelts."
This top cryptocurrency has risen 10% since May and is now priced at $103,500.
JPMorgan outlined its recovery trajectory through six charts.
Bit's Value Reassessment
The early-year sharp decline has now been reversed, with exchange-traded products, including Bit ETFs from BlackRock and Fidelity, seeing positive capital inflows, marking the best monthly performance since January.
Total Crypto Market Capitalization Jumps to $2.9tr (+10% MoM) at End of April, but Volumes Remain Muted this Month. Source: JPMorgan.
JPMorgan pointed out that BlackRock's IBIT was undoubtedly the biggest winner in April, capturing 84% of total Bit ETF inflows, with an overall inflow of $3 billion.
U.S. Spot Bit ETP Sales of $2,978mn Post Best Month in April Since January 2025. Source: JPMorgan
dune analytics data shows that the Bit ETF market is currently dominated by BlackRock's IBIT, with a market share of 52%.
According to defillama, Bit ETFs have accumulated $96 billion in funds since their launch in 2024, compared to just $5 billion in managed assets for Ethereum ETFs.
Bit Value "Reclaiming Lost Ground"
April's market was dominated by Trump's tariff volatility, with significant market fluctuations until recent tax suspension and agreement helped prices recover.
The Nasdaq index, historically correlated with Bit's movement, was about 15% lower than its January inauguration level for most of April.
As Bit now strongly breaks through the $100,000 mark, Nasdaq has also simultaneously recovered. JPMorgan noted that Bit's monthly rise was "largely concentrated in the last week".
Bit Mkt Cap Regains Ground and Ends April at $1.87tr, Up +14% MoM. Source: JPMorgan.
Competing with Gold
BlackRock CEO Larry Fink once advocated for Bit's potential as a hedge asset similar to gold.
However, JPMorgan's research found that this potential has not yet materialized.
Meanwhile, Bit's volatility continues to decrease. According to CoinGlass data, JPMorgan noted that Bit and gold's 30-day volatility has shown a synchronized downward trend.
30-Day Volatility Falls Similar Percentages for both Bit and Gold Throughout April. Source: JPMorgan.
In a standardized comparison, by the end of March, Bit had cumulatively increased by 15%, while gold rose by 5%.
Indexed Performance of Bit vs. Gold Over Past Year, Through April 2025. Source: JPMorgan.
Cryptocurrency Stocks Surge
The total market cap of listed crypto companies has shrunk 34% from its historical high of around $120 billion after the November 2024 election to $76 billion by the end of April.
April brought a glimmer of hope, with total market cap growing 19% month-on-month.
JPMorgan noted that Galaxy Digital, which announced plans to list in the U.S. in April, was the biggest winner in market cap growth, increasing by 45%.
This week, news emerged that Coinbase will be included in the S&P 500 from May 19th. This news drove its stock price up by 16%, and according to JPMorgan data, the company's total market cap increased by 18% month-on-month.
Market Cap of Public Crypto Companies Improves to ~$76bn at End of April (+19% MoM) but Still -34% Off from 4Q24 Peak. Source: JPMorgan.
