JPMorgan analyzes the performance of leading cryptocurrencies in April
Bitcoin has outperformed gold over the past year.
Bitcoin's outlook remains positive.
This marks a stark turnaround from months ago when Bitcoin was hovering around $80,000. JPMorgan's research found that Bitcoin's price strengthened throughout April, with even more rapid gains in May.
In the previous weeks, the market had suffered a heavy blow—U.S. President Trump announced a comprehensive tariff increase, triggering global trade war fears and putting pressure on international markets.
JPMorgan noted in a report on May 14 that while Trump advocates for cryptocurrency policies, his administration has neither pushed crypto prices up nor achieved regulatory reform during his first 100 days in office.
However, as Trump made concessions on trade issues, and with more signs of global cryptocurrency adoption emerging at both corporate and national levels, market pessimism has gradually faded.
"The foundation for Bitcoin's bull market has never been so solid," tweeted David Marcus, a former PayPal executive and prominent Bitcoin supporter, on May 10, "buckle up."
This top cryptocurrency has risen 10% since May, now priced at $103,500.
JPMorgan outlines its recovery trajectory through six charts.
Revaluation of Bitcoin's Value
The sharp drop in early January has now reversed, with inflows into exchange-traded products including Bitcoin ETFs issued by BlackRock and Fidelity turning positive, 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 noted that BlackRock's IBIT is undoubtedly the biggest winner in April, capturing 84% of total inflows into Bitcoin ETFs, with an overall absorption amount of $3 billion in April.
U.S. Spot Bitcoin ETP Sales of $2,978mn Post Best Month in April Since January 2025.Source: JPMorgan
Dune Analytics data shows that the Bitcoin ETF market is currently dominated by BlackRock's IBIT, with a market share as high as 52%.
According to DefiLlama statistics, Bitcoin ETFs have absorbed a total of $96 billion in funds since their launch in 2024, while Ethereum ETFs have only $5 billion in assets under management.
Bitcoin's value "recovers lost ground"
The April market was dominated by the turbulence caused by Trump's tariffs, with the market experiencing severe fluctuations until the recent pause in tax increases and reaching an agreement that drove prices back up.
The Nasdaq index, historically correlated with Bitcoin trends, was down about 15% for most of April compared to Trump's inauguration day in January.
With Bitcoin now strongly breaking through the $100,000 mark, the Nasdaq index has also rebounded simultaneously. JPMorgan noted that the monthly gains for Bitcoin were "mostly concentrated in the last week."
Bitcoin Mkt Cap Regains Ground and Ends April at $1.87tr, Up +14% MoM.Source: JPMorgan.
The Contest with Gold
Larry Fink, CEO of BlackRock, has touted Bitcoin's potential as a safe-haven asset similar to gold.
However, JPMorgan's research found that this potential has yet to materialize.
Meanwhile, Bitcoin's volatility continues to decrease. According to CoinGlass data, JPMorgan noted that the 30-day volatility of Bitcoin and gold has shown a synchronized decline.
30-Day Volatility Falls Similar Percentages for both Bitcoin and Gold Throughout April.Source: JPMorgan.
In standardized comparisons (setting the initial values of two or more assets equal at a specific time period to compare performance, as shown in the chart below), Bitcoin had risen a cumulative 15% by the end of March, while gold rose by 5%.
Indexed Performance of Bitcoin vs. Gold Over Past Year, Through April 2025.Source: JPMorgan.
Cryptocurrency stocks soar
The total market capitalization of listed crypto companies has shrunk by 34% from a historical high of nearly $120 billion after the November 2024 election to $76 billion by the end of April.
April brought a ray of hope, with a 19% month-on-month growth in total market capitalization.
JPMorgan pointed out that Galaxy Digital announced plans to go public in the U.S. in April, becoming the biggest winner in market capitalization growth that month, with an increase of 45%.
This week, it was reported that Coinbase will be included in the S&P 500 index starting May 19. This news propelled its stock price to surge by 16%, and according to JPMorgan data, the company's total market capitalization 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.
