JPMorgan analyst says this is when you'll know the bitcoin bear market may be over

Dado Ruvic | Reuters

Nikolaos Panigirtzoglou, a closely watched JPMorgan analyst, told CNBC on Tuesday that bitcoin's slice of the entire cryptocurrency market value offers insight into when its recent weakness may be over.

On "Worldwide Exchange," Panigirtzoglou noted that with bitcoin trading just under $36,000 on Tuesday at the time of the interview, its market cap of roughly $670 billion accounted for roughly 46% of the crypto market.

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