JPMorgan Chase & Co. provided its outlook on crypto markets in its note issued last week, expecting limited upside from here. The investment bank views the share of stablecoins in the total crypto market as an indicator of potential gains and losses.

Previously, when stablecoins represented around 10% of the total crypto market capitalization, JPMorgan anticipated further upside for crypto, however, now, with this metric standing below 7%, stablecoins’ share no longer looks excessive.

JPMorgan highlighted the fact that the sanctions, imposed on Russia by Western countries, had raised expectations of more excessive crypto use in the future in order to circumvent the traditional banking system, and resulted in price gains of Bitcoin and Ethereum in March. However, given the stablecoin share indication, the investment bank sees further rallies from here having limited potential.