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JPMorgan has said that Bitcoin ($BTC) and cryptocurrencies, in general, are now the ban’s preferred alternative asset, as a major sell-off in the cryptocurrency space after the collapse of the Terra ecosystem hurt cryptos more than other alternative investments including private equity and private debt.

The sell-off in cryptocurrency markets seen earlier this year suggests there’s more room for cryptos to rebound, JPMorgan strategists wrote in a note and added: We thus replace real estate with digital assets as our preferred alternative asset class along with hedge funds.

In a note sent to clients, as Business Insider reports, JPMorgan analysts have written that Bitcoin’s fair price is some 28% above its current value, implying the flagship cryptocurrency could be seeing “significant upside from here.” JPMorgan’s analysts including Nikolaos Panigirtzoglou wrote: The past month’s crypto market correction looks more like capitulation relative to last January/February and going forward we see upside for bitcoin and crypto markets more generally, To JPMorgan’s analysts, the fair price for BTC is $38,000, as opposed to the $29,700 level the cryptocurrency is currently trading at.