Bloomberg Analyst Says Ethereum (ETH) May Outperform Bitcoin (BTC) and Stocks as 1929-Style Conditions Tighten
A senior Bloomberg analyst says Ethereum (ETH) may outperform Bitcoin (BTC) and the stock market amid turmoil in global markets.
Bloomberg commodities strategist Mike McGlone tells his 53,900 Twitter followers that amid adverse market conditions, Ethereum has built strong foundations and now has a solid chance for further price gains.
McGlone shares a chart showing the price of ETH maintaining a sideways movement despite limited USD liquidity that often correlates with risky assets.
“What’s stopping Ethereum from outshining Bitcoin and stocks? Ethereum’s successful transition to proof-of-stake amid the global energy crisis and its dominant position at the epicenter of the digitization of finance and money could provide a basis for sustained price appreciation.”
Source: Mike McGlone/Twitter
McGlone also says that Ethereum could also have an edge over Bitcoin that could surpass it in the future. According to the analyst, the second-largest digital asset by market cap could have a better tokenomics structure that could help ETH remain scarcer than BTC.
“Ethereum Performance Edge vs. Bitcoin – Supply Declining Faster: Ethereum may have outperformed Bitcoin in terms of definable declining supply with widespread adoption and increasing demand.”
Looking at the broader macro climate, McGlone is currently forecasting a 1929-style recession triggered by a sudden tightening of monetary policy by central banks.
“What will stop the world trend towards recession? Fed tightening is intensifying and most central banks in history are trying to catch up, even as markets deflate amid shrinking global GDP after the biggest liquid pump in history in 1929-looking 2020-21.”
At the time of writing, Ethereum is changing hands at $1,549.
Don’t miss a thing – Sign up to receive crypto email alerts straight to your inbox
Check the price action
Follow us on Twitter, Facebook and Telegram
Surf the Daily Hodl Mix
Check the latest headlines
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any risky investments in bitcoin, cryptocurrency or digital assets. Please note that you transfer and trade at your own risk and any losses you incur are your responsibility. The Daily Hodl does not recommend the purchase or sale of cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured image: Shutterstock/BokehStore/VECTORY_NT
Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers
https://nov.link/cryptoanswers
Comments are closed.