December 5, 2022

Mike McGlone Hopeful BTC & ETH Have Done Away With Their Bits

Mike McGlone Expects Conscious Gain for BTC & ETH

Senior Commodity analyst working with Bloomberg, Mike McGlone, has been positive about Ethereum and Bitcoin. He published his analysis regarding lead crypto coins on 3rd November 2022.

In his analysis, McGlone noted that as compared to Bitcoin, Ethereum will remain stable and shall trade within the price range of $1k to 2K. He was of the view that Ethereum is likely to outsmart Bitcoin in terms of market performance.

Ethereum Will Continue To Outplay Bitcoin

McGlone commented that currently, the crypto market is trying to overcome the crisis emanating from inflation pressure. He suggested that Ethereum will continue to outplay its archrival i.e. Bitcoin.

Such remarks and analysis were made by McGlone in his recently published book report in which Ethereum was the main subject.

It is quite usual for McGlone for being so hawkish regarding the top digital currencies in the crypto markets such as Ethereum and Bitcoin.

In October this year, McGlone predicted that the two leading digital currencies will take over all major assets in the trading markets.

Bitcoin in the Driving Seat

At the end of October, however, he suggested that Bitcoin is undergoing a phase that would ultimately put Bitcoin into the driving seat.

Bloomberg’s senior analyst suggested further in the recent past that apart from lead crypto coins, other digital assets may be hitting the rock bottom.

He was of the view that both, Bitcoin and Ethereum, have done away with their bits and now it is the turn for other digital assets.

McGlone also took notice of the crypto market downfall and attributed it to the rising inflation and increase in interest rates in the US.

Shifting Of Risk

He claimed that currently, US Federal Reserve’s focus has been withdrawn from digital assets and shifted to other major asset classes.

In his report, he even compared lead cryptocurrencies with conventional assets to suggest that in contrast to conventional, digital assets witnessed fewer fluctuations.

He even stated that the volatility level in Bitcoin and Ethereum has fallen low which is even lower than the majority of digital assets.

He opined that the risk will now shift upon other digital assets, particularly those whose market performances were below their averages.

Precious Metals’ Markets Comeback

As regards precious metals, particularly with regard to Gold, McGlone had further predictions to share. He believes that in the coming months Gold would be able to perform better than it did in the past 5 months.

He suggested that Gold failed to perform well in the past months because of unfavorable monetary policies imposed by the US Federal Reserve.

He remarked that irrespective of the Fed’s restrictive policies, precious metals markets are gaining momentum and coming back with a bang.