Bloomberg Analyst Compares Bitcoin and Ethereum for 2023: Which Is More Advantageous?

Bloomberg commodity analyst Mike McGlone recently said that despite the poor price action of most risky assets in 2022 Ethereum to Bitcoin published a report stating that its performance compared to

Mike McGlone Thinks Ethereum Will Stand Out in 2023

According to the analyst, Ethereum’s growth has reached a turning point since its transition to the Proof of Stake consensus mechanism in September. This is why the analyst thinks ETH can gain an advantage against Bitcoin.

McGlone also noted that support and resistance levels for Ethereum are in the $1,000 and $2,000 range.

McGlone, Solana’s He cited the 97% drop as an example of cleaning up speculative excesses in cryptocurrencies after an enthusiastic 2021.

One of the biggest ETH rivals, SOL, lost a lot of value after the collapse of the cryptocurrency exchange FTX. However, with the meme token BONK, which has recently been on the agenda of the market, a vitality has started in the SOL ecosystem.

Solana, backed by FTX’s subsidiary Alameda, suffered a steep decline after it was revealed that these companies were using client funds.

According to McGlone, cryptocurrencies appear to be facing the first major global economic slowdown in their history, but he believes that Bitcoin and Ethereum in particular could emerge victorious over traditional financial systems even if other coins decline.

According to McGlone, as more people move away from mainstream investment vehicles and add cryptocurrencies to their portfolios, blockchain technologies can continue to expand and offer new opportunities throughout 2023.

*Not investment advice.