Bloomberg Commodity analysts of the channel stated that the cryptocurrency market is poised to outperform the rest of the financial markets.
In the Bloomberg Intelligence program’s ‘Cryptos Current Outlook’ report, analysts Mike McGlone and Jamie Douglas Coutts said when the bulls in the financial markets start to comeback bitcoin (BTC), Ethereum He thinks crypto assets, including altcoins in (ETH) and Bloomberg Galaxy Crypto Index (BGCI), will be the shining star of the market.
Koinfinans.com As we reported, Bloomberg analysts say that digital asset markets may revive, indicating that Bitcoin has become a risk-free asset rather than being tightly associated with stock markets. The asset is thus on its way to becoming a ‘risk hedge asset’ rather than a ‘risk asset’.
Bitcoin Will Be The Leader For The Rest Of 2022
According to Mike McGlone, October has been a significant bullish month for Bitcoin history since 2014, with an average increase of 20%. Although Bitcoin exhibited low volatility throughout September, commodity markets managed to record significant gains.
EthereumAnalysts, who have also looked closely at the second-largest blockchain by market capitalization, think its recent successful merger with proof-of-stake has helped usher in a new chapter. ETH could be at a point where it becomes more stable than traditional financial instruments in macro bear markets.
According to McGlone, Ethereum price respects the $1000 and $2000 range, which he calls large ’round’ numbers. Underlining that Nasdaq outperformed the 3rd quarter while respecting the $1000 support, McGlone defines the $1000 support as support and the $2000 resistance.
Bloomberg analysts are also optimistic that USD-pegged stablecoins, the most traded type of cryptoasset, rely primarily on the Ethereum network to work.
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Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.