Senior Bloomberg Intelligence analyst Mike McGlone says that a prominent Ethereum (ETH) rival altcoin is on its way to gain an edge over other ETH competitors.
McGlone, smart contract platform, in a new Crypto Outlook report Solana’s (LEFT) He said it has outstripped other so-called “Ethereum killers,” which should result in SOL taking its place among the top five crypto assets by market cap.
“While the maturation of cryptocurrencies may eventually invite Solana to the top five, imitations of Bitcoin (BTC), Ethereum (ETH) and crypto dollars remain enduring leaders…
Solana at number seven seems to be solidifying its position, especially in the face of the countless so-called ‘Ethereum killers’ that have pumped and spilled over the past few years, and is Ethereum’s biggest competitor.”
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McGlone also makes a big prediction for Bitcoin (BTC). According to the analyst, volatility metrics suggest that the top crypto asset by market cap could rally and then stabilize at 100 times the price of an ounce of gold, which is currently around $180,000.
“Gold’s status as a store of value may face greater competition. [Bitcoin] One potential path for the price is for the metal to stabilize at around 100x per ounce, with volatility continuing its downward trajectory based on previous patterns.
[Bloomberg]As the 260-day Bitcoin volatility appears to be in a long-term bearish against gold, it provides a convincing argument as to why the crypto price may continue to rise compared to gold. This indicator of relative risk created a bottom similar to the one that occurred towards the end of 2016, when the Bitcoin-gold ratio broke the 1x barrier on its way to 10x, which it reached at the end of 2017.
At the time of writing, Bitcoin is trading at $39,141, down 2.6 percent from a seven-day high of $40,183, while SOL is trading at $87.28, down 13 percent from a seven-day high in the same period.
You can check the price movements here.
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.