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Tuesday, May 24, 2022

Bloomberg Reports Bitcoin And Ether Inching Towards $100k And $55K

A senior strategist has said that if Bitcoin were to match Ethereum’s performance in 2022, the world’s top crypto prices could go close to $100,000. While ETH has edged past BTC in terms of performs in market performance in terms of year-to-date, it could soon catch up to match Ether’s gains.

Ethereum has outperformed Bitcoin and has risen over 320% against Bitcoin’s rather modest 54% returns. And now if Bitcoin were to match Ether’s performance this year it could touch the per-unit price of $100,000, even as BTC price rose above $46,000.

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Mike McGlone, intelligence analyst at Bloomberg said that despite the cryptocurrency market sliding to sustained lows, major cryptos could rise to new record highs this year.

The Bloomberg expert noted that one of the key issues has been the Federal Reserves, which facing the greatest rate of inflation in close to 40 years would be more motivated to increase interest if the risk assets keep mounting.

Bloomberg Analyst Predicts BTC And ETH To Maintain Dominance

The Bloomberg analyst also made some predictions about Bitcoin, Ephrem, and US-pegged stablecoins should maintain their dominance this year. even some top performers from 2021 such as Solano (SOL) and Binance (BNB) could stop being just temporary funds among the top 5.

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McGlone of Bloomberg wrote that while crypto assets remain on the top for risk and speculation, the first on the block is making a quick transition to finally become the top digital asset in the world.

The latest analysis by Bloomberg comes after similar forecasts made by McGlone. The Bloomberg analyst had predicted in early December last year that the next year would be great both for Bitcoin and gold. He forecasted that it would touch $100,000 and $2,000. He had earlier predicted correctly the endorsement of the 1st Bitcoin US fund traded (ETF) on the exchange on October, 21.

Other than the Bloomberg analyst, Zach Pandl of Goldman Sachs has also suggested that Bitcoin had the potential to overtake 50% of the market share.

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