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Monday, May 23, 2022

Outperforming Ethereum Paving The Way For Bitcoin

Current media reports state that Ethereum has been consistently outperforming Bitcoin in market performances over the last couple of weeks. Ether rose by more than 320% against the 54% returns put forward by Bitcoin. But, Mike McGlone, a senior commodity strategist for Bloomberg Intelligence, has claimed that Bitcoin would definitely catch up with the gains of Ether- which would definitely put its per-unit price at $100,000.

The analyst stated on the 9th of August, that if Bitcoin does catch up with the impressive performance of Ether this year, the price of the world’s largest cryptocurrency would touch $100,000. 

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Although McGlone did not go into details about how Bitcoin could match the yearly gains of Ethereum, his previous comments on the cryptocurrency sector did cite a few catalysts that could be important to propel the price of the crypto to a six-figure sum.

His report states that almost 80% of both Ether and BTC comes from a far broader perception of the first cryptocurrency as a digital-reserve asset on a broader scale. This also couples with the accelerating digitization of fintech along with the existing monetary system. 

Trillions Of Dollars Waiting On The Sidelines For Ethereum

Despite Bitcoin being adopted by Wall Street, its dominance has fallen spectacularly by around 73% the previous year. Currently, it stands at around 47.17% which does reflect the shift of traders around their investments to several other assets. Ethereum has stepped up the ranks and has turned into the biggest benefactor of the flagging Bitcoin dominance index. 

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A major part behind the rise of Ethereum has been the explosion of NFT tokens- which are originally digital files whose scarcity can be invariably validated by any public ledger. 

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