The market is start having some kind of optimistic predictions lately, after the crash of the crypto market prices of the premier cryptocurrencies and altcoins.
The crypto market is trying hard to recover from the latest massive crash which dropped most if not all the crypto market prices. However, Mike McGlone the Bloomberg Intelligence analyst stated the the largest cryptocurrency Bitcoin and the second largest Ethereum will probably lead to the most gains after the latest dip in the prices which harmed all the asset classes.
“The key thing to remember if the stock market keeps going down, which is likely because the Fed needs it to go down and reduce inflation, Bitcoin and Ethereum will go down, but they’ll come out ahead”. He continued and said the following: “Overall, the volatility of these nascent crypto assets, most notably Bitcoin, has continued to decline versus the stock market. That’s what happened with Amazon when it first came out. Its volatility in 2009 was the same as with Bitcoin right now”.
McGlone did make sure to spot the light on the fact that the digital assets represent the next revolution on par with the likes of Amazon and other 2000s and 2010s market innovators and winners.
“Investors are looking forward to the future – do you really want to miss out on this revolution?” He continued and said the following as well: “That’s what I see happening. A little bit of selling offers in the stock market and bids below in things like Bitcoin and Ethereum”.
The price of the largest cryptocurrency in the market Bitcoin by the time of writing this article is $29,741.01 and it is trading in green. Ethereum is trading at $2,041.54 and the asset is also trading in green.