Bloomberg: ‘Cryptos can get ahead of stocks again’

The rates of both bitcoin (BTC) as ethereum (ETH) have been doing relatively well over the last few days. This has ensured that the entire crypto market has regularly turned green in the past week. This while the stock market actually fell further. According to commodities Bloomberg analyst Mike McGlone suggests that crypto assets could regain a significant lead over stocks in the near term.

Correlation of crypto with stocks

Vaccording to McGlone cryptocurrencies such as BTC and ETH are relatively risk-free at the moment, especially when compared to stocks. He stated that in a new Bloomberg Intelligence report published yesterday.

In particular, the low volatility of most cryptocurrencies is reason for McGlone to state that the risk involved in crypto investments is currently very low. This also means that other types of investments are more risky. And that’s why McGlone believes cryptocurrencies can start catching up.

McGlone also states that the current trend will continue into the next year, allowing the prices of bitcoin and ethereum to start a nice recovery. This while sentiment in the stock market, as a result of the policy of the US central bank, is downright bad.

“A major headwind for most risky assets is that the Federal Reserve is intensifying tightening as stock prices and global GDP growth slow, but cryptos are showing signs that they could resume their tendency to outperform.”

Bitcoin $100,000

Previously in the bitcoin news to read that Mike McGlone is already huge bullish was about bitcoin and the rest of the crypto market. In October it was According to him even simply a matter of time before the BTC rate will finally reach the magical milestone of $100,000.

“Bitcoin, I think it’s only a matter of time before it appreciates to that $100,000 level”

In addition, McGlone believes that the price point around the $19,000-$20,000 mark is a bottom for the price of the largest cryptocurrency.

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