Bitcoin Set To Outperform In Second Half Of 2021, Bloomberg Analyst
August 05 2021 - 6:00PM
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As Bitcoin continues its tumultuous run through the market,
analysts continue to see big things in store for the
cryptocurrency. Bloomberg analyst Mike McGlone recently said in the
August Edition of the Bloomberg Galaxy Crypto Index (BGCI) that the
coin was set to outperform in the second half of the year. Already
one month into the second half of the year, the market has seen the
price of bitcoin breaking $40,000 for the first time since the
market crash. The report said bullish fundamental underpinnings
would improve this second half. Likely relating to the continuous
growth of the digital asset over the past two weeks. Continuing
upward trends have put the digital asset at bullish trends that see
the asset price increasing higher. Related Reading | Wells
Fargo Now Offers Cryptocurrency Investment To Clients The report
sees the current trends enduring, which would most likely push the
assets to continue to outperform as the second half of the year
plays out. Bitcoin Reasserts Leadership Of Crypto Market Bitcoin
continues to be the number one cryptocurrency in the market. A
large share of crypto market dominance continues to be held by the
digital asset. With over 45% of market dominance belonging to
bitcoin. This puts the digital asset at the top of the food chain
when it comes to the cryptocurrency market. The report points out
that the pioneer cryptocurrency recently reasserted its dominance
in the market with the recent 10% in the price, following the
weekend rally that saw top crypto coins across the board gaining
significant numbers in their price. BTC price moves into downtrend
| Source: BTCUSD on TradingView.com Bitcoin was tied in with gold
and long bonds as the top assets that were set to outperform this
second half of the year. Pointing out their decades-long
advancement and recent price dips as an enhancement for their
current relative values. Ethereum In Resting Bull Ark The report
also touched on the current movement of Ethereum along with
bitcoin. Explaining that the continuing growing nature of the
digitalized finance market will bring about an uptrend in the price
of Ethereum. Related Reading | Ethereum Set To Explode
According To Market Dominance, Crypto Analyst Ethereum has
continuously outperformed in the market since its inception. So it
is not a stretch to believe that the asset is set to outperform,
following behind bitcoin. Ethereum still commands the second
largest market cap in the crypto market. And is gaining more and
more market share as the coin continues to gain more value. With
upgrades set to happen on the network, ETH is going to be even more
valuable than ever. The report pointed out that adoption will
increase for both Bitcoin and Ethereum. While dollar dominance will
continue to remain a prominent theme in the market. Featured image
from Markets Insider, chart from TradingView.com
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