Can Cryptos get ahead of stocks again? - 2 minutes read
The prices of both bitcoin (BTC) and Ethereum (ETH) have been doing relatively well over the past few days. This has ensured that the entire crypto market has regularly turned green in the past week. This while the stock market fell further. According to Bloomberg commodities analyst Mike McGlone, this suggests that crypto assets could regain a significant lead over stocks in the near term.
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Correlation of crypto with stocks
According to McGlone, cryptocurrencies such as BTC and ETH are relatively risk-free right now, especially when compared to stocks. He said so in a new Bloomberg Intelligence report published yesterday.
In particular, the low volatility of most cryptocurrencies is a 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 riskier. And that's why McGlone believes cryptocurrencies can start catching up.
McGlone also states that the current trend will continue into the next year so that the prices of bitcoin and ethereum could 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
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Bitcoin $100.000
Earlier in the bitcoin news, it could be read that Mike McGlone was already very bullish about bitcoin and the rest of the crypto market. In October, according to him, it was simply a matter of time before the BTC price would 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