Bitcoin Starts to Outperform Most Major Assets; Mike McGlone

by in Cryptocurrency News

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Bloomberg Intelligence released Cryptos Outlook October edition, which mentions positive trends in the crypto market. According to senior commodity strategist at Bloomberg Intelligence, Mike McGlone, amid the rate hikes by more central banks, we see the tendency resuming for Bitcoin, Ethereum and the Bloomberg Galaxy Crypto Index to get ahead of most major assets.

Related: Bitcoin stabilizes after easing pressure

McGlone noted that October has been the best month for Bitcoin since 2014. On average, the coin gained 20%. Meanwhile, Nasdaq 100 and S&P 500 saw 5% declines. Bloomberg Intelligence strategist added that Ethereum's recent update and move to Proof of Stake consensus mechanism may help it build a base above $1,000 and BTC about $20,000. McGlone assumes that in the second half of 2022, crypto can become a risk-off asset, like gold and US Treasurys.

Bitcoin currently trades above $20,000. In the last 7 days, the coin's price went up by around 4%. Ethereum trades at around $1,300, 2% up in the last 7 days.