{"id":319432,"date":"2021-08-09T19:07:30","date_gmt":"2021-08-09T16:07:30","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/ethereum-could-pave-way-for-100000-bitcoin-bloomberg-analyst-asserts\/"},"modified":"2021-08-09T19:07:30","modified_gmt":"2021-08-09T16:07:30","slug":"ethereum-could-pave-way-for-100000-bitcoin-bloomberg-analyst-asserts","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/ethereum-could-pave-way-for-100000-bitcoin-bloomberg-analyst-asserts\/","title":{"rendered":"# Ethereum could pave way for $100,000 Bitcoin, Bloomberg analyst asserts"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a26e128691e1\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a26e128691e1\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/ethereum-could-pave-way-for-100000-bitcoin-bloomberg-analyst-asserts\/#Trillions_of_dollars_waiting_on_the_sidelines\" >Trillions of dollars waiting on the sidelines<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/ethereum-could-pave-way-for-100000-bitcoin-bloomberg-analyst-asserts\/#Ethereum_rivalry\" >Ethereum rivalry<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># Ethereum could pave way for $100,000 Bitcoin, Bloomberg analyst asserts  <\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-128018ef>Ether (ETH) has outperformed Bitcoin (BTC) in terms of year-to-date market performance, rising more than 320% against BTC&#8217;s 54% returns. But, according to Bloomberg Intelligence senior commodity strategist Mike McGlone, Bitcoin would soon catch up to Ether&#8217;s gains, which might even push its per-unit price to $100,000.<\/p>\n<p>&#8220;If Bitcoin were to catch up to Ethereum&#8217;s performance this year, the No. 1 crypto&#8217;s price would <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>roach $100,000,&#8221; the analyst <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/mikemcglone11\/status\/1424686739055067141\">tweeted<\/a> on Aug. 9 as BTC price\u00a0broke above $46,000.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-08\/c4ba654f-5b3d-413a-a873-7f20b1e84c85.jpeg\" alt=\"\" title=\"\"><figcaption style=\"text-align: center;\"><em>Bitcoin performance vs Ethereum performance (in 2021). Source: Bloomberg Intelligence<\/em><\/figcaption><\/figure>\n<p>While McGlone did not dwell on the factors that would have Bitcoin match Ethereum&#8217;s yearly gains, his earlier report on cryptocurrencies cited a few catalysts that could propel the benchmark crypto&#8217;s prices to the six-figure club. The report notes:<\/p>\n<blockquote><p>&#8220;About 80% of Bitcoin and Ethereum, the majority of the Bloomberg Galaxy Crypto Index (BGCI) performance comes from the broader perception of the first-born crypto as a global digital-reserve asset, plus accelerating digitization of fintech and the monetary system.&#8221;<\/p><\/blockquote>\n<h2><span class=\"ez-toc-section\" id=\"Trillions_of_dollars_waiting_on_the_sidelines\"><\/span>Trillions of dollars waiting on the sidelines<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Bitcoin backers believe it can compete with the U.S. dollar to become a global reserve asset. A big reason is the cryptocurrency&#8217;s fixed supply cap that, to proponents, make it better sound money than the greenback (the Federal Reserve printed $3.1 trillion in 2020 alone).<\/p>\n<p>As a result, Bitcoin closed last year 260% higher, reflecting that investors treated it as a tool against dollar-led inflation. <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-08\/39711ff0-c960-40fb-a81a-a04d4893c0af.png\" alt=\"\" title=\"\"><figcaption style=\"text-align: center;\"><em>Bitcoin price performance through the recent years. Source: TradingView.com<\/em><\/figcaption><\/figure>\n<p>In its survey earlier in 2021, Goldman Sachs also noted the pent-up demand for Bitcoin among institutional investors, including\u00a0pension funds, global sovereign wealth funds, and foundations. Nonetheless, even as they had trillions of dollars in reserves, a lack of clear crypto regulations kept accredited investors from putting those funds in the Bitcoin market.<\/p>\n<p>Analysts at Autonomous Capital Management <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/seekingalpha.com\/article\/4444565-bitcoin-key-factor-for-100k-versus-noise\">stated<\/a> that a regulated Bitcoin exchange-traded fund would speed up Bitcoin adoption among institutions. In addition, they stated that while investors treat Bitcoin as a highly volatile asset, its lack of correlation to traditional risk factors will be like music to their ears. <\/p>\n<p>The Autonomous analysts added:<\/p>\n<blockquote><p>&#8220;If we were to assume that Bitcoin gets the same weighting as the current gold weighting in investor\u2019s portfolios, its price would be 2.8x times higher or roughly $112,000.&#8221;\u00a0<\/p><\/blockquote>\n<h2><span class=\"ez-toc-section\" id=\"Ethereum_rivalry\"><\/span>Ethereum rivalry<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Despite its adoption prospects on Wall Street, Bitcoin&#8217;s dominance has fallen severely after topping out at around 73% in December 2020. It now stands at 47.17%, reflecting that traders have shifted around their investments to other digital assets.<\/p>\n<p>Ethereum, in particular, has become the biggest benefactor of the falling Bitcoin dominance index. Its own dominance in the cryptocurrency industry has climbed from 10.06% in December 2020 to 20.05% at the time of writing.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-08\/82c2f7b7-6e10-44fe-9a77-edd44ce199ef.png\" alt=\"\" title=\"\"><figcaption style=\"text-align: center;\"><em>Ethereum dominance index has almost doubled in 2021. Source: TradingView.com<\/em><\/figcaption><\/figure>\n<p>Part of the reason behind Ether&#8217;s rising dominance has originated from the explosion of non-fungible tokens (NFT), which are digital files whose originality and scarcity can be validated by a public ledger. <\/p>\n<p>In addition, a boom in the decentralized finance space, consisting of lending, borrowing, and other financial services built atop the Ethereum blockchain, has pushed the adoption of Ether among crypto masses.<\/p>\n<p>Ethereum developers are also taking steps to scale the blockchain. On Aug. 5, Ethereum updated its software with a so-called London hard fork with an aim to become a full-fledged Proof-of-Stake protocol in the future.<\/p>\n<p>The update also added deflationary pressures on the supply, with an improvement proposal EIP-1559 bringing a fee reduction feature. On the first day alone, EIP-1559 enabled the elimination of $2 million worth of Ether tokens.<\/p>\n<p>As of Monday, the feature burned about $5.5 million worth of ETH, as per <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/ultrasound.money\/\">data fetched by the website Ultrasound Money<\/a>.<\/p>\n<p><strong><em>Related:\u00a0Vitalik: \u2018More confident about the merge\u2019 following Ethereum\u2019s successful London upgrade<\/em><\/strong><\/p>\n<p>McGlone noted that Ethereum&#8217;s past performance indicates possibilities that it could surpass Bitcoin in terms of market cap by 2022 or 2023. The analyst maintained his $100,000 price target for Bitcoin, nonetheless.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-08\/68416bed-b962-475d-bf8b-04f70cf7276f.jpeg\" alt=\"\" title=\"\"><figcaption style=\"text-align: center;\"><em>Ethereum&#8217;s market cap projected to match Bitcoin&#8217;s by 2023 tops. Source: Bloomberg Intelligence<\/em><\/figcaption><\/figure>\n<p>&#8220;Though we see Bitcoin on that path, there appears little can stop the process of Ethereum flippening,&#8221; he said.<\/p>\n<p>To date, Ethereum has surpassed Bitcoin in terms of network transactions and total transaction fees, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.blockchaincenter.net\/flippening\/\">data from Blockchain Center shows<\/a>.<\/p>\n<p class=\"post-content__disclaimer\">The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. 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But, according to Bloomberg Intelligence senior commodity strategist Mike McGlone, Bitcoin would soon catch up to Ether&#8217;s gains, which might even push its&#8230;<\/p>\n","protected":false},"author":1,"featured_media":319433,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDgvNDc1YjQ4NTktYWVjZS00NTUyLThmYjgtNTdjMmFlYWUyNTY3LmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[79806,74862,81951,74937,82402,74939,75150,78261,73785],"class_list":["post-319432","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-analysis","tag-bitcoin","tag-bitcoin-analysis","tag-bitcoin-price","tag-ether-price","tag-market-analysis","tag-market-update","tag-tech-analysis","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/319432","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=319432"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/319432\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/319433"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=319432"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=319432"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=319432"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}