It’s been revealed that Bloomberg is praising Ethereum. The group said that ETH is able to outshine BTC under the right conditions.
ETH can outshine BTC
It’s been revealed that a senior Bloomberg analyst says that with global markets in turmoil, Ethereum (ETH) could perform better than Bitcoin (BTC) and the stock market.
Bloomberg commodity strategist Mike McGlone said that Ethereum had built a strong foundation under unfavorable market conditions. ETH seems to have a solid chance at more price appreciation.
McGlone also made sure to share a chart that is showing the price of ETH maintaining a sideways foundation despite constraints in USD liquidity, which often correlates with risk assets.
“What Stops Ethereum From Outshining Bitcoin, Stocks? Ethereum’s successful transition to proof-of-stake amid the global energy crisis and its dominant position at the epicenter of the digitalization of finance and money may be a foundation for enduring price appreciation.”
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Regarding ETH’s price today, at the moment of writing this article, ETH is trading in the red, and the coin is priced at $1,555.
Ethereum shows accumulation signs
It’s been recently revealed that there is one indicator that suggests that market participants are loading up on Bitcoin (BTC) and Ethereum (ETH) for the long haul. This is according to the crypto analytics firm IntoTheBlock.
Lucas Outumuro, the firm’s head of research, made sure to explain in a new analysis that the top two crypto assets continue to witness exchange outflows, though this week’s levels were at a reduced pace compared to previous weeks.
Exchange withdrawals potentially point to accumulation -this is happening by investors storing their crypto outside of centralized exchanges, according to Outumuro.
Stay tuned for more news and make sure to keep an eye on the market as well.
