World Crypto Global Official Site | bloomberg analyst

Author: Semilore Faleti

Analyst Predicts Ethereum Spot ETFs To Attract 25% Of BTC Demand Heres Why

Following the sudden approval of the Ethereum Spot ETF last week, speculations continue to roll in on the potential performance of these funds ahead of their debut trading session. Most recently, renowned Bloomberg ETF analyst, James Seyffart has weighed in on the subject giving his thoughts on the possible level of investments the Ethereum spot ETFs could pull in relation to their Bitcoin-based equivalents. Related Reading: Analyst Says Ethereum Spot ETFs Approval Will See Animal Spirits Reignite Crypto What This Means ETH Spot ETF Limited By Ethereums Utility And Other Factors – Analyst In an interview session on X on May 24 hosted by Bitwise Chief Investment Officer Matt Hougan, Seyffart stated that the Ether spot ETFs would likely experience a maximum of 25% of the demand seen by the Bitcoin spot ETFs. Seyffart based his predictions on multiple elements starting with enormous differences in market caps between both assets. According to data from CoinMarket, Ethereums total market shares are valued at $449.25 billion which is roughly equal to 30% of BTC’s 1.35 trillion market cap. Furthermore, the analyst also highlighted the large disparities in the difference between both ETFs and their base assets. According to Seyffart, there is a bigger gap between Ethereum as an ETF and as a cryptocurrency than Bitcoin as an ETF and as itself. The ETF analyst believes that the ETH spot ETFs will limit investors from native ETH features such as staking, a prominent source of passive income, and other on-chain use cases in terms of DeFi, NFTs, DAOs, etc. Thus, certain investors might prefer to invest directly in the altcoin. With all these factors in consideration, Seyffart predicts these novel investment funds will produce big launches but not at the level of the Bitcoin spot ETFs. He predicts the Ethereum Spot ETFs will record between 20-25% of investments in their Bitcoin-based peers once trading commences. Meanwhile, fellow Bloomberg analyst Eric Balchunas appears less optimistic with a projection of 15-20%. Undoubtedly, the performance of the Ethereum spot ETFs will be influential on other crypto spot ETFs that may gain approval from the US Securities and Exchange Commission. Currently, the XRP ETF is tipped by many enthusiasts as the next debutant in the market but this is still subject to many factors, most especially regulatory clarity on the institutional sales of XRP. Ethereum Price Overview In other news, Ethereum is trading at $3,766 with a 0.51% gain in the last day. This slight positive performance underscores Ethereums form all week with a combined 20.47% gain recorded in the last seven days. Meanwhile, ETHs daily trading volume is down by 51.27% and is valued at $10.03 billion. Related Reading: Post-Ethereum ETF Analysis: ETH Price Seeks Bottom As Bulls Eye $5,000 Target Featured image from BitMEX, chart from Tradingview

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Ethereum Could Grow More Than $6,000, Bloomberg Analyst Says

Author: Best Owie

United Kingdom

Source: NewsBTC

Mar 28, 2022 12:10

Ethereum Could Grow More Than $6,000, Bloomberg Analyst Says

Ethereum had always had its price be a strong bone of contention among investors. While some may believe that the digital asset is overvalued, others believe that the cryptocurrency is yet to fulfill its potential. One of those is Bloomberg analyst Jamie Coutts, who has revealed a very bullish forecast for the digital asset, saying it would grow more than 100% from its current price. Ethereum At $6,000? Coutts has expressed a very positive outlook for the second-largest cryptocurrency, Ethereum. Like others before him, the Bloomberg analyst sees the cryptocurrency’s utility and real-world uses as the argument for this very high valuation. This is why Coutts has said that he sees the price of the digital asset growing to more than $8,300, over a 100% increase from where it is currently trading. Related Reading | Ethereum Will Continue To Outperform Bitcoin, Here’s The Indicator That Says So The Bloomberg analyst referred to the cryptocurrency as a “unique blend of equity, commodity, and monetary characteristics,” a school of thought not at all scarce among investors and supporters of Ethereum. Using the discounted cash flow model that was created by Bloomberg, it is expected that the value of ETH tokens could rise as high as $6,128, more than doubling in price even after the recent surge. What Is Driving This? Besides Ethereum being one of the cryptocurrencies with the most utility, it has also made it onto the radar of big investors due to the upgrades being performed on the network. One of these upgrades is the move to the Ethereum consensus layer that will finally move the network from using the proof of work mechanism to utilizing the proof of stake mechanism already employed by a number of blockchains. Related Reading | TA: Bitcoin Gains Momentum, Indicators Point Strong Move To $45K This upgrade will not only upgrade the network in terms of security but it would help with scalability. By doing this, the network can allow for an even larger volume of transactions to be carried out. ETH trading above $3,000 | Source: ETHUSD on TradingView.com It is expected that with the final “Merge” will come more demand for Ethereum. If this is the case, then with the higher demand will come higher network use. This will inadvertently lead to higher fees on transactions, meaning higher returns for network validators. Furthermore, predicted growth like this will see more people lock their ETH to become validators. Following this trend, Ethereum will likely surge in value as more investors clamor to get their hands on the cryptocurrency. And with the EIP-1559 burn making it a deflationary token, the surge predicted by Bloomberg seems more realistic than it is optimistic. Featured image from DataDrivenInvestor, chart from TradingView.com

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Market May Be Suffering But Bitcoin And Ethereum Will Pull Back Stronger, Bloomberg Analyst

Author: Best Owie

United Kingdom

Source: NewsBTC

Jan 22, 2022 12:10

Market May Be Suffering But Bitcoin And Ethereum Will Pull Back Stronger, Bloomberg Analyst

Bitcoin and Ethereum have led the market in the recent downturns that have rocked the market. These two digital assets are no doubt market movers in their own right and as such, uptrends or downtrends begin with them. It has raised concern among investors who believe that the market is finally heading into a stretched-out bear market. However, not everyone believes this as some believe the current downtrend is only temporary. Mike McGlone On Bitcoin And Ethereum Mike McGlone is one of the leading Bloomberg analysts. Focused on the financial market, he authors a newsletter that shares his thoughts around various markets, including stocks and the crypto market. McGlone is currently one of the people with the most optimistic view of the market despite the various dips that have rocked the space. Most especially on the top digital assets in the crypto market. Related Reading | Solo Ethereum Miner Hits The Jackpot With 170 ETH For Mining A Block McGlone who was on The Wolf of all Streets podcast shared some interesting thoughts on the market, putting the analyst at an overall bullish position for bitcoin and ethereum. BTC down to $38K | Source: BTCUSD on TradingView.com The analysts point to the correlation with the stock market. This, he explains, is getting ready for a pullback and when this happens, bitcoin and by extension, ethereum, would benefit from this correction. “Here’s my prediction: the markets pull back,” said Mike McGlone. “We finally get a 10%, maybe 20%, correction in the stock market. All correlations are one, which is usually the way it works. Bitcoin comes out better off for it. Ethereum, potentially too.” This pullback though is only reflected on the top two cryptos which McGlone expects to recover after this. Other Cryptos May Not Fare Well Talking about other cryptocurrencies, the analyst took a more bearish stance on them. The positivity displayed in the podcast towards top coins bitcoin and ethereum did not translate to the rest of the market which he does not expect to fare well despite the pullback. Related Reading | Ethereum Fee Averages Remain Above $30 Despite 35% Drop. Price Pump Incoming? McGlone especially focused on dog coins which were arguably the winners of 2021. The craze which saw various meme tokens with no utility whatsoever soar to billions of dollars in valuation was referred to as “stupid” by the Bloomberg analyst. “The rest of the space, we do have to admit, the speculation you saw in the dog coins last year was indicative of this. It’s just stupid and we’re going to tell the story to our grandkids,” he said. Even for a digital asset like Solana which had a largely successful year, McGlone did not seem excited about it. He lumped SOL in with the dog coins, which he said were the riskiest of assets. “The bottom line is they are the riskiest of assets,” said McGlone. “There’s massive speculation. I mean the dog coins and even in things like Solana,” he added. Featured image from Bitcoin news, chart from TradingView.com

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Bitcoin At $100,000, Ethereum At $5,000 Is Path Of Least Resistance, Says Bloomberg Crypto Analyst

Author: Best Owie

United Kingdom

Source: NewsBTC

Sep 04, 2021 12:10

Bitcoin At $100,000, Ethereum At $5,000 Is Path Of Least Resistance, Says Bloomberg Crypto Analyst

Crypto predictions are on the rise with the recent bull run that saw the price of bitcoin surge past $50,000 again. Now, Market analyst Mike McGlone lays out the path of Bitcoin and Ethereum hitting new highs that would see them both at least go up 100% from their current price points. In the most recent release of the Bloomberg Indices Outlook Crypto, McGlone puts bitcoin on course for $100,000 and Ethereum at $5,000. Related Reading | Venture Capitalist Bill Gurley Takes Personal Position In Ethereum, Here’s Why This comes from a revived bull market that began as the second quarter of 2021 draws to a close. Setting both digital assets and the crypto market at large for massive success. Despite bitcoin lagging behind as decentralized finance takes root in the industry, the analyst believes that the price is set to explode. Charging With The Bulls Currently, trends show that bulls still have complete control of the crypto market. This has seen bears lose massively with liquidated shorts. But it hasn’t always been peachy. Like any bull market, the recent one has been no different when it comes to correction. The present rally has been rife with various downwards corrections that have usually dragged prices down. But recoveries have been abundant with cryptos using these downwards corrections as bounce-off points for a fresh rally. Related Reading | Market Analyst Sees Bitcoin Peaking At $100,000 By Year-End The last correction puts digital assets like bitcoin and ethereal on course to new highs before correcting back down. The likelihood of a correction down that would lead to lows witnessed in the second quarter is very slim at this point. Right now, crypto is charging upward and there is not a single roadblock big enough to stop it. With growing demand and adoption, these price predictions look achievable in the not too distant future. Supply has been constantly diminishing with investors hoarding their coins. This is evident from accumulation patterns and reserve exchanges seeing fewer inflows than outflows. Crypto Is Here To Stay The term “crypto is a bubble” has come and gone. With the passage of time, the market has proven that it is anything but a bubble. Thus, showing that it is here to stay. The crypto market may just be hype and speculation,” says McGlone. “Or it could be a revolution in money and finance that’s in early price-discovery days.” McGlone, in his report, notes that bias is usually with the sentiment that crypto is just hype and speculation. Although the success of cryptocurrencies would beg to differ. With the current trajectory, the market analyst believes that bitcoin and ethereum will maintain the upward movement given that it’s the path of least resistance. “Simply staying the course is the more likely outcome,” McGlone adds. BTC price settles above $50K | Source: BTCUSD on TradingView.com Bitcoin’s use case as a store of value and Ethereum’s use case as the building block of decentralized finance is why they are so valuable. Presently, the value of bitcoin looks to have settled above $50,000, currently trading at $50,653 at the time of writing. While Ethereum is back down into the $3,900 range after resistance at $4,000. Featured image from All In One Crypto App, chart from TradingView.com

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