Despite recent turmoil in the crypto markets, Bloomberg is bullish on both Bitcoin and Ethereum.
In its June Bloomberg Crypto Outlook, the news outlet finds that both the number one and number two largest crypto assets by market cap have bullish paths ahead.
According to Bloomberg senior commodity strategist Mike McGlone, Ethereum is steadily moving up, eyeing Bitcoin’s market cap and the flagship cryptocurrency itself is much more likely to continue moving toward $100,000 than to consolidate below $20,000.
“Number two Ethereum is rapidly moving toward number one market-cap status and has been a top driver of the Bloomberg Galaxy Crypto Index in 2021. Bitcoin is more likely to resume appreciating toward $100,000 resistance rather than sustaining below $20,000.”
The firm notes that as Ethereum gains on Bitcoin’s share of the market, the asset’s 10-day average trading volume has doubled since the start of 2021, edging on 80% of Bitcoin’s 10-day average trading volume.
While Ethereum competitors have