Ethereum has seen some recovery in the past days, after the crypto market experienced one of its worst months since March 2020. At the time of writing, the second cryptocurrency by market cap trades at $2,823.
ETH moves sideways in the daily chart. Source: ETHUSD Tradingview
A recent report published by Bloomberg Intelligence’s Senior Commodity Strategist, Mike McGlone, claims that ETH is on a “higher-beta bull market path”. McGlone believes ETH could take a similar path to Bitcoin in 2017 when this cryptocurrency when from around $1,000 to $20,000.
After the recent crash, the analyst claims that the market’s speculative excesses have diminished with fundamentals still strong and bullish for the continuation of the rally. Therefore, ETH could be on track to flip Bitcoin’s market cap and take the number one spot on the crypto market. McGlone wrote:
(…) the trend that appears enduring is Ethereum gaining market share vs. Bitcoin. Both have bullish underpinnings, but the foundation and