Senior Bloomberg Intelligence analyst Mike McGlone says that one prominent Ethereum (ETH) challenger is on its way to prevailing over other ETH competitors.
In a new Crypto Outlook report, McGlone says that smart contract platform Solana (SOL) is outpacing other so-called “Ethereum killers,” which should result in SOL securing its spot in the top five crypto assets by market cap.
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“Crypto maturation may eventually welcome Solana to the top five, but Bitcoin, Ethereum, and the proliferation of crypto dollars remain enduring chiefs…
Solana at number seven is a top competitor to Ethereum that appears to be gaining legs, notably versus the numerous so-called ‘Ethereum killers’ that have pumped and dumped the past few years.”
McGlone also makes a massive prediction for Bitcoin (BTC). According to the analyst, volatility metrics are suggesting that the top crypto asset by market cap could rally and then stabilize at a value 100x the price of an ounce of gold, which is currently about $180,000.
“Gold’s status as a store of value may be in for more competition. A potential path for the [Bitcoin] price is to stabilize around 100x an ounce of the metal and for volatility to resume its downward trajectory, based on prior patterns.
“[Bloomberg] depicts a good reason the crypto price could keep advancing relative to bullion, as 260-day Bitcoin volatility appears in an enduring decline vs gold. At the end of 2016, this relative-risk measure formed a similar bottom, as the Bitcoin-to-gold ratio breached 1x resistance on the way to 10x at the end of 2017.
A supply-reduction year (halving) is an additional factor that 2020 shared with 2016.”
Bitcoin is changing hands at $39,141 at time of writing, an 2.6% decrease from its seven-day high of $40,183 while SOL is trading for $87.28, a 13% decline during the same timeframe.
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