Senior commodity strategist Mike McGlone believes Bitcoin and Ethereum will outperform other assets when the economy returns to a bull market.
Bitcoin in particular, which may be in the early stages of trading, is more of a safe-haven asset such as Treasuries or gold, the analyst said.
Suggesting that Bitcoin may have bottomed out, as most of Bitcoin’s downside volatility occurred in June, and its Q3 performance was very stable compared to other commodities and assets, which was the first quarter of the year for Bitcoin to turn The safe-haven asset offers potential, and October has historically been Bitcoin’s best month since 2014, with an average monthly gain of 20%.
On the Ethereum side, noting that Ethereum is currently trapped in a cage between $1,000 and $2,000, but still outperformed the Nasdaq 100 in the third quarter, the report highlighted the strength of Ethereum as a cryptocurrency platform. Utility, which is a major use case that will drive Ethereum adoption and upward momentum in the future.