Bloomberg Analyst: This Altcoin Will Overtake Ethereum! Bitcoin Is On The Way To Break This Level - News-Credit-Mortgage-Coin

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Wednesday, October 14, 2020

Bloomberg Analyst: This Altcoin Will Overtake Ethereum! Bitcoin Is On The Way To Break This Level

 



Bloomberg Intelligence's commodity strategist Mike McGlone says a popular altcoin will become the second largest cryptocurrency by market cap in 2021 and could surpass Ethereum.


Mike McGlone: Tether could switch Ethereum in less than a year!

Tether (USDT) surpassed XRP in 2020 to become the third largest cryptocurrency in terms of market capitalization, after Bitcoin and ETH. The leading stablecoin has seen massive volatility since the coronavirus-related market crash in March and currently has a market cap of about $ 15.8 billion. In a new edition of the Bloomberg Crypto Outlook, Mike McGlone says Tether's ballooning market value will continue to rise. Mike McGlone added the following to his comments on the subject:


THE QUICK RISE IN THE MARKET VALUE OF STABLECOINS SHOWS THAT THE OUTPUT OF CENTRAL BANK DIGITAL CURRENCIES (CBDCs) IS THE MOMENT OF OUR VIEW. TETHER CAN EXCEED THE MARKET VALUE OF ETHEREUM IN LESS THAN ONE YEAR.


Famous commodity strategist: Bitcoin is on its way to overcoming the $ 14,000 core resistance!

Mike McGlone's comments point to an ambitious guess. Ethereum's market cap is currently nearly three times the size of Tether and hovers around $ 44 billion. Mike McGlone points out that USDT is "what most cryptocurrencies don't have: a stable form of payment". Also, the analyst says most of the assets moved from 2017's still-deflating crypto bubble to Tether.

Also, the commodity strategist predicts that Bitcoin is on track to overcome the $ 14,000 underlying resistance. The analyst says some measurements show that BTC could reach $ 100,000 by 2025. Other analysts suggest a link between Tether's growing market cap and BTC's price increases. According to veteran analyst FilbFilb, the $ 10.9 billion increase in USDT this year indicates that investors are holding their capital in a dollar-pegged stablecoin as they prepare to buy BTC.

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