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.
“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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