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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Bitcoin Set To Outperform In Second Half Of 2021, Bloomberg Analyst

Best Owie
Best Owie
1 year ago
3 mins read
Picture of two fingers holding a bitcoin, with skyscrapers backdrop

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As Bitcoin continues its tumultuous run through the market, analysts continue to see big things in store for the cryptocurrency. Bloomberg analyst Mike McGlone recently said in the August Edition of the Bloomberg Galaxy Crypto Index (BGCI) that the coin was set to outperform in the second half of the year. Already one month into the second half of the year, the market has seen the price of bitcoin breaking $40,000 for the first time since the market crash.

The report said bullish fundamental underpinnings would improve this second half. Likely relating to the continuous growth of the digital asset over the past two weeks. Continuing upward trends have put the digital asset at bullish trends that see the asset price increasing higher.

Related Reading | Wells Fargo Now Offers Cryptocurrency Investment To Clients

The report sees the current trends enduring, which would most likely push the assets to continue to outperform as the second half of the year plays out.

Bitcoin Reasserts Leadership Of Crypto Market

Bitcoin continues to be the number one cryptocurrency in the market. A large share of crypto market dominance continues to be held by the digital asset. With over 45% of market dominance belonging to bitcoin. This puts the digital asset at the top of the food chain when it comes to the cryptocurrency market.

The report points out that the pioneer cryptocurrency recently reasserted its dominance in the market with the recent 10% in the price, following the weekend rally that saw top crypto coins across the board gaining significant numbers in their price.

Bitcoin price chart from TradingView.com

BTC price moves into downtrend | Source: BTCUSD on TradingView.com

Bitcoin was tied in with gold and long bonds as the top assets that were set to outperform this second half of the year. Pointing out their decades-long advancement and recent price dips as an enhancement for their current relative values.

Ethereum In Resting Bull Ark

The report also touched on the current movement of Ethereum along with bitcoin. Explaining that the continuing growing nature of the digitalized finance market will bring about an uptrend in the price of Ethereum.

Related Reading | Ethereum Set To Explode According To Market Dominance, Crypto Analyst

Ethereum has continuously outperformed in the market since its inception. So it is not a stretch to believe that the asset is set to outperform, following behind bitcoin. Ethereum still commands the second largest market cap in the crypto market. And is gaining more and more market share as the coin continues to gain more value. With upgrades set to happen on the network, ETH is going to be even more valuable than ever.

The report pointed out that adoption will increase for both Bitcoin and Ethereum. While dollar dominance will continue to remain a prominent theme in the market.

Featured image from Markets Insider, chart from TradingView.com
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Best Owie
Best Owie

Best Owie

Best Owie is a seasoned managing editor with a wealth of experience currently serving as the Managing Editor at NewsBTC. Best is a highly skilled professional with a track record of producing engaging and informative content. With a keen eye for detail and a passion for accuracy, Best is committed to ensuring that each article published meets the highest standards of quality.

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Best has over six years of experience in the crypto industry and has overseen the creation and publishing of thousands of articles over the years. Best is always abreast of everything that is going on in the crypto industry in order to create and curate the most relevant content for readers. This shines through in Best’s publications, which are always clear and concise, enabling easy reading and understanding for all.

Best is also an avid learner and advocate for new technology. This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best’s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community.

Best’s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information.

Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity.

When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world’s most quiet and well-behaved Husky. Best’s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well.

As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers.

Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best’s prolific career in the media industry is a testament of how hard work and dedication pays.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
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The highest standards in reporting and publishing
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