Cryptocurrency Market Set To Outperform Other Asset In Same Market Class

Bitcoin, Ethereum and other alternative digital assets are projected to be bullish this fourth quarter starting from October, the fourth quarter has being an historic period for the crypto space as most of the movement happens within this period.

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In a publication from Bloomberg commodity analyst which say that the crypto assets are gearing up to outperform the rest of the financial market;

“That the lone major asset class to rally in 1H – commodities – may have logged an enduring peak has implications for a bottom in Bitcoin. When the ebbing economic tide turns, we see the propensity resuming for Bitcoin, Ethereum and the Bloomberg Galaxy Crypto Index to outperform most major assets. Rate hikes by more central banks than ever is a strong headwind.

But it’s the potential for the benchmark crypto to shift toward becoming a risk-off asset like gold and US Treasurys, that may play out in 2H. Since 2014, October has been the best month for Bitcoin, averaging gains of about 20%, and in 3Q the BGCI advanced about 16% vs. 5% declines for the Nasdaq 100 and S&P 500. Ethereum’s transition to proof of stake may be helping it build a base above $1,000 and Bitcoin about $20,000.”

The Bloomberg analyst also made some positive remarks as regards the successful merger that occurred within the ethereum ecosystem and that this has definitely sent the smart contract at a great path, of it becoming more stable than the traditional market.

“Ethereum took a leap forward with the merge to proof of stake in September, with implications for its price
performance. The No. 2 crypto has a tendency to respect support and resistance at major round numbers, and $1,000-$2,000 has been its cage.

About $1,000 is key support and our graphic shows Ethereum outperforming the Nasdaq 100 Index in 3Q. The nascent technology and more volatile No. 2 crypto has a tendency to outperform the stock index on the way up, but the merge may mark an inflection point of Ethereum also beating the Nasdaq 100 when it declines.”

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