The two largest digital assets by market capitalization – Bitcoin (Bitcoin) and Ethereum (ethereum) – has been making slow but steady progress over the past few days and weeks, helping the whole cryptocurrency market Rising and showing relative strength compared to traditional assets.
in the meantime, Bitcoin When ethereum They can continue to grow and even “take back the edge”. stock marketaccording to the new Bloomberg Intelligence report share by seniors Product Strategist Mike McGlone on November 3rd.
Specifically, BTC volatility and ethereumand the Bloomberg Galaxy Crypto Index (BGCI) have slumped to low levels compared to most other assets, with the report saying, “For those not accumulating partial crypto exposure, We can take risks.”
Despite the Federal Reserve, “Cryptocurrencies Could Regain Their Dominance”
As the report highlights, “the period of crypto asset outperformance in the first half of 2020 was characterized by very low volatility relative to equity markets, with potential parallels in 2023.” “Bitcoin, Ethereum and crypto gains look poised to resume.”
“The biggest headwind for most risk assets is the Federal Reserve stepping up tightening as stocks and global GDP growth fall, but signs suggest cryptocurrencies may once again dominate. shows.”
Additionally, the report notes that the Federal Reserve’s “hammer” approach may be forming the foundation for Bitcoin. It’s the same as June when FF13 was close to 3.5%. ”
At the same time, this ‘hammer’ appears to be cementing Ethereum’s base at ‘around $1,000. (…) It could build a base during its peak in 2018, when global liquidity reached around +14%. .”
Finally, the report concludes that decentralized finance (DeFi) assets have been declining year by year, and the continuation of this trend is supporting the rise in prices.
Bitcoin and Ethereum Price Analysis
As it stands, Bitcoin is trading at $20,597, up 1.28% in a day and up 2.07% in a week. fin bolt November 4th.
In parallel, Ethereum also recorded gains during the observation period, rising 2.25% in 24 hours and 5.03% in 1 week, currently trading at $1,581.
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