Bloomberg cryptocurrency analysts name the cryptocurrency that will surpass bitcoin

Bloomberg Intelligence analysts have published a forecast on the situation on the crypto market in February. According to experts, in the long run, ETH $3,028.41 Ethereum 3.00% Market capitalization $364.02 billion VOL. 24 hours $1.5 billion has a better chance of outperforming bitcoin. «Ethereum is likely to recover and show significant growth ,» Bloomberg Intelligence emphasized.

Among other digital assets, the report highlighted the Polygon (MATIC) cryptocurrency, which is a Tier 2 network designed to support crypto projects and scale Ethereum transactions. Analysts are convinced that the use of Polygon will grow in February and in the following months. According to the statements of large NFT projects, in 2023, they will switch from Solana to Ethereum and Polygon. Among those who decided to migrate at the end of December: DeGods and y00ts.

«With a number of Polygon branded partnerships in H2 2022, 2023 could be the year of widespread NFT adoption. Theexplosion of active users on the network is the result of several successful corporate partnerships made by the company behind the network, Polygon Technology,» Bloomberg experts shared.

According to analysts, 2023 will be the first year when cryptocurrencies will fight the global recession. «Digital assets may be facing their first real recession, which usually means lower prices and higher volatility. The last significant economic downturn in the US and the financial crisis led to the birth of bitcoin, so we should expect big changes now. The key question is how far the value of key cryptocurrencies will drop before long-term growth resumes ,» the experts summarized.

As a reminder, in early January, Bloomberg’s Mike McGlone said he believed in the future of major cryptocurrencies. According to the expert, despite the not very successful year of 2022, bitcoin and ethereum are becoming increasingly popular among investors. McGlone is convinced that the value of BTC and ETH will increase significantly this year. However, the tokens need to overcome the resistance of the falling stock market, as the cryptocurrency market correlates with the stock market.