Mike McGlone calls Ethereum the most promising token

Bloomberg Intelligence Senior Strategist Mike McGlone shared his views on the future of the crypto market in an interview with Stansberry Research. The analyst is convinced that the last stage of the bear market has already arrived, and ethereum is ready to outperform other digital assets.

According to McGlone, the value of ETH $2,868.10 Bridged Ether (StarkGate) 7.27% Market capitalization $0.23 billion VOL. 24 hours $2.03 billion has increased twelvefold over the past three years, outpacing other altcoins. Ethereum developers have secured a promising future for the ethereum by making a historic transition from proof-of-work (PoW) to proof-of-stake (PoS). The Merge will reduce the negative impact of mining on the environment, reduce the rate of ETN issuance, thereby increasing its value, the expert believes.

As for the flagship cryptocurrency, McGlone predicted its decline in the short term. BTC $76,602.70 Bitcoin 2.04% Market capitalization $1.52 trillion VOL. 24 hours $3.63 billion may still drop to $ 10,000 to $ 12,000, but after that, the Bloomberg strategist believes, bitcoin will resume its upward trajectory.

It is worth reminding that in late October, McGlone had a different view (no one expected the FTX to fall). McGlone cited the stability of the BTC price, which was trading at $ 19,000 even after the October interest rate hike by the US Federal Reserve, as the main evidence that BTC was more promising than gold and would soon start to rise. However, the bankruptcy of Сем Бенкман-Фрід" href="https://noworries.media/biography/sem-benkman-frid/" data-bio-id="3697">Sam Bankman-Fried 's exchange made its own adjustments and negatively affected the entire cryptocurrency market.