Mike McGlone says crypto assets are now poised to thrive after surviving a brutal correction that saw BTC slide below $30,000.
“Bitcoin has been a laggard amid the DeFi revolution led by Ethereum. The digital reserve asset in a world going that way and the building block of fintech is how we respectively view the No. 1 and No. 2 cryptos. Success breeds competition, as evidenced by Cardano advancing to No. 3, but so-called Ethereum killers have a history of speculative excesses.”
‘A Gut-Wrenching Correction’
McGlone’s newfound optimism comes after dramatic declines in the value of major coins. In his view, the crypto market has a better chance of resuming its upward trajectory than returning to the lows seen in the second quarter. He wrote:
“What could stop Bitcoin and Ethereum from achieving record highs in 2H may be the more elusive question. Increasing demand and adoption are facing diminishing supply.”
And when it comes to the long-term view, McGlone wrote:
“Bumps in the road should be expected, but Ethereum appears on an enduring path as the go-to platform for the crypto ecosystem and decentralization of finance akin to Amazon Inc. and e-commerce.”