By Solomon Odunayo
According to Bloomberg’s July Crypto Outlook, Bitcoin (BTC), the largest cryptocurrency by market capitalization could be set for a price bull run, as other altcoins such as Ethereum (ETH) and Ripple’s digital token XRP continue to face decline.
The recently published crypto outlook predicted that Bitcoin (BTC) will soon prove itself as the digital gold with an outstanding performance.
Bitcoin (BTC) Price Bull Run Eminent
According to Mike McGlone, the senior commodity strategist for Bloomberg Intelligence, the widespread adoption, limited supply, and increased demand contributed to Bitcoin (BTC) price increase against some other top coins such as Ethereum (ETH) and Ripple’s XRP.
He pointed out that BTC only experienced a 12% price plummet over the last 365 days compared to Ethereum (ETH) and XRP that have so far seen 21% and 56% price downtrends respectively.
He wrote:
“Bitcoin will continue to outperform most of the highly speculative crypto assets, in our view. Down about 12% on a one-year basis, the [BTC] benchmark outshines peers’ performance.
Too much supply and ease of entry should continue to weigh on most alt-coins, still in an extended hangover from the parabolic gains to the 2017-18 peak. It’s the increasing differentiation, maturation, and more widespread adoption that favors Bitcoin, which is becoming more of a gold-like store of value.”
The Bloomberg analyst, Mike McGlone further opined that Bitcoin (BTC) will possibly shift towards its 2019 end-of-day high of $12,734.
He also referenced the increasing popularity of the Grayscale Bitcoin Trust (GBTC) as a bullish indicator for the leading digital currency.
Mike McGlone noted:
“Strong inflows and the declining premium in the Grayscale Bitcoin Trust (GBTC) indicate increasing demand and acceptance of the benchmark crypto into the mainstream of investable assets. Total fund assets of $3.5 billion are up about a third from a year ago, despite a 12% decline in the Bitcoin price at the start of July.”