In terms of year-to-date market performance, Ether (ETH) has surpassed Bitcoin (BTC), growing more than 320 percent versus BTC’s 54 percent. Bitcoin, according to Bloomberg Intelligence senior commodity strategist Mike McGlone, might soon catch up to Ether’s gains, pushing its per-unit price above $100,000.
“If Bitcoin were to catch up to Ethereum’s performance this year, the No. 1 crypto’s price would approach $100,000,” the senior commodity strategist at Bloomberg Intelligence tweeted on Aug. 9 as BTC price broke above $46,000.
While McGlone did not go into detail about the conditions that would cause Bitcoin to match Ether’s annual increases, he did mention a few catalysts in an earlier analysis on cryptocurrencies that might push the benchmark cryptocurrency’s price into the six-figure range.
“About 80% of Bitcoin and Ethereum, the majority of the Bloomberg Galaxy Crypto Index (BGCI) performance comes from the broader perception of the first-born crypto as a global digital-reserve asset, plus accelerating digitization of fintech and the monetary system.”