As Bitcoin continues its tumultuous run through the market, analysts continue to see big things in store for the cryptocurrency. Bloomberg analyst Mike McGlone recently said in the August Edition of the Bloomberg Galaxy Crypto Index (BGCI) that the coin was set to outperform in the second half of the year. Already one month into the second half of the year, the market has seen the price of bitcoin breaking $40,000 for the first time since the market crash.
The report said bullish fundamental underpinnings would improve this second half. Likely relating to the continuous growth of the digital asset over the past two weeks. Continuing upward trends have put the digital asset at bullish trends that see the asset price increasing higher.
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The report sees the current trends enduring, which would most likely push the assets to continue to outperform as the second half of the year plays out.
Bitcoin Reasserts Leadership Of Crypto Market
Bitcoin continues to be the number one cryptocurrency in the market. A large share of crypto market dominance continues to be held by the digital asset. With over 45% of market dominance belonging to bitcoin. This puts the digital asset at the top of the food chain when it comes to the cryptocurrency market.
The report points out that the pioneer cryptocurrency recently reasserted its dominance in the market with the recent 10% in the price, following the weekend rally that saw top crypto coins across the board gaining significant numbers in their price.
BTC price moves into downtrend | Source: BTCUSD on TradingView.com
Bitcoin was tied in with gold and long bonds as the top assets that were set to outperform this second half of the year. Pointing out their decades-long advancement and recent price dips as an enhancement for their current relative values.
Ethereum In Resting Bull Ark
The report also touched on the current movement of Ethereum along with bitcoin. Explaining that the continuing growing nature of the digitalized finance market will bring about an uptrend in the price of Ethereum.
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Ethereum has continuously outperformed in the market since its inception. So it is not a stretch to believe that the asset is set to outperform, following behind bitcoin. Ethereum still commands the second largest market cap in the crypto market. And is gaining more and more market share as the coin continues to gain more value. With upgrades set to happen on the network, ETH is going to be even more valuable than ever.
The report pointed out that adoption will increase for both Bitcoin and Ethereum. While dollar dominance will continue to remain a prominent theme in the market.
Featured image from Markets Insider, chart from TradingView.com