Bitcoin’s price performance has been highly impressive in the last few weeks. According to Bloomberg’s Mike McGlone, Bitcoin is now the world’s most valuable asset.
Mike McGlone: Bitcoin is showing divergent strength
In an interview with Yahoo Finance, he shared his thoughts on the market, the commodity strategist said that the last few weeks had made it evident that very few assets would be able to compete with Bitcoin.
He boasted that Bitcoin has never had any downtime in terms of trading or operations. Some assets, on the other hand, have repeatedly demonstrated that they can be interrupted or influenced by macro events. Nickel is a recent example of this, he observed.
The significance of Bitcoin — it really struck me the last few weeks — is it is the most significant, fluent, widely- traded 24/7 asset ever on the planet, McGlone stated.
This realization, according to McGlone, is sweeping across the minds of many observers, who are beginning to recognize Bitcoin’s reliability. With more conviction in Bitcoin, there has been an increase in demand. This together with Bitcoin’s coded declining supply is what has been driving up the price of Bitcoin, McGlone Opined
The rising adoption of Bitcoin adds in favor of a strong “macro large picture.” On the macro scale, Bitcoin is showing divergent strength as its price surge has seen it pull away from the stock market. McGlone surmised:
The significance is Bitcoin is up in the air with 5% or so and Nasdaq is still down about 7%. So it is showing divergent strength, which I expect to continue.
Bloomberg’s chief commodity strategist, in a series of tweets, reiterated his support for the position. He stated that Bitcoin is unquestionably on its way to becoming worldwide collateral except market forces are disrupted.
As whales re-emerge Bitcoin soars
McGlone’s confidence in the market is maintained on the back of a weekly Bitcoin price increase of about 4.18 percent. Bitcoin’s price peaked at $48,205 at its highest point. However, the exuberance has worn off a little with Bitcoin currently selling at around $45,800, down 3.04 percent in the last 24 hours at the time of writing.
There has also been a lot of whale activity in the market. In 48 hours, 3,266 transactions exceeded a value of $100k, according to on-chain data published by Santiment.
