• Press Releases
    • Submit a press release
    • Read All
  • Contact us
Advertise
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Breaking News: Ripple CTO Steps Down, Accepts New Offer – What You Need To Know
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Bitcoinist.com
No Result
View All Result
Breaking News: Ripple CTO Steps Down, Accepts New Offer – What You Need To Know
Ethereum ETH ETHUSD

Ethereum Gains Edge Over Stock Market, What’s the Key to Fresh Rally

Reynaldo Marquez
by Reynaldo Marquez
3 years ago
·
Posted in Ethereum
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

A recent Bloomberg Intelligence report published by Mike McGlone, Senior Commodity Strategist, presents a bullish thesis for Ethereum vis-à-vis the current macro environment. The Russia-Ukraine conflict, potential interest rates hikes, and uncertainty surround the markets, but McGlone believes BTC, and ETH could come out on top.

Related Reading | How Vitalik Buterin Will Use $100M In SHIB To Fight COVID-19

The report claims Ethereum has won an advantage over traditional assets. Specifically, McGlone compares ETH’s price performance versus the Nasdaq 100 which could continue to fall behind the cryptocurrency if the Russia-Ukraine conflict extends.

The expert claims Ethereum’s rally has been supported by a boom in adoption for non-fungible tokens (NFTs), and decentralized finance (DeFi) protocols. In the digital space, this network has also supported the deployment of U.S. dollars in the form of stablecoin, a digital asset pegged to the value of the currency. McGlone said:

Around $176 billion on March 2, the market cap of the top six crypto dollars listed on Coinmarketcap is up about 5x from the start of 2021. We see little to stop market cap from reaching the trillions.

As stablecoin increase, their market cap, and adoption levels, ETH’s price should follow suit. As seen below, there is an apparent correlation between the market of stablecoins and the rise in ETH’s price.

Ethereum ETH ETHUSD
Source: Bloomberg Intelligence

When compared to the Nasdaq Index, there seems to be a correlation between the cryptocurrency, its volatility levels, and price appreciation. Volatility, in the chart below, is a metric used by McGlone to measure risk associated with Ethereum. The expert said:

Ethereum’s 260-day volatility has been generally declining vs. the same risk measure of the Nasdaq since peaking at about 11x in 2018. Closer to 3x now, the relative risk of the nascent technology/asset is poised to keep falling, particularly if the war increases recession risks and stock market volatility.

Ethereum ETH ETHUSD
Source: Bloomberg Intelligence

The Biggest Obstacle For Ethereum

Its correlation with the legacy financial markets, the Nasdaq Index, could play out against Ethereum, McGlone believes. If the Index trends lower in the coming months, due to the macro-economic pressures, ETH’s price could break below its critical support sitting at around $2,000.

Ultimately, ETH’s increased demand versus declining supply, after the implementation of EIP-1559, supports this cryptocurrency’s bullish fundamentals. In case of further decline, $1700 should hold as critical support.

The cryptocurrency revisited that price point back in mid-2021 before resuming its bullish trend into uncharted territory. McGlone said:

If equities drop fast, Ethereum could repeat last summer and revisit about $1,700. Once the weaker leveraged long positions were purged, the resolution was a new high around $4,800 in November.

Ethereum’s Biggest Strenght

In any case, a bearish trend for Ethereum seems unlikely to affect its levels of adoption and more importantly the number of people jumping into its ecosystem. Further data provided by McGlone indicates a 76% increase in developers working in DeFi in 2021 alone.

Unlike the bear market of 2017-2018, the expert argued, many of the concepts and proposals of previous years have been deployed. Data from DeFi Pulse records a total value locked of the DeFi sector stands at $75 billion, a massive increase achieved in under two years.

Related Reading | MetaMask And Infura Clarify On Connectivity Complaints, Problem Solved?

As of press time, ETH’s price trades at $2,673 with a 1.5% profit in the last 24 hours.

Ethereum ETH ETHUSD
ETH trending downwards on the daily chart. Source: ETHUSD Tradingview
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Reynaldo Marquez

Reynaldo Marquez

Follow

As an editor at NewsBTC, Reynaldo is an experienced journalist passionate about all things crypto. Reynaldo has interviewed key industry leaders, and created unique pieces analyzing the promise of crypto as the next frontier for an economic and social transformation of humanity. Since 2018, he has been at the forefront of the industry, closely following every major development and analyzing critical events at the heart of the crypto industry. With a keen eye for detail and an unwavering commitment to excellence, Reynaldo has been instrumental in bringing the latest news and insights to the crypto community. Outside of work, Reynaldo enjoys lifting weights and literature, which he believes gives him a unique perspective into the world of crypto. As an aspiring trader, he is always looking for new opportunities to explore and believes that crypto holds the key to unlocking the future of finance.

Full Profile

Related Posts

Ethereum

Ethereum Sharp Exchange Outflows Sparks A Historic Supply Squeeze, Here’s What It Means

24 minutes ago
Ethereum

Ethereum Usage Skyrockets With Unprecedented Daily Transaction Growth Amid Market Fluctuations

1 day ago
ethereum eth ethusd

Ethereum ETFs See Record Inflows as ETH Breaks $4,000: Is a Bigger Rally Coming?

1 day ago
Bitmine-Linked Wallet Grabs $106M In Ethereum From FalconX – Details

Bitmine-Linked Wallet Grabs $106M In Ethereum From FalconX – Details

1 day ago
Ethereum

Not A Fan Of Ethereum? ARK Invest’s CEO Cathie Wood Reveals Favorite Crypto

2 days ago
Ethereum

Are Ethereum Treasuries’ Reserves Slowing Down? Here’s How Much Has Been Acquired In September

3 days ago
Please login to join discussion

Premium Sponsors

Press Releases

  • ตัวละคร Snorter ขนฟูโต้คลื่นบนเซิร์ฟบอร์ดสีชมพู

    จับตา Uptober!...

    9 hours ago
  • Tapzi Delivers Strategy-Based Web3 Gaming, Setting It Up As One of 2025’s Best New Crypto.

    Tapzi Delivers Strategy-Based Web3 Gaming, Setting It Up As...

    14 hours ago
  • най-добрите криптовалути

    Най-добрите криптовалути за...

    1 day ago
  • As the Tapzi Fundraiser Continues to Generate Buzz, Could It Be One of This Year’s Best Crypto Presales?

    As the Tapzi Fundraiser Continues to Generate Buzz, Could...

    2 days ago
  • 距離上線僅剩3周:Snorter代幣ICO融資突破 415...

    3 days ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

About Us

  • Advertise
  • Contact us
  • Editorial Policy
  • Privacy Policy
© 2025 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
      • Crypto Betting
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Advertise

© 2025 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.