Bloomberg Analyst Mike McGlone Says Crypto Market Cap is Steadily Increasing

Last month was relatively a positive one for the cryptocurrency industry. Just before the commencement of the 2022 Bitcoin Miami Conference, Bitcoin prices started to take a step back from the bullish track. At press time, Bitcoin is trading around $38K and has been struggling to keep up with the upcoming selling pressure.

During the last week, Bitcoin prices took a dive of 10%, which shrank the entire cryptocurrency market cap below $2 trillion. At present, the investors are dealing with the price volatility, and on the other hand, the whale investors have continued to accumulate the top coin in big chunks. Under these circumstances, Bloomberg’s senior commodity strategist Mike McGlone recently shared his perspective on the matter.

During the uncertain times, Bloomberg’s Mike McGlone has decided to share his two cents on the matter. He posted his views on his Twitter profile, highlighting that the cryptocurrency aggregate market cap was able to keep increasing despite the crash of Bitcoin. He claimed that the trends of the current year are showing a ruthless streak in the global economy.

He also pointed out that the clash for dominance between the traditional and digital trade commodities has sparked an exponential increase in the number of hybrid organizations. Last week, McGlone claimed that the cryptocurrency market is going to shine brightly during the hyperinflation and declining stock market trends.

Bitcoin has Asserted its Dominance Over the Traditional Financial Investment Options

According to the opinions of McGlone, NASDAQ 100 stock index was still unable to recover from the crash of last year. He pointed out that the 50-week average for the stock market is not looking very optimistic for the investors. He also claimed that Bitcoin went into a bear market, but the top coin was able to make a considerable recovery faster than its traditional counterpart.

A 40-days correlation histogram between NASDAQ and Bitcoin indicates that in terms of growth and recovery, the gap between the two asset classes has become smaller than ever before. Meanwhile, Bitcoin investors are worried about the YTD metric, which is -14% for NASDAQ and -10% for Bitcoin. Bitcoin proponents wish to see cryptocurrencies trading independently of the centralized market influences rather than mimicking their behavior.