Despite the most recent price slumps, bitcoin’s price could still be headed toward a six-digit territory, said a new Bloomberg report.
At the same time, though, smaller digital assets could be in trouble due to excessive speculation, analysts at Bloomberg“Some purging of the speculative excesses of 2021 may mark much of 2022, but Bitcoin is poised to come out ahead.”In particular, crypto may be in a good place relative to inflation-related commodities. While oil rose on the risk of war in Ukraine, BItcoin and Ethereum dipped.
Supply, demand, adoption, economics, and advancing technology point to cryptocurrencies continuing to outperform commodities. Technological developments will also serve as a boon for crypto vs. oil.Representing advancing technology, Bitcoin is gaining traction as a benchmark global digital asset, while oil is being replaced by decarbonization and electrification.Moreover, the report pointed out that Bitcoin is, by design, an asset with a limited supply. In fact, it has no supply elasticity.
In contrast, in March of 2021, Bitcoin’s total share of the crypto market cap was 20% higher: 62.2%. Still, only a handful of digital assets dominate. About half of the total figure could be due to Ethereum’s rise, which went from 11% to 18.8% in the same period.
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