Bitcoin Price and Ethereum Prediction; Is It a Good Time to Buy on Christmas Day?
Bitcoin price prediction stays neutral during the Asian session on December 25, Christmas Day, as BTC continues to consolidate in a narrow range of $16,750 to $17,000. The global financial market appears to be seeing minimal volatility and trade activity on Christmas Day, which is holding price action in check. Similarly, Ethereum has stayed relatively stable at $1,218.
Let's take a quick look at the fundamental outlook for Bitcoin and Ethereum today.
Bloomberg's senior macro strategist Mike McGlone predicts that Ethereum, the second-largest cryptocurrency by market capitalization, will surpass Bitcoin in the next bull market.
According to McGlone's most recent market forecast analysis, Ethereum has shown more durability than Bitcoin and other risk assets, suggesting it "may be a leading candidate to continue outperforming the firstborn crypto."
As of this writing, Bitcoin is down about 76% and Ethereum over 75% from their respective peaks in November 2021. The annual volatility of Ethereum is roughly 1.3%, making it more volatile than bitcoin.
And so, while Ethereum is currently greatly discounted, McGlone pointed out that the ETH/BTC cross rate has been unchanged at 0.08 since May 2021, when the Nasdaq 100 Stock Index was roughly 20% higher, suggesting that ETH is likely to resume appreciating if volatility is any indication.
The current price of a bitcoin is $16,835, and the volume of trades in the last 24 hours is $9.6 billion. CoinMarketCap is ranked first with a live market cap of $324 billion. Bitcoin's market domination fell further from 40.50% to 39.96%.
Bitcoin's technical outlook remains mostly unchanged. If the BTC/USD pair breaks through $17,000, it will almost certainly continue to rise toward the $17,500 mark.
Read more on cryptonews.com
