Micheal McGlone, a financial analyst, published a report with his forecast for 2023. In the report, he stated that, despite the major bear market, Ethereum has done significantly better in the last 12 months and may probably continue to do so in 2023.
Ethereum Outperforming Bitcoin
The Ethereum merging and the move from the proof-of-work to the proof-of-stake consensus mechanism were key trademarks. This change alone elevated it to the top of the Bitcoin and stock market contenders. However, the idea that Ethereum, which uses the Proof-of-Stake consensus method, could significantly exceed Bitcoin in the next months is might be feasible.
McGlone also mentioned Ethereum and contrasted it to Bitcoin. Since hitting an all-time high of over $3000 but less than $4000, Ethereum has been trading in between the $1000 to $2000 range. But after hitting an all-time high of $69,000, Bitcoin has plummeted, now trading below the $20,000 resistance level.
McGlone made reference to Solana, which experienced a summer slam from its all-time high of $200+ to its current price of $11. With the heat and losses caused by the FTX meltdown, this significant Ethereum rival was forced back into the trenches.
Also read:The FTX breakdown had a significant impact on Solana, who was closely connected to Alameda Research. It saw a drop of more than 70% from its peak in 2021. However, the Solana community recorded a revival following the recent explosion of the memecoin BONK.
Web3 Is Here To Stay
According to McGlone, it is believed that cryptocurrencies are currently experiencing their first significant worldwide collapse and a downturn, but it is very probable that they will survive and emerge stronger when this phase passes. Especially Bitcoin and Ethereum, which continue to create market patterns despite the current bad market.
A positive trend has been observed, with people changing their investments from cars and high-end luxurious buildings to stacking crypto coins and expanding their portfolios. This is sufficient evidence that blockchain technology is here to stay and will continue to spread, bringing additional progress with it.
Ethereum is currently trading at $1240, with prices fluctuating between $1500 and $1000. Bitcoin is currently trading at the $16,000 barrier level.
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