Comparing Dogecoin Cap to BNY Mellon, Bloomberg Analyst Suggests Crypto Market Could be Due for Crash ...Middle East

the crypto basic - News

Bloomberg's Mike McGlone suggests crypto assets could be due for price drops, comparing the valuations of Dogecoin and BNY Mellon, America's oldest running bank. Notably, the crypto market has never looked more promising. Bitcoin has set new price records above $100,000, several altcoins have seen their prices soar over 200%, and analysts are predicting prices will run higher amid anticipated regulatory and macroeconomic tailwinds, but amid the excitement, one analyst continues to offer a note of caution. Is the crypto market overheated? Dogecoin (DOGE) Valuation on the Rise: A Warning Sign? Bloomberg Intelligence Senior Commodity Strategist Mike McGlone has warned that the crypto market may be showing signs of a looming "reversion." McGlone expressed this opinion in an X post on Monday, January 6, surmising views from a recent Bloomberg report. Citing Dogecoin's (DOGE) rising market cap valuation, the analyst suggested that crypto assets were getting overvalued. As McGlone highlighted, DOGE boasted a market cap of $55 billion on January 3, the same as Bank of New York Mellon, one of the oldest banks in the world and the first company to be listed on the New York Stock Exchange. Pointing out potentially high market irrationality, McGlone highlighted that DOGE offered zero earnings while BNY Mellon was on pace to earn $19.1 billion in 2025. Following up this warning in a separate post, McGlone touted the prospect of precious metals over Bitcoin and the broader crypto market, noting that the large number of crypto assets, 2.4 million or so, offered echoes of the dot-com bubble. twitter.com/mikemcglone11/status/1876244475078406498 It is the second time McGlone has warned that the crypto market's rally may be at its limits in the past month. Gold Strength On December 19, 2024, McGlone warned that Bitcoin and other risk assets may have reached their bull market cycle peak, citing the strength of gold in 2024. As the Bloomberg strategist highlighted, gold managed to narrowly outperform the S&P 500, with which Bitcoin is strongly correlated, in 2024 despite the buzz around artificial intelligence. McGlone contended that gold's strength suggested that investors may be anticipating looming headwinds for risk assets. This view comes as investors tend to increase gold exposure to safeguard value in times of high uncertainty.

Read More Details
Finally We wish PressBee provided you with enough information of ( Comparing Dogecoin Cap to BNY Mellon, Bloomberg Analyst Suggests Crypto Market Could be Due for Crash )

Also on site :

Comparing Dogecoin Cap to BNY Mellon, Bloomberg Analyst Suggests Crypto Market Could be Due for Crash ...Middle East

David Ellefson: “I Miss” Dave Mustaine Despite Being Fired from Megadeth

‘Pokemon Go’ introduces game-changing new item with Gold Bottle Caps

Aston Villa learn price tag for winger target

Eric Dane reveals first symptom that led to ALS diagnosis: ‘Didn’t think anything of it’

Walmart Is Selling a 'Really Powerful' $144 Pedestal Fan for Just $70, and Shoppers Say It Offers 'Amazing Airflow'

Eagles veteran and former first-round pick tipped to have made his last OTA practice in Philadelphia

Nikki Glaser Sells Pitch To Paramount Inspired By Mash Game; Will Star, Produce & Co-Write Movie

Japan’s Yuya Danzuka Mines Family Drama and Urban Design for Breakout Directorial Debut ‘Brand New Landscape’

Why the 28 Years Later Franchise Has Always Been About More Than Zombies

Un videojuego sobre el fútbol y la infancia en Ecuador cautiva al mundo. “Despelote” es uno de los mejores juegos del 2025

If Your Updated Pixel Is Glitchy, Try These Workarounds

JD Martin and Affiliated Operating Companies Highlights Powerful Internal Resource: Services and Solutions

‘Bob’s Burgers’ Star H. Jon Benjamin Says He’s ‘Become’ Bob as the Show’s Continued: ‘I Didn’t Sound Like This at All 15 Years Ago. Now I Talk Like Bob’

Diarrhea Outbreak Grips Odisha: 27 Hospitalised at SCB Cuttack, One Dead

Trump Refuses to Answer Key Question About Israel’s War in Iran