Bloomberg analyst Mike McGlone believes Dogecoin (DOGE) is powering BTC and both cryptocurrencies will use the hype in the cryptocurrency market this year.
Dogecoin and growth
Bloomberg’s chief commodity analyst Mike McGlone shared a few charts about Dogecoin on Twitter. He believes that the sixth largest cryptocurrency and Bitcoin will be responsible for the large amount of funds in the cryptocurrency market this year. At this point, McGlone stated that the funds will flow into these two coins, saying “There are funds that will flow into the Meme coin Dogecoin and Bitcoin“. Mike McGlone stated that Dogecoin “may have entered the macroeconomic stage” and that this may have revived Bitcoin. Bloomberg’s leading expert states that if funds start flowing into DOGE and Bitcoin, there could be a huge amount of growth in the cryptocurrency space.
But McGlone spoke of BTC as “basically a solid bull”. McGlone describes a market condition in which the price of an asset begins to rise beyond its intrinsic value. Investors then start to ignore the fundamentals and objectively raise the asset’s price much higher than its value.