Home » Glassnode Founders Predict Bitcoin Surge as US Dollar Weakens

Glassnode Founders Predict Bitcoin Surge as US Dollar Weakens

16.11.2024 11:00 2 min. read Kosta Gushterov
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Glassnode Founders Predict Bitcoin Surge as US Dollar Weakens

The co-founders of Glassnode, Jan Happel and Yann Allemann (Negentropic), predict that Bitcoin could soon reach new all-time highs.

They believe this potential surge is tied to the weakening US Dollar Index (DXY), which may occur due to the Federal Reserve’s rate cuts and quantitative easing (QE). The DXY, which measures the dollar’s strength against six major currencies, typically signals that a weaker dollar boosts risk assets like Bitcoin and stocks.

Bitcoin has closely tracked the DXY in recent weeks, especially after the US elections, but with the Fed’s easing policies, the analysts foresee Bitcoin breaking past its previous highs if the DXY weakens. At the time of writing, Bitcoin is priced at $89,200, down 5% from its peak of $93,500.

On the Ethereum front, despite its decline relative to Bitcoin (ETH/BTC), its market cap has shown strength. Ethereum’s market cap rose from $290 billion to over $400 billion during Bitcoin’s rally, dipping only slightly to $380 billion during the ETH/BTC pullback.

This indicates that Ethereum holders aren’t selling off, and Bitcoin’s dominance is currently outshining other market forces. Bitcoin’s dominance is at 61% as of now.

Kоста работи в крипто индустрията от над 4 години. Той се стреми да представя различни гледни точки по дадена тема и харесва сектора заради неговата прозрачност и динамика. В работата си той се фокусира върху балансираното отразяване на събитията и развитието в крипто пространството, като предоставя информация на своите читатели от неутрална гледна точка.

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