Ethereum, the world’s second-largest cryptocurrency by market capitalization, is set to come out ahead of Bitcoin in the next bull market, according to Bloomberg’s senior macro strategist Mike McGlone.

Despite Bitcoin and other risk assets deflating considerably in the past year, McGlone noted in the latest market outlook report that Ethereum exhibited more resilience, suggesting that it “may be a top candidate to continue outperforming the firstborn crypto.”

Since tapping all-time highs in November 2021, Bitcoin and Ethereum have dropped roughly 76% and 75%, respectively. Notably, Ethereum’s annual volatility is about 1.3x that of bitcoin. Thus, while Ethereum is still deeply undervalued, McGlone noted that at a ratio of 0.08, the ETH/BTC cross rate remained the same as in May 2021 when the Nasdaq 100 Stock Index was about 20% higher, tilting ETH towards resuming appreciation if volatility tells us anything.