Mike McGlone, a senior commodities analyst at Bloomberg, has recently opined that the price of Ethereum (ETH), the second-largest cryptocurrency by market cap, will keep rising as it is becoming the collateral of the internet.
In a tweet on 30th March, McGlone stated that demand for the digital token ETH is increasing, while the supply continues to decrease. The analyst says this suggests a further price appreciation.
Read Also: Grayscale Highlights How Ethereum 2.0 Would Positively Impact Ethereum Classic (ETC)
According to McGlone, Ethereum remains bullish as long as it continues to dominate the non-fungible token (NFT) sector and keep topping platforms for tokenization.
McGlone tweeted, “Demand is increasing, supply is declining and #Ethereum’s position at the epicenter of the digitization of finance and money suggests further price appreciation. Ethereum — the denominator for NFTs and top platform for tokenization — is becoming the collateral of the internet.”
Demand is increasing, supply is declining and #Ethereum's position at the epicenter of the digitization of finance and money suggests further price appreciation. Ethereum — the denominator for NFTs and top platform for tokenization — is becoming the collateral of the internet pic.twitter.com/hS7aLeqZ7N
— Mike McGlone (@mikemcglone11) March 30, 2022
Over the past few weeks, Ethereum (ETH) has been printing a positive trend in terms of price. The top cryptocurrency has managed to gain relatively $1,000 from its lowest point in March to trade at around $3,400 at the end of the month.
At the time of filing this report, Ethereum (ETH) is trading at $3,417.01, with a relatively 1% price uptrend in the last 24 hours. Also, the digital asset is 13% up in the last seven days, according to CoinMarketCap.
Read Also: Ethereum Co-Founder Vitalik Buterin Introduces New Sharding Proposal. Here’s What EIP-4844 Brings
Another popular crypto analyst, Michaël van de Poppe, is also bullish on the current trend of Ethereum (ETH).
Michaël van de Poppe tweeted, “Probably $ETH will touch that region around $3,600 and then we have to check whether there’s going to be a correction. You’d want a slight correction and not a deep one if the market remain bullish.”
Probably $ETH will touch that region around $3,600 and then we have to check whether there's going to be a correction.
You'd want a slight correction and not a deep one if the market remain bullish. pic.twitter.com/YC5yQakfLL
— Michaël van de Poppe (@CryptoMichNL) March 29, 2022
It’s worth noting that only 11% of ETH in circulation are currently held on exchanges and outflow from exchanges has not ceased, indicating that majority of Ethereum holders are in for the long.
Follow us on Twitter, Facebook, Telegram, and Google News
