Bloomberg’s Analyst Mike McGlone: Ethereum (ETH) Is Becoming the Internet’s Collateral

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.

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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.”

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.

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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.”

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.

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