Monday, September 25, 2023
HomeEthereumEthereum is 'becoming the collateral of the internet,' says commodity expert

Ethereum is ‘becoming the collateral of the internet,’ says commodity expert

Ethereum prices for the last few weeks (ETH) Soared, with the second largest cryptocurrency by market capitalization rising $ 1,000 from its March lows to $ 3,400 by the end of the month.

Demand DeFi According to Mike McGlone, a senior commodity analyst at Bloomberg, wealth is increasing, but supply is declining. suggestion ETH prices will continue to rise as they “become collateral for the Internet.”

“Demand is increasing, supply is declining, and the location of Ethereum, the epicenter of financial and money digitization, suggests further price increases. It is the denominator of NFTs and the top platform for tokenization. One Ethereum is becoming the collateral for the Internet. “

Ethereum monthly candles. Source: Mike McGlone

Due to the fact that ETH is the “denominator” of irreplaceable tokens (NFT) And McGlone, the leading network for asset tokenization, emphasized the importance of Ethereum.

Ethereum chart analysis

Ethereum is currently trading at $ 3,414, up 0.57% on the day and 12.02% over the last seven days, according to CoinMarketCap. Last month’s ETH has risen by just over $ 500 since March 1st at the time of issuance.

Ethereum monthly chart. Source: CoinMarketCap

In particular, the value of Ethereum’s market capitalization Approximately $ 31 billion increase Between March 20th and March 27th Proof of stake (PoS) transition..

Well-known crypto trading analyst Michaelël van de Poppe, I got it:

“Maybe $ ETH contacts the area for about $ 3,600, then we need to check if there are any fixes.”

Ethereum chart. Source: Michael van de Poppe

When Only 11% of Ethereum Today’s assets are performing well due to the large outflow of Ethereum distributed on the exchange and the large outflow on the exchange this month. Above value Some of the world’s largest financial institutions and tech giants.

Disclaimer: The content on this site should not be considered investment advice. The investment is speculative. When you invest, your capital is at stake.

- Advertisment -
Google search engine

Most Popular

Recent Comments