Nevertheless, despite its recent drop in price demand and adoption of crypto continues to rise, while supply is decreasing, according to Bloomberg senior commodity strategist Mike McGlone. Indeed, McGlone shared his thoughts via Twitter on April 27 regarding the DeFi asset claiming Ethereum’s position at the center of digitalization of banking and money may serve as a foundation for additional price rises in the near future.
Ethereum is becoming the internet’s collateral
Notably last month the senior commodities analyst suggested that the price of ETH will continue to go up as it is “becoming the internet’s collateral.” He stated: McGlone stressed the relevance of Ethereum since it is the “denominator” for non-fungible tokens (NFTs) and a prominent network in the tokenization of assets.
Ethereum might be reaching a bottom
Interestingly, the cryptocurrency may be nearing its bottom, according to the most recent statistics provided by IntoTheBlock. The AI research platform noted: Notably, on April 26, 69.25% of the addresses holding ETH were in the money or profit.
