Commodity specialist thinks Ethereum’s position in financial digitalization ‘may encourage future price rise’
Just, the price of Ethereum (ETH) has been falling in unison with that of Bitcoin (BTC), which has recently dipped below $40,000 in value.
Nevertheless, Bloomberg senior commodities analyst Mike McGlone claims that despite a recent decline in price, demand for and acceptance of crypto continue to climb.
DeFi’s position at the hub of the digitization of banking and money may serve as a platform for future pricing increases, according to McGlone’s tweet on April 27.
Building Block of 21st Century Finance: BI with Ethereum Crypto While supply is decreasing, demand is growing and Ethereum’s position at the hub of the digitalization of banking and money may be the foundation for additional price growth,” stated the CEO.
He made the following statement: There is a growing demand for Ethereum, while supply is decreasing, and its central role in the digitalization of banking and money predicts continued price increase. NFTs and tokenization are becoming collateral for the internet because of Ethereum, the denominator for NFTs and the most popular platform for tokenization.”
Tokenization of assets has been a major focus of Ethereum, which serves as a “denominator” for non-fungible tokens (NFTs).
The platform for AI research noted: Although recent losses have taken their toll, the two most valuable assets on the market are still exhibiting a firm bottom since most of their investors remain in the black.
Furthermore, on April 26, 69.25% of all ETH addresses were in the black, meaning they were either making money or had profited.