A recent Bloomberg report by Mike McGlone mentioned that the largest altcoin, Ethereum, is the financial building block of the 21st century. McGlone pointed out that ETH has outperformed stocks. Here are the details…
Mike McGlone spoke positively for the Ethereum price
Bloomberg analyst Mike McGlone, who correctly predicted $6,000, $12,000, and $50,000 in Bitcoin price, as we have also reported on Kriptokoin.com, mentioned ETH in a recent report. Ethereum is the second largest cryptocurrency by market cap, just after Bitcoin. The report added that the demand and adoption of Ethereum is constantly increasing and its supply continues to decrease. However, according to the analyst, “Ethereum’s standing as a base to disrupt the traditional financial industry will also contribute to the price increase”.
McGlone tweeted an analysis from Bloomberg showing that the second-largest cryptocurrency has outperformed stocks, including the S&P 500 index, over the past five years. The Bloomberg report suggests that ETH will continue to outperform stocks. Over time, the price of ETH will rise as the supply is constantly falling due to the ETH EIP 1559 upgrade, which is a flat network fee per burned block that reduces daily supply. Decreased supply and increased demand will help Ethereum grow. The analyst says:
Demand is increasing, supply is decreasing, and Ethereum’s position at the epicenter of the digitalization of finance and money suggests further price increases. As the denominator of NFTs and the best platform for tokenization, Ethereum is becoming the collateral of the internet.
Altcoin price latest
The crypto community is bullish on Ethereum (ETH) due to ongoing network developments aimed at achieving full proof-of-stake status . There has been a notable development recently with the launch of the Merger testnet, the final testnet of the PoS movement. Currently, Ethereum is changing hands at $2,900, down 3.2 percent on the day, according to CoinMarketCap data.
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