The demand for the DeFi asset is rising, while the supply is decreasing, according to Bloomberg’s senior commodities analyst Mike McGlone, who suggested that the price of ETH will continue to go up as it is “becoming the internet’s collateral.” Due to the fact that ETH is the ‘denominator’ of non-fungible tokens (NFTs) and a leading network when it comes to the tokenization of assets, McGlone emphasized the importance of Ethereum.
Ethereum chart analysis
Presently, Ethereum is trading at $3,414, up 0.57% on the day and 12.02% in the last seven days, according to CoinMarketCap. In the previous month, ETH is up just over $500 since March 1 at the time of publication. Notably, the value of Ethereum’s market capitalization increased by around $31 billion between March 20 and March 27, rising from $346.7 billion to $377.1 billion as a result of anticipation surrounding the Proof of Stake (PoS) transition. Prominent crypto trading analyst Michaël van de Poppe, noted: With only 11% of Ethereum in circulation held on exchanges and enormous Ethereum outflows continuing on exchanges this month, things are looking positive for the asset, which is currently valued above some of the world’s largest financial institutions and technology giants. Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
