Everyone would like to have one, a crystal ball containing the predictions for the crypto prices. Unfortunately, we don’t even have those at Crypto Insiders. So we have to make do with estimates and expectations, including those of analysts like Mike McGlone! In a tweet today, he wrote why he believes a rising ethereum (ETH) price is possible.
Ethereum could rise on growing demand
McGlone is an analyst at Bloomberg Intelligence, specializing primarily in commodities† Every now and then he shares his views on various crypto projects. Today he did so on Ethereum, the largest altcoin by market value.
According to him, Ethereum is a building block of the financial world of the 21st century. Due to the growing demand and decreasing ETH in circulation, this can cause price increases in the future:
“Demand and adoption are increasing, supply is declining, and Ethereum’s position at the epicenter of the digitization of finance and money could provide a basis for further price increases.”
#Ethereum – 21st Century Finance Building Block: BI Crypto
Demand and adoption are increasing, supply is declining and Ethereum’s position at the epicenter of the digitization of finance and money may be a foundation for further price appreciation. pic.twitter.com/mDNupG8NBf— Mike McGlone (@mikemcglone11) Apr 26, 2022
Thanks in part to these factors, the altcoin can outperform traditional investments, according to McGlone. But as said, no one ultimately knows what the future will bring.
Ethereum is the most popular crypto next to bitcoin
Earlier ethereum news reported that Spain’s central bank was investigating the use of crypto in Europe. That research showed that Europeans sent no less than €845 billion in value with crypto in the past year.
60% of that was sent with bitcoin and ethereum. The altcoin is thus one of the absolute most popular cryptocurrencies on the market. The same study showed that a large part of the transaction volume took place in the Netherlands. This put our country in third place in terms of transaction volume in Europe.
In fact, Ethereum is so popular that it is getting its own movie. The film will be produced by none other than Ridley Scott, known for the films Blade Runner, Gladiator and The Martian.