In response to the growing demand of Ethereum (ETH) within non-fungible tokens (NFTs) and the metaverse, Bloomberg’s senior commodities analyst Mike McGlone believes the digital asset’s price will continue to go up as it's “becoming the internet’s collateral.”
<blockquote><em>“Demand is increasing, supply is declining and Ethereum’s position at the epicenter of the digitization of finance and money suggests further price appreciation. Ethereum the denominator for NFTs and top platform for tokenization is becoming the collateral of the internet,”</em> McGlone wrote in a tweet.</blockquote>
https://twitter.com/mikemcglone11/status/1509163605354291205

Presently, Ethereum is trading at $3,283, down 3.8% on the day and up by 5.7% from the last seven days, according to data from CoinGecko. Since the previous month, the digital asset has been up just over $200 since March 1 at the time of writing.
<h2><strong>Much-Anticipated Ethereum 2.0 Launch</strong></h2>
In November 2020, a deposit contract was created where Ethereum holders were required to stake at least 524,000 ETH before the launch of Ethereum 2.0 (Phase 0).  Since then, holders have successfully staked over 11 million ETH in the contract, with 100,000 units of the coin added in just a week.

Amid the highly-anticipated surrounding the blockchain network’s transition to Proof of Stake (PoS), Ethereum’s market capitalization increased by around $31 billion between March 20 and March 27, rising from $346 billion to $377.

Bloomberg Analyst Calls Ethereum the ‘Collateral of The Internet’

In response to the growing demand of Ethereum (ETH), Bloomberg’s senior commodities analyst Mike McGlone says ETH is “becoming the internet’s collateral.”

Jafrin is a cryptocurrency journalist/researcher fascinated by the world of decentralization. She is hopeful towards blockchain’s innovation and its potential to reshape the world for good. Currently, she is bringing out the best of cryptosphere via covering the latest ins and outs of the blockchain space.

Bloomberg Analyst Calls Ethereum the ‘Collateral of The Internet’

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