Ethereum (ETH): Is the platform becoming a digital collateral?

Ethereum (ETH) is reportedly becoming digital collateral in recent weeks. It must be said that the price of its cryptocurrency has reached a high level. Indeed, the world’s second-largest cryptocurrency by market capitalization has climbed no less than $1,000 since its March low. She managed to reach as high as $3,400 by the end of the month.

There are more requests than offers

The latest Ethereum (ETH) market information shows that the demand for Ether (ETH) is increasing, while the supply is decreasing. Bloomberg Senior Commodities Analyst Mike McGlone said:Demand is increasing, supply is decreasing, and Ethereum’s position at the epicenter of the digitalization of finance and money suggests further price appreciation. Ethereum, the denominator of NFTs and the superior platform for tokenization, is becoming the collateral of the internet.“.

Mike McGlone suggested that the price of ether (ETH) will continue to climbbecause the cryptocurrency is in the process of “become the guarantee of the internet“. That said, the fact that Ethereum (ETH) is the “denominator” of non-fungible tokens (NFTs) and a leading network when it comes to asset tokenization shows its importance in the market.

It must be said that as of Thursday, ether (ETH) was trading at $3,414, up 0.57% on the day and 12.02% over the past seven days, according to figures from CoinMarketCap. . In the previous month, ETH saw a rally of just over $500.

What about the market cap value of Ethereum (ETH)

It turns out that the market cap value of Ethereum (ETH) increased by around $31 billion between March 20 and March 27. In fact, this value has gone from $346.7 billion to $377.1 billion. This is due to the fact that there is high anticipation surrounding the transition from Ethereum (ETH) to Proof of Stake (PoS).

Michaël van de Poppe who is a prominent cryptocurrency trading analyst said: “Probably the value of ETH is going to be around $3600 and then we have to check if there is going to be a correction.“. It must be said that there was only 11% of ether (ETH) in circulation, held on the exchanges.

Currently, huge Ether (ETH) outflows are continuing on the exchanges. Cryptocurrency seems to be doing well. Things are going so well for her that Ethereum (ETH) is currently rated above some of the biggest financial institutions and some tech giants in the world.

Commodity expert Mike McGlone has suggested that Ethereum (ETH) is becoming digital collateral. It must be said that ether (ETH) has climbed no less than $1,000 lately. And there are more requests for ETH than offers.

Source: finbold

Receive a summary of news in the world of cryptocurrencies by subscribing to our new daily and weekly newsletter service so you don’t miss any of the essential Cointribune!

User Image

Luc Jose Adjinacou

Far from having dampened my enthusiasm, an unsuccessful investment in 2017 on a few cryptos only increased my enthusiasm. I therefore resolved to study and understand the blockchain and its many uses and to relay with my pen information relating to this ecosystem.

We would love to thank the author of this short article for this incredible material

Ethereum (ETH): Is the platform becoming a digital collateral?

You can find our social media profiles here as well as other related pages here