Bloomberg’s senior commodity strategist Mike McGlone expects Ethereum to be the collateral of the internet, just as Bitcoin takes the crown as the digital reserve asset.
McGlone sees the robust NFT and DeFi infrastructure as key factors fueling Ethereum’s popularity.
Ethereum is maintaining an upward trajectory following rising demand amid low supply.
ETH has been one of the highest performing cryptocurrencies this year, with prices approaching the $5000 level.
The second-largest cryptocurrency has a market cap of over $532 billion and is on its way to rolling out the ETH 2.0 upgrade aimed at reducing high-energy consumption.