- Bloomberg expert believes Ethereum will cause a revolutionary change in the FinTech Industry soon.
- “The trend of Ethereum outperforming Bitcoin still intact,” Bloomberg’s McGlone says.
Leading smart contract platform Ethereum has been predicted to cause a revolutionary change in the FinTech industry. Mike McGlone, a lead community strategist, predicted this while actively rooting for Ethereum to go bullish soon. McGlone pointed out that Ethereum can support its value because dollar-pegged stablecoin operates on its network.
[Ethereum] is basically doing to the world what Netflix did to Blockbuster. It’s revolutionizing fintech and things like that. The key thing about Ethereum is that it’s making possible the most widely traded cryptos on the planet [which]are tokenized versions of the dollar. Basically, the dollar is the most widely traded crypto. It trades more than Ethereum and Bitcoin together. And that’s because Ethereum tokens are making that possible.
Ethereum has always been a close rival to the world’s first cryptocurrency, Bitcoin. In fact, Ethereum has the second-largest market cap after Bitcoin. The Bloomberg analyst expects Ethereum to start trending against Bitcoin. He believes the shrinking supply and growing demand for the token could push the price further. He noted that a favorable supply-to-demand ratio is all it takes for Ethereum to kickstart a bullish run. Lately, Ethereum has been reportedly trending for outperforming Bitcoin although the price has been ranging from a support of $1,000 to a resistance of $2,000.
Why will Ethereum impact the FinTech world?
In September, Ethereum staged a revolutionary activity in the FinTech world, changing its previous proof-of-work (PoW) mechanism to proof-of-stake (PoS). The step taken by Ethereum minimizes or eradicates heavy energy consumption amidst the lingering energy crisis. After the successful merger, the gas fees of the network were reduced significantly, which spiked the interest of many traders.
Many crypto enthusiasts expected the massive adoption of the Ethereum network to spike the price of the coin. However, the price remains stuck between $1,000 and $2,000. At press time, an Ethereum coin sells for $1,605.
According to McGlone, Ethereum has a diminishing supply, an increasing demand, and a massive network adoption which is enough to go bullish. He explains that only an altercation in the current trend of Ethereum can deny the smart contract platform a bullish run and a possible $2,000 breakout. In recent times, the Ethereum price has been less dominant in the crypto space.
McGlone expects Ethereum to bounce back and continue its outstanding ride over Bitcoin. Comparing Ethereum to other major stocks in the FinTech world, the network outperforms Nasdaq. Ethereum achieved this feat through a continuous increment in lower volatility. If Ethereum maintains its current trend, the price will eventually skyrocket, affecting the majority of the tokens listed on the network. Once this is achieved, the severity of the current crypto bearish season might dampen.
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