Here’s Why Ethereum Likely to Hit $5,000: Bloomberg’s Mike McGlone

Here’s Why Ethereum Likely to Hit $5,000: Bloomberg’s Mike McGlone

Chief commodity strategist of Bloomberg, Mike McGlone, has taken to Twitter to name the major advantages of Ethereum that are likely to give it further momentum for growth and eventually hit $5,000.

Ethereum is on track to hit $5,000, as per McGlone

Bloomberg’s expert on commodities believes that the second largest blockchain is at the very center of digitization of finance and money and this is the basis on which ETH further price rise will happen, according to him. McGlone believes Ether is on track to reach $5,000.

As for Bitcoin, he has referred to it as a commodity, whose supply is in decline but the demand is increasing greatly.

As for ETH, it is “rested and corrected” and is riding the digitization wave. Almost a week ago, Ethereum reached a new all-time high at the $4,366 level but has been correcting since then, trading at $4,020 at the time of writing.

Rested, Corrected #Ethereum Rides Digitization Wave: BI Commodity - Demand is increasing, supply is declining and Ethereum's position at the epicenter of the digitization of finance and money is a foundation for further price appreciation.— Mike McGlone (@mikemcglone11) October 27, 2021

ETH total value in ETH 2.0 hits $34.3 billion

According to the data shared by Glassnode analytics vendor, the total amount of ETH locked in the Ethereum 2.0 deposit contract has hit a new lifetime high of $34,337,442,751.90. That equals 8,539,419.84 ETH coins.

As well we that, the outflow of Ether from centralized crypto exchanges (seven-day MA) has surged to a one-month high, totaling $43,969,077 at the moment.

📈 #Ethereum $ETH Exchange Outflow Volume (7d MA) just reached a 1-month high of $43,969,077.39Previous 1-month high of $43,792,565.47 was observed on 21 October 2021View metric:— glassnode alerts (@glassnodealerts) October 27, 2021