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

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Wed, 10/27/2021 - 13:24
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Yuri Molchan
Major Bloomberg expert on commodities explains why Ethereum price is likely to reach $5,000
Here’s Why Ethereum Likely to Hit $5,000: Bloomberg’s Mike McGlone
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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 to 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 the digitization of finance and money, and this is the basis on which the further price rise of ETH will occur, according to him. McGlone believes Ether is on track to reach $5,000.

As for Bitcoin, he 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 of $4,366, but it has been correcting since then, trading at $4,020 at press time.

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ETH total value in ETH 2.0 hits $34.3 billion

According to 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.

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

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.