Ethereum is outperforming Bitcoin in gains over the last 24 hours as its price grew by 4.56% compared to the 0.98% gain recorded for Bitcoin. ETH trades at $3,446 at press time.
Bloomberg Strategist, Mike McGlone refers to Ethereum (ETH) as the collateral of the internet given its widespread adoption across various blockchain protocols like non-fungible tokens (NFTs) and the metaverse.
Given the extensive use of the coin across different blockchain protocols, the Bloomberg strategist, who has made optimistic predictions for the lead cryptocurrencies Bitcoin and Ethereum in recent times, believes Ethereum prices might continue to rise.
Following several initiatives on the network, like the ETH 2.0 staking, his most recent prediction for Ethereum comes as demand for the second-largest cryptocurrency skyrockets while total supply decreases.
“Demand is increasing, supply is declining, and Ethereum‘s position at the epicenter of the digitization of finance and money suggests further price appreciation. Ethereum — the denominator for NFTs and top platform for tokenization — is becoming the collateral of the internet,” McGlone tweeted recently.
Bitcoin, Ethereum, and XRP users can now use their cryptocurrencies to shop at Off-White, a contemporary luxury apparel company, in its Paris, London, and Milan boutiques, according to the Vogue Business media site.
Other cryptocurrencies such as Binance Coin (BNB), Tether (USDT), and USD Coin (USDC) can also be used to pay for Off-White products instantly.
“This is another significant step in the brand’s evolution as it looks to the future, incorporating Web 3.0 technology and understanding the wants and desires of its ever-changing client base,” the company said in a statement.
In particular, as interest in the emerging asset class grows globally, Ripple payments have continued to gain traction across a variety of businesses.
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