ICOLINK - ICO Listing Directory and Blockchain Community | "Link your ICO to Success!"
  • NEWS
  • Mike McGlone: Ethereum's move to PoS will be the main catalyst for the growth of ETH
2 minutes reading time (445 words)

Mike McGlone: Ethereum's move to PoS will be the main catalyst for the growth of ETH

Mike-McGlone-Ethereum-move-to-PoS Mike McGlone - senior macro strategist at Bloomberg Intelligence

The Successful Ethereum Merger Paves the Way for Steady Growth

The Ethereum network's transition to the Proof-of-Stake (PoS) consensus algorithm has set the stage for steady growth in the value of the world's second-largest cryptocurrency by market capitalization. Bloomberg exchange strategist, Mike McGlone, believes that the successful merger on September 15, 2021, was the foundation for the current growth in Ethereum's value.

Ethereum's Exchange Rate Breaks the $1,500 Barrier

On October 26, 2021, the Ethereum exchange rate surged above $1,500 for the first time since the network's successful merger. This upward trend is expected to continue, with Ethereum projected to become a deflationary asset, thereby attracting institutional investors' capital. Despite this projection, analysts at CoinShares suggest that the Ethereum merger has not led to an increase in investment flow into the cryptocurrency market.

"As of October 25, the Ether price is about 70% lower than during the peak of 2021. But it is about four times higher than the 2020 average. This speaks to the inherent volatility of an emerging asset and technology with a common premise for the drawdowns that most often follow record highs," 

McGlone wrote.

The Altcoin Market Shows a Downward Trend

Contrary to traders' expectations, the altcoin market experienced a downward trend following Ethereum's official transition to PoS. Mike McGlone's tweet suggests that Ethereum's growth may not solely be due to the merger, especially amid the current global energy crisis. Many developers prefer using Ethereum to build decentralized finance (DeFi) applications, which could drive Ethereum's value up. Additionally, Ethereum's smart contracts are gaining popularity in the banking and finance sectors, further driving its growth.

Ethereum Trades at a Discount Despite Bull Market

According to Mike McGlone, Ethereum is "trading at a discount" in the cryptocurrency market, even during the current sustained bull market. The Ether price is around 70% lower than its peak in 2021 but is still four times higher than the 2020 average. This volatility is typical of an emerging asset and technology and is expected, with drawdowns often following record highs.

Bitcoin's Favorable Prospects

Despite the current trend in Ethereum's value, Mike McGlone remains confident about Bitcoin's prospects. According to his recent forecast, the first cryptocurrency could outperform most traditional assets, especially with central banks' increase in interest rates.


The successful transition of the Ethereum network to PoS has set the stage for a steady growth in the value of the second-largest cryptocurrency. While the altcoin market may show a downward trend, Ethereum's inherent qualities, such as its use in DeFi and smart contracts, are expected to continue driving its growth. Meanwhile, analysts remain optimistic about Bitcoin's future, with its potential to outperform most traditional assets.

Raul Pal: Crypto market capitalization will grow t...
Kevin O'Leary: "After the adoption of stablecoins ...
At the ICO List we accept cryptocurrency payments in BTC, ETH, BCH, DOGE, LTC, USDC, USDT, APE, DAI and SHIB
Coin Payments

website tech support FixJoomla.com

ICOLINK.COM 2024 © All Rights Reserved

Share this page in Social Media: