Ethereum is set to cause a revolution in the FinTech space analyst

• Bloomberg expert believes that Ethereum will soon cause a revolutionary change in the FinTech industry.
• “The trend of Ethereum outperforming Bitcoin remains intact,” says Bloomberg’s McGlone.

The leading smart contract platform Ethereum has been predicted to cause a revolutionary change in the FinTech industry. Mike McGlone, a leading community strategist, predicted this while actively rooting for Ethereum to turn bullish soon. McGlone pointed out that Ethereum can support its value because the dollar-pegged stablecoin operates on the network.

[Ethereum] is basically doing to the world what Netflix did to Blockbuster. It’s revolutionizing fintech and things like that. The most important thing about Ethereum is that it enables the most traded cryptos on the planet [which]are tokenized versions of the dollar. Basically, the dollar is the most traded crypto. It trades more than Ethereum and Bitcoin combined. And that’s because Ethereum tokens make it possible.

Ethereum has always been a close rival to the world’s first cryptocurrency, Bitcoin. In fact, Ethereum has the second largest market capitalization after Bitcoin. The Bloomberg analyst expects Ethereum to start trending against Bitcoin. He believes the shrinking supply and growing demand for the token could further push the price. He noted that a favorable supply-to-demand ratio is all it takes for Ethereum to start a bullish run. Lately, Ethereum has reportedly been trending to outperform Bitcoin, although its price has ranged 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 world of FinTech, changing the previous one proof-of-work (PoW) mechanism to proof-of-stake (PoS). The step taken by Ethereum minimizes or eliminates heavy energy consumption amid the ongoing energy crisis. After the successful merger, the gas charges of the network were significantly reduced, which increased the interest of many traders.

Many crypto enthusiasts expected that the massive use of the Ethereum network would increase the price of the coin. However, the price remains fixed between $1,000 and $2,000. At press time, one Ethereum coin is selling for $1,605.

According to McGlone, Ethereum has a decreasing supply, an increasing demand and a massive network adoption that is enough to be bullish. He explains that just a ruckus in Ethereum’s current trend could deny the smart contract platform a bullish run and a possible breakout of $2,000. In recent times, the Ethereum price has been less dominant in the crypto space.

McGlone expects Ethereum to bounce back and continue its unprecedented ride over Bitcoin. Comparing Ethereum to other major stocks in the FinTech world, the network outperforms the Nasdaq. Ethereum achieved this feat through a continuous increase in lower volatility. If Ethereum maintains its current trend, its price will eventually skyrocket, affecting the majority of tokens listed on the network. Once this is achieved, the severity of the current crypto bearish season can be reduced.