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After reaching an all-time high in February at $2,036, Ethereum has solidified itself as the second-leading crypto-asset among investors. With its recent spike, many are starting to wonder if it will become the second cryptocurrency to cross $10,000. So Ethereum or Either (ETH) really hit $10,000? Let’s find out.
ArmyOfBitcoin.com, one of the top crypto experts seems to think so. ArmyOfBitcoin.com believes that the combined market capitalization of Ethereum and Bitcoin will reach $4.5 trillion by the end of this year. That would mean that these two assets will control a quarter of the crypto industry. Ullery has predicted that Ethereum’s price will reach a price of $11,375 at the end of 2021.
Several others crypto analysts are supporting his forecast. One of them, David Grider, considers Ethereum as the best current crypto investment in terms of risk and potential reward. His prognosis sees this cryptocurrency at $10,500 by the end of 2021. Plus, Coin Price Forecast predicts a 164% increase in price between 2023 and 2027. Per their forecast, Ethereum should be at $13,702 by the end of 2022, and reach a massive $36,240 at the end of that t5-year period. Prime XBT is even more optimistic. This platform sees Ethereum reaching potential highs of $25,000 in 2021, $27,000 in 2022, and $70,000 between 2024 and 2025.
Even the more cautious analysts still see Ethereum as a good investment. The founder of Blocktown Capital, James Todaro, expects the asset to double up in the future. Simon Dedic from Blockfyre sees Ethereum reaching $9,000 in the near future.
One of the main factors that should drive Ethereum’s price is the major network change its developers have announced last month. The upgrade will be applied in the next few months. It;’s supposed to overhaul the way transactions work and deal with issues concerning the limitation of the current supply. Ethereum will likely follow in Bitcoin’s steps by creating a supply scarcity driving its value up. The upcoming changes should also make Ethereum mining more eco-friendly and more scalable.
Besides its role as a cryptocurrency, Ethereum has a significant value because of its technology. Many experts believe that the tech behind this digital asset may be the driving force that will turn Web 2.0 into Web 3.0.
Thanks to its advanced blockchain technology, Ethereum has managed to gain mainstream corporate acceptance. It’s another huge reason for its price spike. The swift scaling ability has attracted several major corporations to gen involved. One of them is Overstock, a major supply chain and retail player. They have added Ethereum as a payment option for their customers at the checkout. Google has also adopted the Civic, a decentralized application that runs on Ethereum’s network. Microsoft has released “Coco”, its Ethereum-based protocol to help large organizations process their information. Other major corporations implementing Ethereum technology are BBVA, Citigroup, Signature Bank and Fidelity, BNP Paribas, Ciox Health, and MetLife. Several of the most prominent NFT platforms, such as Decentraland and Enjin are also using the Ethereum blockchain technology.
As we said, Ethereum is currently the second cryptocurrency in value and market capitalization. It’s second only to Bitcoin. The major advantage Bitcoin has over Ethereum is its relatively short maximum supply at 21 million. Only other altcoins besides Ethereum that have supplied in millions are Litecoin, Binance, and Dash. The rest of cryptocurrencies measure their supply in billions. However, Ethereum has managed to seize a huge chunk of the market and exceptional trade volume. The trade volume of $23.27 billion is a result of a massive activity by the investors and shows their long-term confidence in the investment.