In January, Ethereum, the world’s second largest cryptocurrency by market cap, traded just over $ 1,200, while an investor made a bold call to anticipate a mid-$ 3,000 rise. In addition, the famous name claimed that this bullish momentum was “overlooked” by investors. However, this prediction turned out to be correct. Now see what level the new estimate puts Ethereum.
Megan Kaspar: Ethereum could rise to $ 8,000 to $ 10,000 by the end of the year
Less than five months later, his prediction came true, and Ethereum (ETH-USD) rose nearly 400% a year to cross the $ 3,500 mark. Megan Kaspar, the same investor, co-founder of the digital asset investment company Magnetic, raises her price target to the range of $ 8,000 to $ 10,000 by the end of the year. The Ethereum network plans to move from the same method used by Bitcoin (BTC-USD) to a much less energy-intensive method to confirm transactions. Megan Kaspar adds the following to her comments on the subject:
Switching to proof of stake for block validation reduces carbon emissions by 99.9%, making Ethereum a green technology. So, these two updates to the network alone could push Ethereum to a trillion dollar market cap, which is where Bitcoin is today… This makes Ethereum about $ 8,000 to $ 10,000 per token.
Megan Kaspar: The corporate dollar could raise Ethereum to $ 100,000
Ethereum has outperformed Bitcoin so far. While the former was up about 380%, Bitcoin increased by about 90% over the same time period. Megan Kaspar’s price target means about 300% increase from current levels. While this price target seems high, it matches the $ 10,500 price target from Fundstrat Global Advisors earlier this year. Analysts there calculated the price targets from the increased activity in the Ethereum network, as more and more decentralized applications continue to be built.
Decentralized finance apps that allow users to earn returns from crypto assets like a traditional bank have seen usage on the network grow from $ 10 billion in September 2020 to over $ 65 billion as of April. Once the network changes are implemented, Megan Kaspar believes a greener Ethereum will begin to attract more corporate interest than Bitcoin. Miners in China account for more than half of all mining power on the network, and investors such as Kevin O’Leary from “Shark Tank” are facing more and more problems with this connection. Megan Kaspar says that as more investors take note in the coming years, the corporate dollar could raise Ethereum to $ 100,000. Megan Kaspar adds the following to her comments on the subject:
Institutions are obliged to invest in clean green technologies, and Ethereum is becoming this.
Megan Kaspar: Bitcoin could reach $ 200,000 by the end of the year
Still, Megan Kaspar still looks positive for Bitcoin, predicting that the world’s largest cryptocurrency could reach $ 200,000 by the end of the year. On Friday, Bitcoin was trading at over $ 57,700. Pantera Capital CEO Dan Morehead expressed a similar level of confidence for Bitcoin, with a price target of $ 115,000 by August, referring to his model that tracks Bitcoin as a commodity.