Crypto investor Chris Burniske expects Ethereum price to exceed $ 7,500 during the next bullish cycle.
Chris Burniske, co-founder of crypto-focused venture capital firm Placeholder, expects Ethereum to rise in the next bull cycle. The investor believes that Ethereum (ETH) will perform significantly better than Bitcoin, the leading cryptocurrency expected to climb to $ 50,000. According to Burniske, if BTC rises to $ 50 thousand, ETH will reach $ 7,500. So how?
The main reasons for the forecast
Explaining the logic behind his prediction, Burniske said that if Bitcoin’s network value is as volatile as BTC’s previous bull market, it would exceed $ 1 trillion. Burniske previously predicted that the milestone mentioned above could be obtained at the end of 2021, in line with the stock flow model (S2F). The analyst believes that Ethereum will enter the rally before Bitcoin due to its smaller network value and robust chain economies. He also adds that when the cryptocurrency frenzy rises, the leader altcoin will generally be perceived as the “new boy on the block.”
— Chris Burniske (@cburniske) June 14, 2020
Burniske’s prediction has been described as something “unlikely” by Messari founder Ryan Selkis. As Selkis stated, the shares of Ethereum’s cake will be taken by competing 1st tier projects such as Polkadot and Algorand. Ethereum will struggle to replicate ICO and will no longer serve as a single reserve for tokens due to the proliferation of stablecoins.
But Burniske is confident that all tier-1s will be “ghost towns” and more mature capital formations like DAOs will emerge instead of ICOs. According to Ethereum’s co-founder, Vitalik Buterin, examples of usage that go beyond finance can represent the future of cryptocurrencies.