Ethereum is steadily gaining 5% per day and is now reaching a new high of $ 2,961. At the time of writing, ETH is trading at $ 2,879 with a market value of $ 333 billion. However, a target of $ 10,000 was set for the leading altcoin. Can this happen?
Fundstrat Global Advisors has made a $ 10,000 forecast for Ethereum!
For the first time in history, ETH has managed to reach $ 2,961 and is on track to surpass $ 3,000. This will help the cryptocurrency break through its all-time high and move Bitcoin closer to its market cap, according to analysts. While Bitcoin remains the leading cryptocurrency, its market share has dropped below 49% and Ethereum’s market share is approaching 15%. According to data analytics platform Skew, the recent ETH price rise coincides with the increase in spot trading volumes since mid-April.
Analysts are optimistic about the ETH price increase and predict it will continue in the near future. Most market participants expect the Ethereum price to rise to $ 10,000 or more by the end of the year. Fundstrat Global Advisors shared their forecast for the ETH price and they state that the price could rise to $ 10,000 within the year. Bitcoin recently crossed $ 58,000 and currently sits at $ 56,500. Bitcoin and Ethereum are not the only cryptocurrencies rising in value. Binance Coin (BNB), Dogecoin, and Litecoin are also rising strongly.
Here are the main reasons that will bring ETH to $ 10,000
Veteran analyst ‘Spencer Noon’ explained why the Ethereum price could see $ 10,000 by the end of 2021. Here are the catalysts:
There is currently a huge demand for the ETH Blockchain as the Ethereum Blockchain outshines its peers with the average daily wage paid around $ 18 billion.
NFT sales in Ethereum have skyrocketed and recently exceeded $ 600 million.
The Ether-based Polygon network currently handles $ 1 million in daily transactions. It also acquired some of the largest DeFi projects, such as Aave.
The Ethereum Blockchain network currently has more than $ 50 billion in outstanding stablecoin supply.
As of today, the Ethereum Blockchain network is worth $ 30.5 billion, twice the Bitcoin Blockchain network.
Daily active addresses for Ethereum are on a steady rise and recently hit a new all-time high of over 625K.
Ethereum is slowly emerging as an enterprise-grade technology with the explosive growth of DeFi activity this year. Most DeFi projects are in Ethereum, with a total of $ 65 billion locked in DeFi.
Analysts: ETH could become one of the largest blockchain networks in the world
The Ethereum community is now waiting for the ETH 2.0 update to be launched. As a result, ETH could become one of the largest blockchain networks in the world, according to analysts. Several projects have moved from Ethereum to Binance Smart Chain (BSC) in recent months and have attracted a number of new Decentralized Finance (DeFi) projects.
Ethereum can regain its superiority in the DeFi market with ETH 2.0, according to analysts. With cheaper and faster transactions, the world’s second largest Blockchain network can once again host the most widely used and powerful dApps by attracting users from Binance Smart Chain, which previously used Ethereum.