Ethereum
Prediction: Ethereum Could Skyrocket to $22,000 by 2030
Ethereum continues to revolutionize the technology sector. But will it really be worth more than $2 trillion by 2030?
During the first six months of the year, Ethereum (ETH 1.48%) is up 50%. This corresponds exactly to the performance of Bitcoin (BTC -0.47%), also up 50%. At its current price of $3,500, Ethereum is near its all-time high of $4,891.
But perhaps the best is yet to come. Investment firm VanEck recently predicted that Ethereum could reach a price of $22,000 by 2030. This may seem overly aggressive, but VanEck has solid data to back up his prediction. So, will it be true or not?
The disruptive capacity of Ethereum
For the better part of the last decade, we have seen Ethereum disrupt the tech industry. Ethereum was the first smart contract blockchain platform. He pioneered entire sectors of the crypto world, such as non-fungible tokens (NFT) and decentralized finance (DeFi) – which had never existed before. VanEck is counting on Ethereum’s ability to remain a technology disruptor over the next five years to justify such a high valuation.
More importantly, VanEck sees Ethereum making further inroads into the finance, banking, and payments industries. And VanEck also sees Ethereum creating value in sectors ranging from blockchain gaming to artificial intelligence (AI). The key to disruption will be Ethereum’s ability to provide cheaper, faster, and better solutions than those currently available from market leaders.
The $15 Trillion Opportunity
This is where things get interesting, as VanEck digs into the numbers to estimate the total potential market opportunity (which he calls total addressable market, or TAM). This figure could reach $15 trillion. The lion’s share of this value ($10.9 trillion) will come from finance, banking and payments. And there is a growing market opportunity ($1.4 trillion) that could result from artificial intelligence.
The logic here is simple but powerful: Ethereum will continue to deploy disruptive solutions to capture market share from well-established incumbent operators. And the biggest effort will be in DeFi, where there is already a rich and vibrant ecosystem. Just think about how new decentralized cryptocurrency exchanges are gaining market share against centralized cryptocurrency exchanges such as Global Coinbase (PIECE OF MONEY -3.22%).
When considering major future trends such as asset tokenization (which involves moving financial assets from the real world to the blockchain), it is possible to understand how big the DeFi opportunity could be. Cathie Wood of Ark Invest, for example, suggested that smart contract networks such as Ethereum could generate $450 billion in fees by 2030.
The new ETFs
And finally, there is the matter of new Ethereum spot ETFs. These recently gained approval from regulators and are expected to begin trading soon. Once they are, they could lead to a huge influx of new funds into Ethereum. VanEck now predicts that the impact of these new ETFs could be greater than that of spot Ethereum ETFs. spot Bitcoin ETFs.
However, this is very debatable. As one of the companies that will launch a spot Ethereum ETF, VanEck may be overestimating the potential impact of these ETFs. In comparison, JPMorgan Chase (JPM -0.32%) predicts that these new ETFs could attract just $3 billion in new investors. That’s about a tenth of what the new spot Bitcoin ETFs attracted.
$2 trillion in assets?
VanEck offers three different scenarios for the future value of Ethereum. In the base case, VanEck predicts a price of $22,000. In the bullish scenario, VanEck predicts a price of $154,000. And, in a bearish scenario, VanEck predicts that the price of Ethereum could collapse to as low as $360. Yeah !
This is a wide range of outcomes to work with, and is what makes investing in Ethereum potentially so risky. Yes, Ethereum could reach a price of $22,000, giving it a massive market cap of $2 trillion. But it could also lose nearly 90% of its value and be relegated to the dustbin of history.
Keep in mind that Ethereum is not the only blockchain tapping into this $15 trillion market opportunity. There are many other blockchain competitors, each promising cheaper, faster, and better solutions. So if you are considering investing in Ethereum, make sure you do your due diligence and understand the assumptions used to predict a price of $22,000.
JPMorgan Chase is an advertising partner of The Ascent, a Motley Fool company. Dominique Basulto has positions in Bitcoin and Ethereum. The Motley Fool holds positions and recommends Bitcoin, Coinbase Global, Ethereum and JPMorgan Chase. The Mad Motley has a disclosure policy.
Ethereum
QCP sees Ethereum as a safe bet amid Bitcoin stagnation
QCP, a leading trading firm, has shared key observations on the cryptocurrency market. Bitcoin’s struggle to surpass the $70,000 mark has led QCP to predict Selling pressure is still strong, with BTC likely to remain in a tight trading range. In the meantime, Ethereum (ETH) is seen as a more promising investment, with potential gains as ETH could catch up to BTC, thanks to decreasing ETHE outflows.
Read on to find out how you can benefit from it.
Bitcoin’s Struggle: The $70,000 Barrier
For the sixth time in a row, BTC has failed to break above the $70,000 mark. Bitcoin is at $66,048 after a sharp decline. Many investors sold Bitcoin to capitalize on the rising values, which caused a dramatic drop. The market is becoming increasingly skeptical about Bitcoin’s rise, with some investors lowering their expectations.
Despite the continued sell-off from Mt. Gox and the US government, the ETF market remains bullish. There is a notable trend in favor of Ethereum (ETH) ETFs as major bulls have started investing in ETFs, indicating a bullish sentiment for ETH.
QCP Telegram Update UnderlinesIncreased market volatility. The NASDAQ has fallen 10% from its peak, led by a pullback in major technology stocks. Currency carry trades are being unwound and the VIX, a measure of market volatility, has jumped to 19.50.
The main factors driving this uncertainty are Value at Risk (VaR) shocks, high stock market valuations and global risk aversion sentiment. Commodities such as oil and copper have also declined on fears of an economic slowdown.
Additionally, QCP anticipates increased market volatility ahead of the upcoming FOMC meeting, highlighting the importance of the Federal Reserve’s statement and Jerome Powell’s subsequent press conference.
A glimmer of hope
QCP notes a positive development in the crypto space with an inflow of $33.7 million into ETH spot ETFs, which is giving a much-needed boost to ETH prices. However, they anticipate continued outflows of ETHE in the coming weeks. The recent Silk Road BTC moves by the US government have added to the market uncertainty.
QCP suggests a strategic trade involving BTC, which will likely remain in its current range, while ETH offers a more promising opportunity. They propose a trade targeting a $4,000-$4,500 range for ETH, which could generate a 5.5x return by August 30, 2024.
Ethereum
Ethereum Whale Resurfaces After 9 Years, Moves 1,111 ETH Worth $3.7 Million
An Ethereum ICO participant has emerged from nearly a decade of inactivity.
Lookonchain, a smart on-chain money tracking tool, revealed On X, this long-inactive participant recently transferred 1,111 ETH, worth approximately $3.7 million, to a new wallet. This significant move marks a notable on-chain movement, given the participant’s prolonged dormancy.
The Ethereum account in question, identified as 0xE727E67E…B02B5bFC6, received 2,000 ETH on the Genesis block over 9 years ago.
This initial allocation took place during the Ethereum ICOwhere the participant invested in ETH at around $0.31 per coin. The initial investment, worth around $620 at the time, has now grown to millions of dollars.
Recent Transactions and Movements
The inactive account became active again with several notable output transactions. Specifically, the account transferred 1,000 ETH, 100 ETH, 10 ETH, 1 ETH, and 1 more ETH to address 0x7C21775C…2E9dCaE28 within a few minutes. Additionally, it moved 1 ETH to 0x2aa31476…f5aaCE9B.
Additionally, in the latest round of transactions, the address transferred 737,995 ETH, 50 ETH, and 100 ETH, for a total of 887,995 ETH. These recent activities highlight a significant movement of funds, sparking interest and speculation in the crypto community.
Why are whales reactivating?
It is also evident that apart from 0xE727E67E…B02B5bFC6, other previously dormant Ethereum whales are waking up with significant transfers.
In May, another dormant Ethereum whale made headlines when it staked 4,032 ETHvalued at $7.4 million, after more than two years of inactivity. This whale initially acquired 60,000 ETH during the Genesis block of Ethereum’s mainnet in 2015.
At the time, this activity could have been related to Ethereum’s upgrade known as “Shanghai,” which improved the network’s scalability and performance. This whale likely intended to capitalize on the price surge that occurred after the upgrade.
Disclaimer: This content is informational and should not be considered financial advice. The opinions expressed in this article may include the personal opinions of the author and do not reflect the opinion of The Crypto Basic. Readers are encouraged to conduct thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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Ethereum
Only Bitcoin and Ethereum are viable for ETFs in the near future
BlackRock: Only Bitcoin and Ethereum Are Viable for ETFs in the Near Future
Bitcoin and Ethereum will be the only cryptocurrencies traded via ETFs in the near future, according to Samara Cohen, chief investment officer of ETFs and indices at BlackRock, the world’s largest asset manager.
In an interview with Bloomberg TV, Cohen explained that while Bitcoin and Ethereum have met BlackRock’s rigorous criteria for exchange-traded funds (ETFs), no other digital asset currently comes close. “We’re really looking at the investability to see what meets the criteria, what meets the criteria that we want to achieve in an ETF,” Cohen said. “Both in terms of the investability and from what we’re hearing from our clients, Bitcoin and Ethereum definitely meet those criteria, but it’s going to be a while before we see anything else.”
Cohen noted that beyond the technical challenges of launching new ETFs, the demand for other crypto ETFs, particularly Solana, is not there yet. While Solana is being touted as the next potential ETF candidate, Cohen noted that the market appetite remains lacking.
BlackRock’s interest in Bitcoin and Ethereum ETFs comes after the successful launch of Ethereum ETFs last week, which saw weekly trading volume for the crypto fund soar to $14.8 billion, the highest level since May. The success has fueled speculation about the next possible ETF, with Solana frequently mentioned as a contender.
Solana, known as a faster and cheaper alternative to Ethereum, has been the subject of two separate ETF filings in the US by VanEck and 21Shares. However, the lack of CME Solana futures, unlike Bitcoin and Ethereum, is a significant hurdle for SEC approval of a Solana ETF.
Despite these challenges, some fund managers remain optimistic about Solana’s potential. Franklin Templeton recently described Solana as an “exciting and major development that we believe will drive the crypto space forward.” Solana currently accounts for about 3% of the overall cryptocurrency market value, with a market cap of $82 billion, according to data from CoinGecko.
Meanwhile, Bitcoin investors continue to show strong support, as evidenced by substantial inflows into BlackRock’s iShares Bitcoin Trust (NASDAQ: IBIT). On July 22, IBIT reported inflows of $526.7 million, the highest single-day total since March. This impressive haul stands in stark contrast to the collective inflow of just $6.9 million seen across the remaining 10 Bitcoin ETFs, according to data from Farside Investors. The surge in IBIT inflows coincides with Bitcoin’s significant $68,000 level, just 8% off its all-time high of $73,000.
Ethereum
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