Ethereum to reach ‘trillion dollar market cap’ as crypto tipped for ‘exponential growth’
Trader reveals Ethereum is 'most undervalued' cryptocurrency
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Ethereum and bitcoin have seen their rivalry taken up a notch in 2021 as they battle to become the top dog in crypto. Bitcoin’s price has soared almost four times over the last 12 months, with ethereum rocketing 1,000 percent during the same period, reports Forbes. One expert told Express.co.uk he thinks ETH’s value will continue to soar until it becomes one of – if not the –biggest player in the game.
Grant Whitlock, head of trading at UK based digital asset broker GlobalBlock said: “In the short term all eyes are on bitcoin and the potential death cross forming on the charts.
“If this happens and history repeats itself, the whole crypto market will sell off – however, the fundamentals of ethereum are very strong.
“My long term view on ETH is very bullish and we eagerly await ethereum 2.0.
“I’m anticipating it reaching a trillion dollar market cap, this will give a price of approximately $9,000 per ETH.”
Another crypto industry expert, Steve Erhlich, CEO and founder of US-based crypto-asset broker Voyager Digital, predicts ethereum won’t stop growing any time soon.
He told Express.co.uk: “Ethereum will continue to grow exponentially and has promising upside given its utility, functionality and ecosystem.
“The ethereum blockchain powers the most established ecosystem for decentralised finance (DeFi), utility tokens and NFTs, all of which are gaining mainstream traction.
“There is significant long-term value of Ethereum as its use-cases include banking, real estates, finance, collectibles and more.”
Mr Erhlich said his firm expects to see “even greater adoption” of the Ethereum platform over the next two years.
Banking giant Goldman Sachs has rallied behind the crypto in recent weeks as well, as the financial institution plans to move beyond bitcoin and offer options trading in the crypto coin.
A leaked report from the Wall Street giant has given ETH a “high chance” of overtaking bitcoin as a “dominant” store of value, dubbing it the “Amazon of information”.
The leaked report reads: “Given the important of real uses in determining the store of value, ether has a high chance of overtaking bitcoin as a dominant store of value.”
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In addition, ETH’s growth will likely be further propelled by an upgrade expected to be released soon.
This upgrade to the network and platform will enhance the crypto’s features and render it “more scalable, more secure and more sustainable”.
Even though Ethereum formally switched to the 2.0 version in 2020, the network still relies on the computing power of miners.
Mr Ehrlich added: “Additionally, Ethereum will soon be undergoing an upgrade that will accelerate the speed of ETH transactions, reduce transaction fees and restrict its recirculating supply.
“Ethereum increasing its transaction speed and implementing a supply limit will resolve the two counter-arguments used against ETH.”
This, according to Mr Ehrlich, give it greater “potential to take bitcoin’s spot as the top cryptocurrency”.
As things stand, ETH is currently “over 40 percent of the way there”.
This information doesn’t solicit financial advice, and you should be aware of the risks involved in cryptocurrency investment before putting money into digital coins.
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