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Home»Altcoins»Can Ethereum [ETH] Reach $8,000 before you reach $35,000?
Altcoins

Can Ethereum [ETH] Reach $8,000 before you reach $35,000?

2023-10-12No Comments3 Mins Read
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  • Standard Chartered has predicted a 400% increase in ETH’s three-year performance
  • Achieving this projection would depend on several factors within the Ethereum blockchain

Standard Chartered took a break Bitcoin [BTC] predictions and focused on Ethereum [ETH] recently. Thereby it noted that the altcoin king could reach $8,000 by 2026. Here, the expected price represents a 400% increase in the current value of ETH.


Is your portfolio green? Check the Ethereum profit calculator


Great potential for ETH

According to the details shared from Business Insider, the financial institution gave reasons for its prediction. Geoff Kendrick, head of FX and Digital Assets Research at the company, noted that ETH could have a higher price then BTC. He said,

“We think the higher path for ETH prices may take longer than for BTC, but we see ETH eventually reaching a higher price multiple than BTC from current levels (5.0x vs. 3.5x).”

Earlier, Kendrick had led a Standard Chartered report predicting a price of $120,000 per Bitcoin by 2024. But this time, the report shared a longer-term projection for ETH, saying it could move between $26,000 and $35,000 at some point.

To make the $8,000 forecast possible, ETH’s market cap must reach $744 billion. According to Kendrick, incremental improvement in the Ethereum blockchain would be critical to the expected price action.

He further gave examples such as thanks hardening, blockchain gaming and Real World Assets (RWA) tokenization as some of the sectors were expected to drive growth.

Proto-dankharding, as proposed by Ethereum, is a way for rollups on the blockchain to add cheaper data to blocks. According to Standard Chartered, the implementation could driving force an increase in the number of transactions and lower transaction costs, positively affecting the price of ETH. He added,

“This should help cement ETH’s dominance in the smart contracts space, increasing its price-to-earnings ratio (if not earnings) in the coming years.”

RWAs are also critical

There has been some development in the field of RWAs in the form of projects like MakerDAO [MKR] adopt the approach. According to Dune Analyticsthere has also been an increase in RWA ERC-20 tokens.

See also  Crypto Bear Calls for Huge Drops in Bitcoin (BTC) and Ethereum (ETH) Plus Altcoin Capitulation

Examples of these tokens include GFI, FACTR and ONDO. Additionally, there are approximately 44,700 RWA token holders, and more than 25,000 of this number have joined in the last 365 days.

Holders of RWA crypto assets

Source: Dune Analytics

If the number of holders continues to rise, ETH adoption will likely follow. This is also a suitable reason for greater accumulation and an increase in the value of the coin. Kendrick commented:

“The obvious initial benefit of tokenization is that it allows fractional ownership of otherwise lumpy or illiquid investments (e.g. real estate) at low cost; the costs associated with tokenization are very low compared to other fractional ownership models, such as IPOs.”


Realistic or not, here it is The market cap of ETH in BTC terms


At the time of writing, weighted sentiment around Ethereum had improved to 0.454. Weighted sentiment takes into account the unique social volume related to the perception the market has towards a project.

Thus, the fact that the measure is in the positive zone implies that market players have a bullish sentiment towards ETH, even in the short term.

Ethereum-weighted sentiment

Source: Santiment

Source link

ETH Ethereum Reach
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