Ethereum can grow more than 10 times because a global crypto community is being created on Ethereum 2.0, experts say after the London hardfork had been implemented.
Unlike bitcoin, which only serves to store and move value, Ethereum was originally created as a platform for smart contracts. Vitalik Buterin has long resisted the use of the ETH token as a cryptocurrency. Bitcoin turned out to be just a successful trial balloon, Ethereum was created as a working global blockchain platform, the Internet for cryptocurrencies.
When it became clear at the beginning of the year that the upgrade to Ethereum 2.0 had been implementing successfully, David Grider, a strategist at Fundstrat Global Advisors LLC, predicted that ETH would grow 7x, from $1,440 to $10.5K. Since then, ETH has already grown more than 2 times.
Greider also stated that Ethereum will replace bitcoin as the leading cryptocurrency. At that time, the capitalization of ETH was about $88 billion, and the capitalization of bitcoin was over $575 billion, that is, 6 times more. Today, the capitalization of Ethereum is only 2.4 times less than the capitalization of BTC. Therefore, new forecasts are becoming bolder.
NewsBTC writer Reynaldo Marquez predicts the price of ETH will rise to $20K- $40K levels. The expert relies not only on technical analysis but also on fundamental factors. After the London hardfork was implemented, the Ethereum platform became much more attractive for launching DeFi projects and issuing NFTs, non-fungible tokens. The DeFi sector alone reached $148 billion in total value locked. The burning of a part of the fees that miners received before the hardfork has a positive effect on the price of ETH too. Over 60 thousand ETH worth over $183.7 million has already been burned.
There are also unexpected consequences of the successful upgrade of the Ethereum blockchain. Jared Birchall, a representative of Elon Musk, invited Vitalik Buterin to take part in the development of Dogecoin (DOGE), Musk’s favorite cryptocurrency. Apparently, the development will follow the path of changing the consensus algorithm from Proof-of-Work to Proof-of-Stake, as is already done in the Ethereum network.
The Dogecoin Foundation has updated its board of advisors. Besides Buterin and Birchell, Dogecoin developers Billy Markus and Max Keller became advisors too. A three-year budget for Dogecoin is about to be constituted. Earlier, Elon Musk, who increased the price of DOGE tenfold with his posts on Twitter, noted that the main problem of this cryptocurrency is that most of DOGE tokens are concentrated on several wallets.
Musk threatened to end support for Dogecoin if the whales don’t sell off their holdings of coins. Apparently, Musk tested how efficient the ETH 2.0 blockchain would become and wanted to do the same with his favorite coin. Analysts believe this confirms the forecast of ETH’s strong growth.
Now Ethereum is being corrected amidst the information about the transferring of large amounts of ETH from exchanges to unknown wallets. Nearly $1 billion in ETH across 15 transactions has been moved for likely long-term storage, according to Whales Alert service.