Ethereum
Ethereum on track for $22,000 by 2030, confirms VanEck
Ethereum [ETH], often considered the silver to Bitcoin gold in the cryptocurrency space, is not only captivating tech enthusiasts but also attracting keen interest from financial institutions. A recent forecast from global asset manager VanEck predicts that the price of Ethereum could skyrocket to $22,000 by 2030. This is still sparking significant discussion within the crypto community and beyond .
We increased our 2030 ETH price target to $22,000, influenced by Ether ETF news, scaling progress, and our reading of on-chain data. Additionally, we analyzed the performance of ETH and BTC in traditional and crypto-only wallets for optimal returns. @Matthew_Sigel @Patrick_Bush_VE…
–VanEck (@vaneck_us) June 5, 2024
VanEck’s optimistic outlook is based on several critical factors. First, the approval of Ethereum exchange traded funds [ETFs] could bring in substantial new capital, increasing demand and pushing up prices. At the same time, continued advancements in scaling are expected to increase network efficiency and capacity. This would make the overall network more attractive for various applications. Finally, VanEck highlights Ethereum’s robust on-chain progress, highlighting its growing adoption and practical use cases.
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Ethereum as “digital oil”
In his report, VanEck makes a strong investment case for Ethereum, calling it “digital oil.” This is due to its essential role in supporting a multitude of decentralized applications. [dApps] and smart contracts. The company says Etehreum’s leading position among smart contract platforms and its growing presence in traditional financial markets pave the way for significant growth in the coming years.
Furthermore, one of the main drivers of ETH’s value is its potential to revolutionize various industries. This includes finance, marketing, infrastructure and artificial intelligence. All of this collectively is estimated to be worth an incredible $15 trillion. VanEck highlights Ethereum’s versatility as an investment asset, calling it “revolutionary.” Additionally, VanEck also highlights Ethereum’s cost-saving advantages over traditional tech giants like Apple and Google.
As Ethereum continues to evolve and expand its ecosystem, VanEck predicts a steady increase in its value. Ultimately, the $22,000 price target by 2030 represents a bold but plausible projection. At press time, the alt coin was trading at $3,858.02 after a daily rise of 1.81%.
Also Read: Can Ethereum ETFs Generate High Demand Like Bitcoin ETFs?