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The recent meteoric rise of Ethereum is no joke. Gone are the days when only Bitcoin ruled the crypto industry. Even though Bitcoin remains the undisputed king coin, Ethereum is not far away. Despite the market’s overall decline, all eyes are now on the two digital properties.
With Bitcoin dominating at 45 percent, ETH has grown to 17 percent. The decline in BTC domination suggests the prospect of another alt season. With speculation about an alt rally gaining traction, all eyes are on ETH, the leading altcoin.
Although several traders have shared different price forecasts for the cryptocurrency, with the most optimistic being the $10,000 point, this seasoned investor has set a price target of $19,970.
In a recent interview, Lark Davis (popular crypto analyst) discussed his take on ETH. After it breached its ATH of $4,313 recently, the asset suffered few corrections, trading at $2,568 at the time of writing.
To provide technical support for his forecast, he also presented various reasons that support his hypothesis that ETH would increase by 473 percent.
The Ethereum Hype
Without a question, ETH has received a lot of interest from traders and investors. This is shown by the recent increase in demand in the altcoin.
Ethereum surpassed Bitcoin in terms of spot volume.
Although Bitcoin still remains the king coin, the analyst stated:
“The difference between Ethereum and Bitcoin in spot volume went negative this week for the first time. A lot of this was not just driven by retail interest, but the institutional interest of its ecosystem, staking reward, risk-reward, and deflationary mechanism.”
Various developments, such as EIP 1559, further added to its increase in interest.
On the topic of ‘triple halving’ effect on the alt, he added:
“Triple halving set to take place in a few months… (it) will be a catalyst to send the price to the moon. Ethereum will have its average annual issuance rate lower than Bitcoin in an event that will reduce the 4.5 percent issuance to about 0.5 percent in a 90 percent reduction. This will be equivalent to three Bitcoin havings.”
— Eric Balchunas (@EricBalchunas) May 7, 2021
Davis also stated:
“Gold ETF caused a 473 percent price surge to send its market cap from two trillion to ten trillion in eight years. A similar impact based on the same percentage will imply $19,970 for ETH and $269,000 for Bitcoin.”