Blockchain analytics platform Token Terminal has provided insight into the future trajectory of the second largest cryptocurrency by market cap, Ethereum (ETH). Interestingly, they predict that the crypto token could rise as high as $36,800.
When Ethereum Will Hit $36,800
In the research paper released by the platform, Ethereum is billed to hit the $36,800 mark by 2030. However, this prediction is made in the best-case scenario of 2030 being a bull market season. One of the ways in which they analyzed ETH’s future value was with the total Addressable Market analysis.
They looked at the industries already adopting blockchains while forecasting how much of them will move on-chain by 2030. In line with this, they considered the role Ethereum could play in this in terms of tokenization. Token Terminal believes that all assets could be tokenized on the network, playing an integral role in the finance industry.
The finance industry apparently does over $28 trillion in annual revenues at the moment and is growing at a compound annual rate of 7.5%. With this in mind, Token Terminal foresees that the finance industry and Ethereum could form a mutually beneficial relationship. For one, a majority of the liquidity in the industry could become consolidated on the Ethereum network.
Source: Token Terminal
Alongside the prediction of $36,800 in 2030, the blockchain analytics platform projects that Ethereum could also enjoy an 80% market share among Layer 1 networks. The network could reach a monthly revenue of $109,668 in the best-case scenario (dependent on 2030 being a bull year).
Ethereum’s Price In The Next Bull Cycle
Meanwhile, Token Terminal also gave an insight into what Ethereum’s price could look like in the next bull run. According to the platform, the crypto token could rise to as high as $13,000 at the peak of the bull market. From their projection, the Bitcoin Halving is seen as a catalyst that could spark the next cycle.
Source: Token Terminal
The next Bitcoin Halving is expected to take place on April 4, 2024. Based on Token Terminal’s analysis, Ethereum’s price could rise to $2,300 by then. From that moment, ETH is projected to see an increase of over 469% as it surges to over $13,000 at the peak of the next bull cycle.
The future of Ethereum looks really promising based on these forecasts. Above all, Token Terminal expects the network to continue to dominate its competitors in terms of the economic opportunity on it. They predict that new use cases on Ethereum will spur it to “grow exponentially larger” in the coming years.
ETH price reclaims $2,100 | Source: ETHUSD on Tradingview.com
Featured image from The Conversation, chart from Tradingview.com