Lark Davis, a prominent New Zealand-based crypto analyst, recently hinted at a huge 6x price increase for ETH Price from its current value. According to him, the market cap of ETH is growing at an unstoppable rate, and considering the success and development of the Defi business, the bulls seem to be on the side of the second largest coin. ETH has also jumped because of the significantly strong demand from institutional investors.
He believes that a $2 trillion market cap for Ethereum in the future is not so crazy. Apple’s market capitalization is actually just over $2 trillion, or almost $2.1 trillion. So we might see something like Ethereum, which is currently the cryptoverse’s settlement layer, with NFTs, DeFi, and regular settlement, for payments and other purposes. He also believes that this bad boy still has a lot of space to run.
Ethereum Market Cap Poised for Massive Surge
According to CoinMarketCap, Ethereum’s market cap of $2 trillion reflects a roughly 550% increase from its current $309 billion valuation.
Ethereum seems to be reviving and may as well explode in the near future.
This is something to keep in mind because the number of users still has huge exponential growth potential. We’ve also seen the decentralized exchange volume completely fricking explode up 8,500% in the last 12 months, indicating that the Ethereum user base, as well as the actual economy, is rising like crazy because there’s actually stuff you can do on Ethereum.
Speaking of Institutional attention received by ETH, Davis says that major players have shown their interest in ETH including Cathy wood of ark invest.
For the first time, Cathy Wood’s Ark Invest has purchased Ethereum. They purchased 639,000 Ethereum Trust shares from Grayscale. That means Ark Invest has been increasingly interested in Ethereum. They’ve been figuring out what Etheruem’s value propositions are. And this is them putting their money where their mouth is by purchasing Ethereum and gaining direct access to the asset class. This is significant because Cathy Wood’s Ark Invest attracts a lot of publicity for what she buys and invests in, so their entry into Ethereum is significant now.