Ethereum ‘most undervalued’ cryptocurrency says trader
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Ethereum is one of the biggest digital currencies out there, second only to bitcoin. ETH has long been hailed to be the next big thing in cryptocurrency, with one leaked report from banking giant Goldman Sachs suggesting it will soon overtake bitcoin to become the dominant figure in the market. The price of ethereum right now stands at £1,587.95, up 2.28 percent in the last 24 hours and with a market cap of £185.52billion, according to Coin Desk at the time of writing on July 25.
And according to one expert, ethereum could just keep growing and growing as the years go on.
CEO and co-founder of Voyager Digital, Steve Ehrlich told Express.co.uk: “There is significant long term value of ethereum as its use-cases include banking, real estate, finance, collectibles and more.
“Given its increasing functionality, ethereum will continue to grow exponentially and has promising upsides in the next two to five years.”
Mr Ehrlich isn’t the only one who’s tipping ethereum for big growth in the next few years.
ETH price prediction: Ethereum will ‘grow exponentially’ as coin has ‘significant long term value’ (Image: Getty)
ETH could soon overtake bitcoin as the dominant currency (Image: Getty)
One cryptocurrency experts panel has predicted the value of ethereum could surge more than 150 percent to $4,596, with the ETH coin being worth $17,810 (£12,954) by the year 2025.
The figure comes from the average forecast of 27 out of 42 experts Finder surveyed that gave value predictions for the coin.
While the experts believe the price of ETH will more than double by 2022, they believe December 2025 will see it worth more than $17,800 (£12,946)
Projecting ahead even further, the crypto experts panel think ETH will skyrocket to $71,700 (£52,156) by 2030.
Elon Musk was partly the reason ETH saw a 10 percent spike this week (Image: Getty)
However, the high price point of 2030 ETH is skewed by one trader’s view that the coin will trade at $1million (£782,216.47) in the next nine years.
This price prediction was made earlier this year by former Goldman Sachs executive Raoul Paul, who based on Metcalfe’s Law saw ETH hit $20,000 (£14,547) in the last cycle.
ETH’s value heading for the stars is reiterated by Grant Whitlock, head of trading at UK based digital asset broker GlobalBlock.
Mr Whitlock told Express.co.uk: “ETH, the native token on the ethereum blockchain, has seen a 10 percent increase this week.
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Ethereum is likely to soar in value within the next 10 years (Image: Getty)
“This stemmed from excitement in the whole crypto market around the bitcoin remote even on Wednesday.
“Elon Musk commented that he only holds three significant investments outside of Tesla and Space X – bitcoin, ETH and DOGE.”
Mr Whitlock said the “fundamentals” of the ethereum coin are “very strong”.
Discussing his own predictions for the crypto, he explained: “My long term view on ETH is bullish and we eagerly await ethereum 2.0.
“If that reduces the transaction fees as expected then I am anticipating it reaching a billion-dollar market cap in the next five years.
“This will give a price of approximately $9,000 per ETH.”
Mr Ehrlich agreed that the ethereum upgrade will significantly improve its infrastructure, by “accelerating the speed of ETH transactions, reduce transaction fees and burn its circulating supply as a part of processing transactions”, likely boosting its value.
He said: “This is a major milestone for the second-largest crypto asset as it continues its migration from proof-of-work to proof-of-stake.
“Ethereum increasing its transaction speed and implementing a supply burn will resolve the two most common counter-arguments used against ETH, giving it the potential to de-couple from bitcoin’s price actions.”