Ethereum, the second largest cryptocurrency by market capitalization, has long been considered Bitcoin’s closest competitor. While Bitcoin’s dominance still eclipses Ethereum, crypto investors often speculate on ETH’s potential growth if it tracks BTC’s total market cap. But is it possible?
Ethereum price projection if it matches Bitcoin market cap
As of September 29, the ETH price is trading at $2643 and has a market cap of $318.2 million. While it has significant value and widespread utility in decentralized finance (DeFi), NFTs and ETH’s market cap is considerably smaller than Bitcoin, which currently stands at $1.298 trillion.
However, with the move to Proof-of-stake, increasing institutional adoption and substantial inflows into ETH ETFs, the price of Ethereum is anticipated to accelerate its recovery, making it a prime candidate to one day challenge Bitcoin’s dominance on the market.
If Ethereum were to equal BTC’s market cap of $1.298 trillion, the native cryptocurrency ETH would witness a dramatic rise. Given Ethereum’s circulating supply of 120,366,230 ETH, the target market cap of $1.298M would push Ether’s value to around $10,785.
The upside potential indicates a 309% upside from the current trading price of $2643.
Vitalik Buterin outlines key principles to drive Ethereum growth
Ethereum co-founder Vitalik Buterin recently outlined a set of guiding principles to ensure alignment within the Ethereum ecosystem. Its proposals emphasize open-source development, open standards, and prioritizing decentralization and security. He also emphasized the need for collaboration and alignment with the goals of Ethereum and the broader global blockchain community.
My ideal goal here is to see more entities like L2beat being developed to track how well individual projects meet the above criteria, Buterin added on his blog.
These developments, once implemented, would further enhance Ethereum’s appeal in the crypto space, increasing its potential to match Bitcoin’s Market Cap.
ETH price is 20% test of major support
Along with most major altcoins, the price of Ether has seen a notable correction since the end of May 2024. The bearish revolution dropped the asset from $3974 to $2649, representing a loss of 33%.
If the selling pressure increases, the Ethereum price prediction suggests an 18.7% decline before retesting the major support trendline on June 22 intact. Historically, a potential reversal of this dynamic support has doubled the altcoin’s value, indicating a key area of ​​accumulation.
Conclusion:
Ethereum has the potential to match Bitcoin’s market cap due to its active expansion in the Defi ecosystem and increased intentional investment. If ETH’s market cap were to reach $1.298 trillion, the coin’s value would rise to around $10,785.
Frequently Asked Questions (FAQs)
If Ethereum were to match Bitcoin’s market cap of $1.298 trillion, the price of ETH would rise to around $10,785
If the selling pressure continues, Ethereum is 18.7% away from retesting the major support trendline established on June 22.
Ethereum price growth could be driven by factors such as the transition to Proof-of-Stake, increased institutional adoption, inflows into ETH ETFs, and the general expansion of its utility in DeFi and NFT.
Sahil Mahadik
Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a good understanding of technical analysis, he keeps a watchful eye on the daily movements of asset prices and leading indices. Attracted by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading.
Disclaimer: The content presented may include the author’s personal opinion and is subject to market conditions. Do some market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.
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