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Quantative Analyst Says Ethereum Could Hit $10,000 This Market Cycle

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Ethereum is actually outperforming Bitcoin in 2020. The price of the leading cryptocurrency is up to $460 as of this article’s writing, but peaked at even higher levels in the summer.

Even after this rally, the coin remains far below its all-time high price of $1,450, set in the peak of the bubble in early 2018.

Analysts think that Ethereum could surge past that all-time high in this cycle, though.

Ethereum Has Room to Rally, Says Quant Analyst

One crypto-asset quantitative analysis, with a PhD in engineering, recently stated that he thinks the cryptocurrency could move toward $10,000 in the following market cycle. Referencing the chart below, which depicts this scenario playing out over the next three to four years, the analyst stated:

“If $ETH continues on in this manner and is in fact one market cycle behind #BTC, then we make peak at approximately 1,000% above the fair value in a few years. If this happens in say, 2023, then this could put a theoretical peak just shy of a modest $10k per #ETH.”

Chart of ETH's price action since it began trading with an anaylsis by crypto trader Into the Crypto Verse (same handle as name on Twitter).

Not the Only One That Thinks So

Chris Burniske is another prominent bull on Ethereum. While he doesn’t exactly expect a rally to $10,000, he does expect a move toward $5,000 and potentially beyond in this upcoming cycle.

Commenting on how Bitcoin could actually under pace ETH this cycle, the partner at Placeholder Capital commented:

“Meanwhile, to the mainstream $ETH will be the new kid on the block — expect a frenzy to go with that realization. Given $ETH’s outperformance of $BTC over its lifetime (chart below again), not to mention smaller network value and strong on-chain economies, I see every reason for $ETHBTC to surpass ATHs.”

Burniske did note, though, that the cryptocurrency will face competition from other smart contract chains:

“Meanwhile, to the mainstream $ETH will be the new kid on the block — expect a frenzy to go with that realization. Given $ETH’s outperformance of $BTC over its lifetime (chart below again), not to mention smaller network value and strong on-chain economies, I see every reason for $ETHBTC to surpass ATHs. Ethereum’s #DeFi boom, and the current #NFT craze, are fueling the need for other SC protocols to take some of the load. As much as high gas fees signal the value of Ethereum, they also signal the need for things other than Ethereum. Layer-2s + 2.0 won’t fix this entirely.”

He doesn’t think that this will seriously hamper the growth of Ethereum, though.

Featured Image from Shutterstock
Price tags: ethusd, ethbtc
Charts from TradingView.com
Quantative Analyst Says Ethereum Could Hit $10,000 This Market Cycle



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Ethereum

Germany commemorates Euro 2020 soccer team with NFTs

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The German Football Association (DFB) has officially announced the debut of national soccer team nonfungbile tokens (NFTs) in partnership with a major blockchain-based fantasy soccer game provider Sorare.

As part of an official license agreement, the DFB will create digital collectible cards on the Ethereum blockchain of 18 players on the German national team through Sorare’s platform. According to an announcement from Sorare, the cards will be available for use in Sorare’s Global Fantasy Football game for the Euro 2020 soccer championship.

By issuing player NFT cards on Sorare’s platform, the DFB aims to find new revenue streams as well as provide more fan engagement opportunities, particularly as COVID-19-related restrictions have resulted in limited game attendance in recent months. 

Related: Crypto fan tokens a mixed bag for game-deprived soccer fans

“Especially in the Corona pandemic, digital offers were and are the only way to enter into direct exchange with our fans. But even though the Corona crisis will hopefully soon be over, we want to continue to use the possibilities of digitalization much more intensively, also with our partners, and offer our fans new interactive opportunities,”  said Holger Blask, the DFB’s managing director of marketing and sales.

Founded in 2018, Sorare is a global fantasy football game that allows users to play with officially licensed digital cards featuring 140 football clubs including Liverpool, Real Madrid, Bayern Munich, Juventus and PSG. Last week, the French Football Federation launched its own series of player NFTs prior to the team’s match against Germany.