Top Reasons Why Ethereum (ETH) Price is Set To Hit $10k in Coming Bull Run
The post Top Reasons Why Ethereum (ETH) Price is Set To Hit $10k in Coming Bull Run appeared first on Coinpedia Fintech News
In a recent tweet, renowned crypto trader Altcoin Daily has set the stage for Ethereum’s price to surge to $10,000, citing a confluence of robust fundamentals. The crypto community is excited as Altcoin Daily outlines key factors contributing to this optimistic forecast.
Ethereum price can EASILY hit 10k!
– deflationary
– high yields
– massive dev activity
– P/E ratio of 98 (better than Amazon)
– staking ratio keeps increasing
– no sell pressure from miners anymore
– 99% more energy efficient (than last cycle)
– thriving L2 scene
– EIP4844… pic.twitter.com/M5gDN15cg2
— Altcoin Daily (@AltcoinDailyio) December 19, 2023
Activity Drives Bullish Outlook
Altcoin Daily emphasizes Ethereum’s transition to a deflationary model, enhancing its scarcity and potentially driving demand. Investors are particularly drawn to the high-yield opportunities within the Ethereum ecosystem, signaling a robust financial environment.
The consistent and vibrant development activity on the Ethereum network is recognized as a pivotal factor in its bullish outlook. Perhaps, Altcoin Daily draws attention to Ethereum’s price-to-earnings (P/E) ratio, noting its favorable comparison to tech giant Amazon, suggesting a potential undervaluation.
He further noted that the staking has become a prominent trend within the Ethereum community, with increasing participation reflecting a committed investor base.
Environmental Concerns
However, the reduction of sell pressure from miners is identified as a positive shift, potentially fostering a more stable and upward-trending price trajectory.
While addressing environmental concerns, Altcoin Daily emphasizes Ethereum’s substantial increase in energy efficiency compared to previous cycles, addressing a common criticism associated with cryptocurrency.
The thriving Layer-2 ecosystem on Ethereum signifies scalability solutions, relieving network congestion and providing a smoother experience for users. Anticipation builds around the upcoming EIP-4844 upgrade, expected to bring further improvements to the Ethereum protocol.
SEC Approval and ETF Speculation
He also underscores Ethereum’s recognition as an SEC-approved commodity, similar to Bitcoin, adding an extra layer of legitimacy to its status. The speculation around BlackRock potentially introducing an Ethereum ETF adds another dimension to Ethereum’s positive narrative.
In the eyes of Altcoin Daily, Ethereum reaching $10,000 is not just a speculative outcome rather, it is seen as a practically programmed event based on the culmination of these positive factors. The Ethereum community eagerly awaits how these dynamics will unfold and drive the cryptocurrency to new heights.
Filed under: Bitcoin - @ December 19, 2023 6:21 am