Standard Chartered predicts Ethereum (ETH) could surge to $8,000 by 2026, influenced by smart contracts and gaming.

Ethereum, known as the world’s second-most popular cryptocurrency, might witness a significant boost in its value in the coming years. Standard Chartered, a leading global bank, recently released insights predicting this potential growth. Here’s a detailed breakdown of their forecast.

ETH Price Prediction

Currently trading at around $1,575, experts at Standard Chartered believe ETH could possibly soar to a staggering $8,000 within the next two years. Such an escalation can be attributed to its growing prominence in blockchain applications, particularly in the domain of “smart contracts.” Beyond that, Ethereum is also making its mark in the gaming sector and in the innovative process of converting traditional assets into digital tokens, known as “tokenization.”

When it comes to gauging the value of cryptocurrencies like Ethereum or its rival, Bitcoin, challenges arise. Unlike traditional assets such as stocks, bonds, or currencies, cryptocurrencies aren’t backed by tangible assets. Consequently, their pricing mainly hinges on investor sentiment, which can be quite volatile.

Standard Chartered Long-Term Prediction

However, it’s not just the near future that Standard Chartered is optimistic about. The bank envisions Ethereum reaching between $26,000 and $35,000 in the distant future. While this may sound ambitious, the bank bases this on potential use cases and revenue streams that have yet to surface. Notably, advancements in the gaming world and the tokenization trend are likely to bolster Ethereum’s prospects.

Geoff Kendrick, the Head of FX Research at Standard Chartered, emphasized that this lofty valuation is a long-term projection, potentially extending to the year 2040. It’s worth noting that Ethereum’s performance this year has been commendable, registering a 30% growth. Yet, it’s still hovering around 70% less than its highest value of roughly $4,869, which it achieved in November 2021.

For those interested in Bitcoin, Standard Chartered’s predictions are equally optimistic. Earlier in July, they projected that Bitcoin, the foremost crypto token, might touch the $50,000 mark this year and could climb to $120,000 by the close of 2024. Presently, Bitcoin’s trading value stands near $27,275.

Read More: Standard Chartered Makes Bold Bitcoin Prediction as Elon Musk Adheres to Bitcoin’s Fundamentals 

While the cryptocurrency market remains unpredictable, financial institutions like Standard Chartered offer a glimpse into a promising future for digital assets like Ethereum.

The post Standard Chartered: ETH to Reach $8,000 By 2026 appeared first on Crypto Academy.

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Filed under: Bitcoin - @ October 11, 2023 8:48 pm