Standard Chartered Bank has released an intriguing prediction about the future value of Ether, the cryptocurrency linked to the Ethereum platform.
According to Geoffrey Kendrick, the head of forex and crypto research at Standard Chartered Bank, Ether, the native cryptocurrency of the Ethereum blockchain, has the potential to reach an impressive $8,000 by the end of 2026.
Growth is Coming!
Kendrick had a lot to say.
Kendrick highlighted, “We think Ethereum’s strong presence in the smart contract field, together with its rising use in gaming and tokenization, has the potential to push ETH to $8,000 by the end of 2026.”
This would indicate a 5x increase!
Notably, the projected $8,000 price for Ether is just the first step toward the bank’s longer-term valuation of $26,000 to $35,000. However, achieving this long-term value is contingent upon the evolution of Ethereum’s applications and revenue streams, some of which may not have surfaced yet.
Polishing Up the Network
Another significant aspect that Standard Chartered Bank considers is Ethereum’s Layer 2 scaling networks, set to expand due to upcoming technical improvements. These enhancements are expected to lower transaction costs on the Ethereum network, further solidifying its role in the smart contract sector.
Geoffrey Kendrick also highlighted that it’s not only Ether that could witness a boost in value. The forthcoming Bitcoin halving event in April 2024 is expected to have a positive impact on all digital currencies, with Ether, being the second-largest cryptocurrency, set to gain substantially.
Also Read: Bitcoin Halving Hype: Crypto Expert Predicts Bull Run Starting November 21st
Regulation and Spot ETFs
Moreover, the potential implementation of regulations and the introduction of spot exchange-traded funds (ETFs) in the United States, tentatively set for late 2024, are anticipated to bolster Ethereum’s growth and adoption, creating more opportunities for investors.
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