Ethereum (ETH) recorded its largest three-day gain of 2024, as it surged 21% after Trump won the U.S. presidential elections.
Despite institutions actively accumulating Bitcoin through spot Bitcoin ETFs, sentiment towards Ethereum has been mixed. However, the recent surge in ETH prices has attracted the interest of ‘smart money’, with a net inflow of $132 million into Ethereum ETFs between November 6 and 7.
As the broader market is riding high in waves of optimism driven by the most anticipated Trump win and a 25 bps Fed rate cut, Standard Chartered has made a bold new forecast. In a recent forecast, it has stated that Ethereum is poised to hit $10,000 shortly, which has sparked optimism in the market. The report also noted that apart from Ethereum, Bitcoin is also moving towards a strong bull run to potentially reach the $200K level.
Standard Chartered Foresees Ethereum Price To Hit $10,000
Standard Chartered also foresees a 4 fold surge in the overall crypto market by the US mid-term elections in late 2026. Notably, the current market cap is
According to a recent report, Standard Chartered predicts a 4X surge in the overall crypto market cap by the US mid-term elections in late 2026. The current market cap could soon approach the $2.5 trillion mark. If the British bank’s prediction comes true, it could potentially hit the massive $10 trillion level by that time.
Additionally, the bank also restated its previous target for Ethereum at $10,000. The firm said that the second-largest crypto by market cap could break through the level soon after 2025 ends.
But what could drive such a massive rally for the assets?
Standard Chartered’s Head of Research, Geoffrey Kendrick noted several factors for the bullish prediction like the recent Trump victory and the expected ease in crypto regulations. He expressed that Trump’s presidency is likely to drive the adoption of crypto-friendly policies, that could drive the adoption of digital assets higher in the near term.
As Trump had promised in his campaigns that he would fire SEC Chair Gensler on his first day in the office, there are speculations going on that Gensler could soon exit the office this year. Under a changed SEC leadership and ease in the regulatory landscape, the firm expects the SEC to take a soft stance towards crypto under Trump’s administration.
A well-known crypto market expert Ali Martinez also noted in a recent X post that Ether hitting $3,000 is “just the beginning” of its bull run. Earlier he had noted that ETH could mirror a similar trend as S&P 500, and could hit $10K in the days to come.
What’s in store for Bitcoin?
Alongside Ether’s reaching the $10K level, the firm also predicts Bitcoin to hit the $200K. The report noted that Bitcoin and top altcoins like Solana, and ETH, among others, are likely to benefit the most under the new administration.
Standard Chartered also considers the possibility of the US implementing Bitcoin as a strategic reserve for the nation, which could accelerate its growth. However, it also underscored the probability of such a development is very low.
BTC is currently trading at $76,480, up over 0.3% in the last 24 hours. ETH showed notable surge as it crossed the $3,000 mark today, with its trading volume at $32.76 billion. It is currently trading at $3050.64, up over 3% in the last 24 hours.
