Ethereum (ETH), the second-largest cryptocurrency by market capitalization, has long been speculated as a potential competitor to Bitcoin (BTC).
If Ethereum were to match Bitcoin‘s current market cap of $1.3 trillion, its price would likely surge by 309%, reaching approximately $10,785 per ETH.
As of September 29, Ethereum is trading at $2,656.96, with a market cap of $319.8 billion. This potential increase has raised investor interest in Ethereum’s long-term growth, especially in light of key principles outlined by its co-founder Vitalik Buterin for the platform’s future.
Ethereum Price Projection if Market Cap Matches Bitcoin
Ethereum’s current market capitalization pales in comparison to Bitcoin’s $1.298 trillion. While Ethereum has significant utility in decentralized finance (DeFi) and non-fungible tokens (NFTs), it is still far behind Bitcoin’s dominance.
If Ethereum were to match Bitcoin’s market cap, the value of its 120.3 million circulating supply would rise significantly. A simple calculation based on this supply suggests that ETH would trade at around $10,785, marking a dramatic 309% increase from the current price of $2,656.96.
This potential growth is fueled by Ethereum’s transition to a Proof-of-Stake (PoS) consensus mechanism, which has drawn attention from institutional investors and spurred the launch of Ethereum ETFs. These developments, combined with Ethereum’s broad use in DeFi and NFTs, place it in a prime position for significant future market growth.
Vitalik Buterin’s Vision for Ethereum Growth
Ethereum’s co-founder, Vitalik Buterin, recently outlined key principles that are expected to guide Ethereum’s evolution. These principles emphasise open-source development, open standards, decentralization, and security.
According to Buterin, collaboration within the Ethereum ecosystem and the broader blockchain community will be critical for its future success.
Making Ethereum alignment legiblehttps://t.co/Ydwox0c01i
— vitalik.eth (@VitalikButerin) September 28, 2024
Buterin also mentioned the need to track how individual projects align with these principles. He cited L2beat, a website tracking Ethereum layer 2 projects, as an example of how to measure adherence to these goals. These guiding principles are expected to further Ethereum’s potential as a leading platform in the blockchain industry and help it compete with Bitcoin’s dominance.
Ether’s Recent Price Movement and Future Potential
Since May 2024 Ether has decreased by 33% moving from $3.974 to $2.649. The situation indicates that a recovery may be likely. A low has been reached and the price is now in a steady stage that points towards an upcoming trend shift.
The MACD indicator indicates a bullish trend as the MACD line rises above the signal line.
Source: TradingView
Sitting at 57.79 the RSI is just above the neutral zone which shows that Ether is neither overbought nor oversold providing opportunities for growth when purchasing interest rises.
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