Steno predicts Bitcoin will hit $150,000 and Ethereum $8,000, paving the way for an altcoin season in 2025.
We expect 2025 to be the best year ever for the cryptocurrency market, with Bitcoin's value soaring.
Bitcoin
Low indicators
$96,734
The ether
Ethereum
Low indicators
$3,449.84
U.S. stocks hit all-time highs, among other potential "notable positive developments," Steno Research said in a research note.
Steno Research expects Bitcoin and Ethereum spot prices to surpass $150,000 and $8,000, respectively, and analysts are “increasingly optimistic about the upcoming altcoin season,” according to a research note in December.
The bullish BTC and ETH price forecasts reflect “an unprecedentedly favorable regulatory environment for cryptocurrencies, a supportive macroeconomic climate characterized by low interest rates and improved liquidity, and historically strong performance following the Bitcoin halving,” according to the report.
“Moreover, institutional adoption is expected to reach unprecedented levels, supported by large inflows into Bitcoin and Ethereum ETFs in the US.”
Steno expects Bitcoin and Ethereum ETFs to see net inflows of $48 billion and $28.5 billion, respectively, in 2025.
Source: Steno Research
Related: Grayscale Adds AI Launchpads, Solana DeFi Apps to Top Tokens in Q1 2025
altcoin season
Steno said that Ethereum is poised to perform particularly well in 2025, significantly outperforming Bitcoin. In 2025, Steno expects the Ethereum/Bitcoin ratio to reach “at least 0.06.” That’s nearly double the current level of around 0.035, according to TradingView.
This will lead to a broader season for alternative cryptocurrencies — or “altcoins” — in 2025, with Bitcoin’s dominance falling from its current levels of around 57% to around 45%, according to the report.
The Bitcoin Dominance metric measures the percentage of BTC in the total cryptocurrency market cap.
Steno's prediction is based in part on the argument that a Donald Trump presidency is more favorable for altcoins than Bitcoin.
Steno said the Trump presidency “encourages more robust on-chain activity, which benefits altcoins like Ethereum and Solana greatly.”
The total value locked (TVL) in decentralized applications is expected to exceed $300 billion in 2025, far exceeding its 2021 high of around $180 billion, according to the report.
Total value locked on DeFi protocols is expected to reach $300 billion. Source: Steno Research
Trump Pump
Others, including asset manager Grayscale, are similarly bullish. In December, Grayscale added several decentralized finance (DeFi) applications, including two on Solana, to its list of the top 20 tokens to watch in Q1 2025.
Grayscale cited the warm U.S. political environment as a key factor. Trump has promised to appoint pro-industry leaders to key regulatory bodies and make the U.S. the “crypto capital of the world.”
“In the US, with Trump winning, I am very optimistic about the US becoming a global leader in this space by the end of the year,” Raj Brahmbhatt, CEO of Web3 settlement company Zeebu, told Cointelegraph in December.
