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A $10,000 Ethereum remains elusive but this might not last for long. Some key indicators are pointing towards a huge price gain soon that could propel Ether towards or even past this key milestone.
No one can predict the future but through evaluation of the past and current market conditions, you can get an idea.
As an investor, your task is not to be accurate but to always have a higher probability of being right. Since its launch in 2014, Ethereum has risen to dominate the cryptocurrencies market.
Ethereum’s past price
2021 has been one of the most successful years for Ethereum. It is the year that Ethereum got to the highest price ever of $4,200 in May. Although the price has undergone a correction since this is a big signal that the price could get even higher in the future.
To put this into perspective, the price at the beginning of the year was $300. Within 5 months. The price has grown by over 10 times or over 1000%. This is a perfect indicator of the potential Ethereum holds. Its price can make huge moves within a very short period.
Ethereum’s current Price
Today, its price is hovering around $3,500. To get to $10,000 Ethereum needs to grow at least 3times or 300%. Based on the past, it is a possibility Ethereum to grow 3 times within a short time.
Growth in price needs support in value and supply elements. The more the value a currency offers, the higher its chances of growing in price and Ethereum is doing just that through;
NFT (Non-Fungible Tokens) Utilization
Ethereum is the leading network in the development and usage of the NFTS. NFT is a concept of tokenizing assets. It rides on the Proof of Ownership capabilities by the Ethereum network.
NFT is facilitating the exchange of digital assets in an easier faster and effective manner. Some of these assets include art. Success in NFT is attracting thousands of buyers and sellers into the industry. In return, this is pushing and supporting Ethereum’s value helping boost its price.
NFT acceptability is growing both by the regulators and the users. It is expected to become even bigger in the future. This success is attracting other players into the niche as Ethereum competitors however, Ethereum has a clear market leadership. A lead it is likely to keep for many years to come.
NFT is a key driver in pushing Ethereum’s price to the $10,000 mark.
Decentralized Finance (DeFI)
DeFI is enabling the decentralization of money and financial services. This is a huge shift from the traditional ways whereby financial services exist in a controlled and centralized way.
DeFI brings openness in managing your money and accessing financial services such as savings, remittance, and lending products. Decentralizing finance is gaining a lot of interest from both investors and financial institutions. Due to this growth, Ethereum claims to be involved with the highest number of DeFI projects than any other time in history,
Continuation in usage and growth of decentralized finance will keep boosting Ethereum’s price into the future.
Hence, DeFI will play a big role in pushing Ethereum’s price to $10,000
After the recent price correction, every signal indicates that Ethereum is at the early stages of a huge bull run. This will highly likely continue into next year (2022) and possibly push its price close to $10,000 if not above it.
It is great to highlight this is just a prediction. Hence, always ensure to do your research before making any investment decision