2024-03-27 15:25:00
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Bitcoin is on everyone’s lips with its price rally and the upcoming halving on the crypto market. However, according to the experts at Standard Chartered, the development of Ethereum should by no means be underestimated.
• Standard Chartered: Ethereum could rise to $14,000 in 2025
• Experts bullish on Ethereum
• Spot ETF approval likely in May
Experts bullish on Bitcoin after ETF approval
The US regulator SEC approved the first Bitcoin spot ETFs in January this year. Things have been going up for Bitcoin since then. In the following weeks it was able to reach some new highs. It last set its new record in mid-March at $73,750. But the Bitcoin rally is not over at this point. CryptoQuant CEO Ki Young Ju last stated in February that he expected Bitcoin to continue rising to $104,000 this year. And other Bitcoin bulls also expect a further increase.
If you go by the forecasts from VanEck and ARK Invest, Bitcoin has even more potential. While the asset management company VanEck assumes that Bitcoin will rise to 350,000 US dollars in the medium term, ARK Invest even expects a staggering increase to over 1.3 million US dollars.
But it’s not just the approval of Bitcoin ETFs that influences the price of digital gold. According to experts, the Bitcoin halving expected in April is also likely to have a positive effect on the Bitcoin price.
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Standard Chartered: Ethereum could break $14,000
However, the British bank Standard Chartered is not only bullish on the original cryptocurrency. According to analysts, the second largest cryptocurrency Ethereum is also likely to fly to the moon, as Decrypt reports. In a Monday report, the bank said Ethereum could likely hit $8,000 by the end of this year and could even rise to $14,000 by 2025 – assuming Ethereum spot ETFs are approved, specifies Geoffrey Kendrick, head of forex. and the company’s crypto research. Ethereum is currently trading at a price of $3,563.18 (as of March 26, 2024).
A number of well-known fund managers have filed applications with the SEC seeking approval for Ethereum ETFs. These financial products are intended to give traditional investors access to cryptocurrency through exchange-traded stocks.
In his note, Kendrick notes that the bank expects the ETFs to receive a green light from the SEC by the summer.
“Ethereum is currently between two significant events that we believe could drive the price higher,” Kendrick added. “It has recently undergone a structurally important modernization and US regulatory approval for ETH ETFs is expected in May.”
Kendrick also speculated that the network’s recent Dencun upgrade could be a reason for Ethereum’s rapid rise. The network behind the second largest cryptocurrency was only updated last week. Developers claim that this improvement will significantly reduce transaction fees on the blockchain.
Kendrick added that the upgrade and the associated lower costs would make the Ethereum network “more competitive.”
In another research note obtained by Decrypt, the British bank said it expects Bitcoin to reach $150,000 per coin by the end of this year, but only if the newly approved ETFs remain popular.
Ethereum: New crypto darling?
According to CoinDesk, Bernstein recently stated in a research report that it may be time to shift focus to the second-largest cryptocurrency after Bitcoin. Experts believe Ethereum is “probably the only other digital asset that could receive spot ETF approval from the SEC.”
Analysts Gautam Chhugani and Mahika Sapra emphasize that Ethereum is well-positioned to gain mainstream institutional acceptance with its growth momentum, eco-friendly design and institutional utility for building new financial markets.
Editorial team finanzen.net
This text is for informational purposes only and does not constitute an investment recommendation. finanzen.net GmbH excludes any claims for recourse.
Image source: Wit Olszewski / Shutterstock.com, Wit Olszewski / Shutterstock
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