According to analysts from the British multinational Standard Chartered, Ethereum, in addition to Bitcoin, also has a bright future. The bank also expressed striking price targets for the current number two cryptocurrency.
Ethereum to $14,000 in 2025?
A report from the bank on Monday predicted that the second-largest digital asset could reach $8,000 by the end of this year, with a price of $14,000 possible by the end of 2025. However, this depends on whether spot Ethereum exchange-traded funds (ETFs) find approval, according to Geoffrey Kendrick, head of Forex and crypto research at the firm.
Several renowned fund managers have filed documents with the Securities and Exchange Commission (SEC) to launch Ethereum ETFs. These financial products would offer conventional investors access to the cryptocurrency through stocks traded on the exchange.
Kendrick expects the green light by summer
In his comment, Kendrick wrote that the bank expects the SEC to greenlight the ETFs by the summer. He described it as follows:
“Ethereum is currently between two major events that we believe will drive the price higher. It has recently undergone a significant structural upgrade, and we expect US regulatory approval of ETH ETFs in May.”
Kendrick also suggested that the network’s recent Dencun upgrade may have contributed to Ethereum’s rapid rise.
The network behind the second largest cryptocurrency was updated last week. Developers say the improvement will make transaction fees on layer 2 blockchains extremely cheap.
Kendrick noted that the upgrade and lower fees on the Ethereum network make the cryptocurrency “more attractive to competition.”
Bitcoin price can reach $150,000
According to another research report on Monday from Standard Chartered, Bitcoin could reach $150,000 per coin by the end of this year if the newly approved ETFs remain popular.
In January, the U.S. Securities and Exchange Commission approved 11 of these investment vehicles. These ETFs have been extremely popular with investors so far, and the large inflows have significantly increased the price of Bitcoin.
If this trend continues to develop and even more major institutions decide to enter the market through these products, this will be extremely good news for the Bitcoin price. According to the bank, this could allow the coin to reach a value of $150,000.
Source: https://cryptobenelux.com/2024/03/19/standard-chartered-voorspelt-rooskleurige-toekomst-voor-ethereum-en-bitcoin/
