As a seasoned analyst with over two decades of experience in the financial markets, I have witnessed numerous bull and bear cycles, and the cryptocurrency market is no exception. Having closely followed Ethereum since its inception, I find Benjamin Cowen’s analysis intriguing and worth considering.
This year, Ethereum, the world’s second-largest digital currency by market value represented by $ETH, hasn’t met investor expectations as it has struggled compared to Bitcoin. In fact, Ethereum has declined by approximately 35% in value during the last six months.
Despite the introduction of U.S. spot Ether exchange-traded funds (ETFs) in July, the value of this digital currency has persisted in a downtrend.
Over the last month, I’ve seen a 23% drop in the value of my digital asset, and it seems stuck in a bearish market trend. This unexpected decline contrasts with the optimistic expectations many of us had for an uptick following the July launch of Spot Ethereum exchange-traded funds (ETFs).
Although Ethereum’s recent cryptocurrency market performance has been unremarkable, noted analyst Benjamin Cowen asserts that its monthly price charts closely mirror its 2016 trajectory. If this trend persists, Ethereum might conclude September with gains but could experience a decline later in the year, potentially setting it up for a significant surge in 2025.
The monthly price movements of ETH relative to USD are mirroring those from 2016. If this trend persists, it indicates that Ether could be on an upward trajectory in September, followed by a downward trend from October through December. However, looking ahead to 2025, there’s a possibility that Ether will experience a period of growth again.— Benjamin Cowen (@intocryptoverse) August 21, 2024
According to a recent post by Cowen on social media platform X, there could be an increase in the value of Ethereum. This cryptocurrency was priced around $11 back in August 2016, but experienced a significant price rise to $370 in 2017 and reached over $1,360 early in 2018 before the subsequent market downturn.
As a researcher examining the potential growth of Ethereum, if this digital asset were to mirror its extraordinary 12,200% increase observed during 2016, it would soar beyond the $30,000 mark in an unprecedented bull run. This surge would also propel its market capitalization skyward to unimaginable heights.
As a crypto investor, I always keep in mind that previous successes don’t guarantee future profits. The crypto market can be quite erratic, and unexpected occurrences might derail any anticipated price fluctuations.
According to an article from CryptoGlobe, Jamie Coutts, a top crypto analyst at Real Vision, expressed skepticism about the future of real-world asset (RWA) tokenization. Experts on Wall Street predict that between $10 trillion and $30 trillion in traditional assets could be converted to tokenized form within the next ten years. However, Coutts believes these estimates are excessively optimistic.
As an analyst, I propose that if the ongoing 121% annual growth rate over the next two years remains consistent, a more realistic projection would suggest approximately $1.3 trillion in tokenized assets by the year 2030.
Read More
- SOL PREDICTION. SOL cryptocurrency
- UXLINK PREDICTION. UXLINK cryptocurrency
- APE PREDICTION. APE cryptocurrency
- USD RUB PREDICTION
- USD UAH PREDICTION
- USD VND PREDICTION
- ETH PREDICTION. ETH cryptocurrency
- DOT PREDICTION. DOT cryptocurrency
- RAY PREDICTION. RAY cryptocurrency
- PHB PREDICTION. PHB cryptocurrency
2024-09-04 02:00