Ethereum could overtake Bitcoin and reach over $ 50,000

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Both bitcoin and ethereum have both risen in recent weeks, with the price of ethereum hitting a new all-time high this week amid a battle for memecoin dominance.

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The price of bitcoin has struggled this week, falling back after hitting all-time highs of around $ 67,000 per bitcoin earlier this month.

Today, a panel of 50 bitcoin, ethereum and cryptocurrency experts predicted that the price of ethereum could exceed $ 5,000 per ether by the end of 2021 and reach over $ 50,000 by 2030 .

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The price of ethereum has overtaken bitcoin in the past year as its crypto-based projects flock to its … [+] blockchain.

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“Ethereum better supports the development of its blockchain and will have a proof-of-stake mining model that is lighter than bitcoin [which] means it can potentially be the backbone of Web 3.0, ”said Daniel Polotsky, founder of ATM crypto operator CoinFlip and a panel member, who predicts that Ethereum’s growth could even outpace that of bitcoin at over the next decade.

Web 3.0, the idea that a decentralized version of the Internet will eventually replace Silicon Valley-centric Web 2.0, has been popularized in recent years, aided by the growth of the crypto and blockchain economy which , according to some, could form the basis.

Late last year, ethereum began its long-awaited shift from bitcoin’s proof of work security and validation model to proof of stake, which many developers hope will make Ethereum more efficient and less power hungry. . However, it is not yet clear how such a change, which is not expected to be completed until 2022, could affect the scalability or profitability of miners, those who secure Ethereum’s blockchain.

The panel of bitcoin, ethereum and cryptocurrency experts, assembled by personal finance comparison site Finder, returned an average Ethereum price forecast of $ 5,114 by the end of 2021, rising by about 20% from its current $ 4,350, to $ 15,364 by 2025, then more than tripling to $ 50,788 by the end of 2030.

The price of ethereum has already risen 1000% from the same time period last year, leaving bitcoin and many other major cryptocurrencies in the dust. Ethereum’s market cap has now passed $ 500 billion for the first time.

Ethereum’s huge rally has been aided by the growth of Decentralized Finance (DeFi), which uses Ethereum’s crypto technology and blockchain to recreate traditional financial services without the need for banks, and the craze for them. Non-fungible tokens (NFTs) which has seen all kinds of digital media and tokenized assets largely on the Ethereum blockchain.

“Ethereum currently hosts an already large but rapidly growing alternative financial system in decentralized finance or DeFi,” said panelist Joshua Fraser, co-founder of the peer-to-peer platform Origin Protocol.

“Ultimately, Ethereum will be one of the main layers of financial settlement in the world. The price of Ethereum will reflect this future reality.”

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The price of ethereum has risen 1000% in the past 12 months, skyrocketing as investors cram into bitcoin … [+] and other cryptocurrencies.

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However, a number of Ethereum rivals have emerged over the past year, including cardano, solana, Binance’s BNB, and polkadot. Some of Finder’s panelists expect these challengers to gain DeFi and NFT market share through the ethereum blockchain.

Some 13% of the panelists predicted that solana would eventually overtake Ethereum as the primary DeFi platform.

“[Ethereum] was not designed for high throughput, and developers know that, whereas other Layer 1 solutions like solana are, ”said CoreLedger AG Managing Director Johannes Schweifer, who believes Ethereum will lose up to 66% of its market share in the coming year. as it struggles to resolve its scalability issues.

“The market will grow rapidly as they mature and they will get the lion’s share of all new business that is not exclusively based on speculation,” added Schweifer.

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