- Ark Invest Projects an Ethereum Market Cap of $20 trillion by 2030.
- Ark Invests bets on disruption of traditional finance to trigger a 7000% Ethereum rally.
- Ark Invest also has a $1 million target per BTC by 2030.
How high can Ethereum go? While there are many projections, Cathie Wood’s prediction is perhaps one of the most bullish on Ethereum.
Cathie Wood, famous for her $500K Bitcoin by 2025 call, believes that Ethereum could have a market capitalization of $20 trillion by 2030. Effectively, this would mean that Ethereum would be trading at $170k to $180k per coin or an increase of 7000% from current prices.
Cathie Wood and other analysts at Ark Invest place their projections on Ethereum’s potential to disrupt the mainstream finance industry. With DeFi already on a growth trajectory, Cathie Wood believes this could set the stage for ETH growth to become a globally adopted currency.
However, it is not just Ethereum that is set to benefit from blockchain’s disruption of the finance industry. Cathie Wood believes that as finance gets on the blockchain, many other decentralized networks will reap big. Ethereum stands to reap the most gains, though.
Cathie is still bullish on Bitcoin, too, just as she was last year. According to a cryptocurrency report by Ark Invest, Bitcoin could test the $1 million a coin mark by 2030. This, the report said, will be driven by the growing adoption of BTC investors expecting it to perform well going into the future.
All these are long-term projections, though. In the short term, cryptocurrencies are bearish, and both Bitcoin and Ethereum are down by double digits from their most recent all-time highs.
The recent dip has seen some analysts tamper their optimism around Bitcoin. For instance, JP Morgan, which had a $150k long-term target for Bitcoin, believes this target may not be met.
JP Morgan believes that the high volatility of the cryptocurrency market may see more institutional players shy away from cryptocurrencies. Cryptocurrencies started 2022 in the red and are yet to show any clear sign of an end to the bear run.
While this has a lot to do with normal market cycles, the hawkish stand of the Federal Reserve has increased the pressure on the cryptocurrency market. However, it is noteworthy that the crypto market is not the only one that has taken a hit from a more hawkish Fed. Tech stocks and other risky assets have taken a big hit too.
As the rates hikes are factored into the market, the markets could stabilize again. Fundamentally, cryptocurrencies like Bitcoin and Ethereum are getting stronger, with adoption hitting new levels despite the price drop.