Ethereum, the second-largest cryptocurrency by market capitalization, has long been considered Bitcoin’s closest competitor. While Bitcoin’s dominance still overshadows Ethereum, crypto investors often speculate about ETH’s potential growth if it chases the total BTC market cap. But is it possible?
Ethereum Price Projection if it Matches Bitcoin’s Market Cap
As of September 29th, the ETH price trades at $2643 and holds a market cap of $318.2 Million. Although it has significant value and widespread utility in decentralized Finance (DeFi), NFTs and the ETH’s market cap is considerably lower than Bitcoin, which currently stands at $1.298 trillion.
However, with the transition to Proof-of-stake, increasing institutional adoption, and substantial inflow to ETH ETFs, the Ethereum price is anticipated to accelerate recovery, making it a prime candidate to challenge Bitcoin’s market dominance someday.
If Ethereum were to match BTC’s market cap of $1.298 Trillion, the native cryptocurrency ETH would witness a dramatic rise. Considering Ethereum’s circulating supply of 120,366,230 ETH, the $1.298T target market cap would push the Ether value to approximately $10,785.
The potential surge indicates a 309% hike from the current trading price of $2643.
Vitalik Buterin Outlines Key Principles to Drive Ethereum’s Growth
Vitalik Buterin, the co-founder of Ethereum, has recently outlined a set of guiding principles to ensure alignment within the Ethereum ecosystem. His proposals emphasize open-source development, open standards, and prioritizing decentralization and security. He also highlighted the need for collaboration and alignment toward Ethereum’s goals and the broader global blockchain community.
My ideal goal here is to see more entities like L2beat emerging to track how well individual projects are meeting the above criteria, Buterin added in his blog.
These developments, once implemented, would further enhance Ethereum’s appeal in the crypto space, bolstering its potential to match Bitcoin’s Market Cap.
ETH Price is 20% From Major Support Test
Along with most major altcoins, Ether price showcased a notable correction since late May 2024. The bearish turnaround plunged the asset from $3974 to $2649, accounting for a 33% loss.
If the selling pressure mounts, the Ethereum price prediction hints a 18.7% drop before retesting the major support trendline intact on June 22. Historically a potential reversal from this dynamic support has doubled the altcoin value, indicating a key accumulation zone.
Conclusion:
Ethereum has the potential to match Bitcoin’s market cap due to its active expansion in the Defi ecosystem and increasing intentional investment. If ETH’s market cap reached $1.298 Trillion, the coin value would rise to approximately $10,785.
Frequently Asked Questions (FAQs)
If Ethereum matched Bitcoin’s market cap of $1.298 trillion, the price of ETH would rise to approximately $10,785
If selling pressure continues, Ethereum is 18.7% away from retesting its major support trendline established on June 22.
Ethereum’s price growth could be driven by factors such as the transition to Proof-of-Stake, increased institutional adoption, inflows into ETH ETFs, and the overall expansion of its utility in DeFi and NFTs.
Sahil Mahadik
Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source: https://coingape.com/markets/here-ethereum-price-captures-total-bitcoin-market-cap/
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