Ethereum (ETH) Price May Hit $8,000: Banking Giant Standard Chartered

Ether, the native cryptocurrency of the Ethereum blockchain, could potentially surge to $8,000 within the next two years, according to a recent projection by global banking titan Standard Chartered. This optimistic view is anchored in Ethereum's growing role in smart contracts, gaming and the tokenization of traditional assets. Geoff Kendrick, StanChart Head of FX Research, also hinted at a more ambitious long-term structural valuation ranging from $26,000 to $35,000 by 2040, supported by emerging real-world use cases.

Not everyone is bullish

Despite Standard Chartered's bullish outlook, other industry voices hold a more cautious perspective on Ethereum. 

Notably, after the Shanghai upgrade in April, daily transactions on the Ethereum network experienced a 12% decline, as reported by JPMorgan Chase. Analysts at the bank, spearheaded by Nikolaos Panigirtzoglou, expressed concerns regarding the platform's dwindling network activity. 

Related

Wed, 10/11/2023 - 10:10

SEC Gains Major Support in Coinbase Legal Brawl

Godfrey Benjamin

Daily active addresses experienced a massive 20% decrease. Moreover, the total value locked on the Ethereum network plunged by 8%. 

Furthermore, the launch of nine Ether futures ETFs showed lackluster performance, pushing K33 Research analysts to advocate for a shift back to Bitcoin.

Ethereum's declining market share 

As Ethereum faces challenges, Bitcoin's market dominance is on an upward trajectory. The market share of the top cryptocurrency is now inching close to 50%, according to CoinGecko data. 

Over the past week, Bitcoin has seen a less sharp decline of 1.7% compared to Ethereum's 4.6%.

Adding to this, Bitcoin's market share recently reached a three-month high, further emphasizing the flagship cryptocurrency's rising dominance in the space, even as altcoins underperform.