Over the last week, Ethereum (ETH) has been consistent and gained 5% daily. While outperforming Bitcoin, ETH reached a new all-time high of $2,955.07 in the past 24 hours.
It was the popularity and success of DeFi platforms and other Ethereum-powered applications and its use cases that is still driving ETH’s surge as institutional investors gain more exposure to ETH. Furthermore, the announcement that the European Union thru its investment bank started selling ‘Euro bonds’, also put some oil on the fire. These bonds are directly registered on the Ethereum blockchain.
There are currently no signs that ETH will stop below the $3,000 mark as momentum is expected to continue for some time in May.
10 Reasons why
Miami, Florida based market analyst ‘Spencer Noon’ shared his top-ten reasons why Ethereum will hit $10,000 by the end of 2021.
1.There is currently a huge demand for the ETH block space. The Ethereum blockchain is overshadowing with average daily fees of $18 billion.
2.$30.5 billion worth of value is settled on the Ethereum blockchain network every day. This is double the value of Bitcoin and over 12 times the value of PayPal’s daily settlements of $2.5 billion.
3.Ethereum currently has an all-time high of 625k daily active addresses. This number continues to grow.
4.With the explosive growth of DeFi this year, Ethereum is slowly emerging as an institutional-grade technology. There is roughly $65 billion locked in DeFi, with the majority of DeFi projects running on Ethereum.
5.The Ethereum blockchain has over $50 billion in outstanding stablecoin supply. Furthermore, there are 500k daily unique senders and $20 billion being exchanged
6.The monthly Ethereum-based DEX volume has jumped 60x in the last year, totalling over $60 billion.
7.Ethereum is becoming an economic vacuum for all assets, including Bitcoin. More than 200k BTC ($11.2B) are now represented on Ethereum in various forms.
8.NFT sales on Ethereum have skyrocketed to over $600 million.
9.Ethereum-based Polygon network is processing $1 million transactions each day. It has also onboarded some of the biggest DeFi projects like Aave. This disproves the “Ethereum can’t scale” narrative.
10.Finally, in less than three months the Ethereum network will see an EIP-1559 upgrade that will likely result in hundreds of millions worth of ETH being burned each year. Burning decreases supply and can be regarded a massive catalyst for ETH value and its overall fundamental investment case.
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