Eth 4k: Ethereum breaks US$4,000, as bulls call for $10k ETH by year-end

Ethereum is now changing hands for more than US$4,000, just a week after it crossed the US$3,000 barrier. Bulls say it has much further to run.

At 2.12pm AEST, Ether was trading at $US4,056 ($5,168), up 4.2 per cent from 24 hours ago — and more than 19-fold from a year ago.

Hodlers were celebrating with memes on Crypto Twitter.

Ethereum Classic was up 5.3 per cent to US$123.44 while Ethereum scaling solution Polygon (MATIC) had gained 16.5 per cent to US96.8c … but all eyes were on the No. 2 cryptocurrencies, which was trading for under US$400 as recently as August 2020.

Ether’s rise means that its inventor, 27-year-old Russian-Canadian programmer Vitalik Buterin, is now worth a cool US$1.35 billion. He has 333,521 Ether in a wallet address he disclosed in 2018.

The flippening

Some Ether fans were also reviving talk about Ether flipping BTC to become the biggest crypto, a hypothetical event they’ve dubbed the “flippening”.

2021 price target: US$10k

Magnetic Capital managing director Megan Kaspar has an Ethereum price target of US$8,000 to US$10,000 for 2021 — and over US$100,000 in the next few years.

An upgrade that’s known as EIP-1159 (Ethereum Improvement Protocol No. 1159) slated to go into effect in July will overhaul Ethereum’s fee structure, while another improvement set for the fourth quarter will make the protocol “proof of stake” and greener. (In simple terms, Ethereum would no longer need miners consuming electricity to maintain the network).

“I think just incorporating the shifts alone in institutional investment coming into Ethereum could put Ethereum up to about $100,000 in the next few years,” she told Yahoo Finance last week.

“In the next few years, institutions are they invest in clean green technologies — and that’s what’s Ethereum is becoming. Unfortunately, Bitcoin’s proof-of-work network will not be that, unless they choose to shift as well.”

“So I think those things taken into calculation will drive the price drastically from an investment standpoint and thesis for institutions.”

Kaspar predicted that eventually all assets will be tokenised. “Eventually, the stock market will be tokenised, presumably, on the Ethereum blockchain.”

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The post Eth 4k: Ethereum breaks US$4,000, as bulls call for $10k ETH by year-end appeared first on Stockhead.

Barry Stroman was a reporter for Zerg Watch, before becoming the lead editor. Barry has previously worked for Wired, MacWorld, PCWorld, and VentureBeat covering countless stories concerning all things related to tech and science. Barry studied at NYU.

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