Standard Chartered Takes Bullish Stand On Ethereum, Puts Price At $35,000

Ethereum has seen some optimistic price predictions this year. While a great deal of experts have actually erred on the conservative side, others have actually gone the path of being extremely positive. With some putting the price of the altcoin at $20,000, like in the case of Real Vision founder Raoul Pal. But none have actually gone as high as where the British banking huge puts the price of the possession.

There has been widespread sentiment in the market regarding the potential of Ethereum to overtake Bitcoin at some point, and it looks like institutions believe this too. Last month, deVere CEO Nigel Green stated in a declaration that Ethereum was set to surpass Bitcoin in the long run. Green pointed to numbers from the past year which already showed that the former was already outperforming the latter in the market, giving it a timeline of five years.

Standard Chartered More Bullish On Ethereum

Standard Chartered launched a brand-new report on crypto on Tuesday. In it showed the bank’s view on cryptocurrencies, with a focus on Bitcoin and Ethereum. The report revealed the banking giant had a more beneficial view on Ether, which it thinks transcends to Bitcoin due to the truth that it belongs to a monetary market. The rise of decentralized finance (DeFi) has seen the rise of protocols offering alternatives to traditional financial services like lending, borrowing, and yield farming.

Standard Chartered sees Bitcoin succeeding in the long run, however not carrying out along with Ether due to the fact that it is more like a currency. The bank sees the use cases of Ethereum being the major catalyst that sees the market capitalization overtake that of Bitcoin.

Longer-term price forecasts came out to the variety of $50,000 to $175,000 over the long term for Bitcoin. Only about a 300% price increase for the asset from its current levels. While the report presented a a lot more positive price forecast for Ethereum. Standard Chartered expects that the price of ETH in the long term will be in the $26,000 to $35,000 range, predicting a 1,000% increase in the price from its current point.

ETH Keeps Outperforming BTC

At very first look, Standard Chartered’s forecast for both cryptos might appear too wild to be real. But a look at the charts for both assets shows that the analysts are on to something here. In 2021 alone, Bitcoin has actually grown about 38% to today day. On the other hand, Ethereum has grown 240% this year alone. A year-over-year analysis reveals that ETH has actually regularly outshined BTC in the market. Coupled with its use cases, this makes it a prime candidate for institutional investments.

One thing the Standard Chartered report does acknowledge however is the value of BTC development to that of ETH. Although it is bullish on ETH, it acknowledges that for ETH to get to the predicted price point, BTC would actually need to first get to its predicted $175,000.


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