Don’t let today’s flash crash fool you — cryptocurrency is back to early year levels of hype, and investors are rabidly seeking out information that can point them to the next huge crypto venture to buy. Of course, Ethereum (CCC:ETH-USD) is dominating conversations, with many theorizing the incoming of a “flippening,” in which ETH overtakes Bitcoin (CCC:BTC-USD) in value. As upgrades continue down the pipeline for the network, and non-fungible tokens (NFTs) and other DeFi projects dominating investors’ interests, Ethereum price predictions are surging.
Bloomberg is making known its optimistic views on the short-term future of Ethereum. The outlet forecasts a $5,000 valuation for Ethereum in the near future, while also forecasting a $100,000 valuation for BTC.
This valuation is not just an arbitrary number slapped on a coin while it’s hot; Ethereum is the one of the most highly utilized blockchain networks in the world. It’s also at the forefront of multiple booming industries. While it is one of the most valuable cryptos one can own, it’s also the heartbeat of the NFT trend. NFTs — tokens that prove ownership over digital content — saw $2.5 billion in sales volume in the first half of 2021. And now, the trend is growing even larger. Of course, Ethereum is the biggest beneficiary; an overwhelming majority of NFTs are stored on the Ethereum ledger.
The trend may come and go, and NFTs could very well evolve into something completely different than they are now. But it’s not the only use for the network. Ethereum supports thousands of applications that all do completely different things; NFTs account for only one percent of the network’s capacity.
Ethereum Price Predictions: Will ETH Beat Its All-Time High?
The Ethereum network isn’t slowing down from its current pace. On the contrary — it’s growing faster. The Ethereum 2.0 upgrade, a long teased network update, will see transaction capabilities go up, fees go down, and energy consumption dip significantly.
Is this upgrade, alongside the network’s huge user base and growing utility, enough to boost ETH to Bloomberg’s $5,000 price point? Let’s take a look at some Ethereum price predictions and see:
- WalletInvestor thinks that in 12 months, ETH values will dwarf the currently anticipated $5,000 price point. The site predicts that by September of 2022, the ETH coin will be worth $6,246.
- DigitalCoin thinks Ethereum will be right on the doorstep of $5,000 by the end of the year. The outlet predicts a price of $4,820 for the coin by December.
- The Economy Forecast Agency thinks Ethereum can blow previous values out of the water. By December, the site forecasts a high of $7,508 for ETH. By September of 2022, they say the coin could surge to a value of $15,835.
On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.