The hype around Ethereum has been growing for several years. As the chief of the altcoins, it is in a prime position to overtake Bitcoin as the top cryptocurrency. While there have been whispers of “the flipping” on the cards for a few years, Bitcoin still retains its position as the most prominent digital asset.
However, if Ethereum were to hit $10,000, it could speed up the chances of it flipping Bitcoin, which would be extremely interesting. There’s no denying Ethereum provides a platform and market position that other altcoins would do anything for; its security and reliability far surpass any other blockchain.
Despite the ridiculously astronomical gas fees, the ability to stay so far ahead of the chasing pack regarding the integral variables of security and reliability means Ethereum is head and shoulders above the competition. As a result, hundreds of new projects continue to use the ETH blockchain as a springboard for their tokens every week.
The Benefits of Ethereum
Alongside the security and reliability of the blockchain, two of the most critical benefits, Ethereum has dozens of other components that set it firmly in the number one position regarding utility. Many people befoul Bitcoin by claiming it has zero utility and has nothing that underpins its value. As cryptocurrency traders and experts know, the blockchain and cryptography interwoven into the coding make it an attractive proposition.
We won’t go into the semantics of Bitcoin and why it is valuable. However, there are plenty of “practical” things you can use it for. For example, if you’re in El Salvador, you can use it legally as currency. If you’re online, you can use it to play games at Ignition Bitcoin casino. Giant tech companies like Microsoft also accept it as payment, which is the tip of the iceberg.
Bitcoin is often called “digital gold” as it is a store of value. Ethereum is often called “digital oil” as it fuels the growth and expansion of thousands of projects within the industry. However, you can also use Ethereum to purchase NFTs.
Therefore, it is the number one choice of blockchain for people looking to launch NFT projects or buy and sell existing ones. With innovative projects continuing to use the Ethereum blueprint to innovate further, it is cementing itself as one of the pillars of the cryptocurrency space.
So How Does It Hit $10,000?
Unfortunately, if we knew the pathway, many investors would be positioning themselves for the 500% rise from its current price at the end of Q1 2023. Ethereum is a more attractive proposition for many institutional investors than other digital assets.
If a colossal company were to announce a significant partnership with Ethereum, this could result in a massive spike in price. However, with the Enterprise Ethereum Alliance already establishing a collaboration with the likes of Microsoft and other top international corporations, pushing the price into the five-figure territory may take even more than this.
Granted, it would be a collection of positive stories, one of which would be favorable market conditions. However, irrespective of the positive news and sentiment about Ethereum if we are
in a bear market, it’s getting nowhere near $10,000 anytime soon. Positive market sentiment and a fresh bull run on the cards could provide a solid foundation for the price to balloon further past its current all-time high, which it hit in 2021.
It could be something outside of cryptocurrency that causes the price to inflate dramatically. The US dollar is coming under sustained pressure of late. Following talks that Saudi Arabia is looking to move away from the USD as a reserve currency and other countries such as India may follow suit, it could be a perfect storm on the horizon.
If we throw in the added ingredient of the enormous quantitative easing devaluing the currency internationally, Ethereum could hit $10,000 due to a US dollar issue coupled with positive news about cryptocurrency. At least for the next few years, a $10,000 Ethereum price is unlikely. However, given that cryptocurrency is set to come under further intense scrutiny in the West and CBDCs seem to be on their way, there could be a real danger of 2021 being the last serious bull run.
We aren’t in the business of funding, but with a gloomier global economic outlook, the outbreak of war, and uncertainty surrounding the dollar, there would need to be a sizeable shift in the right direction for Ethereum to have any chance of pushing the 5-figure mark.
Of course, it is unrealistic for now, but cryptocurrency markets have shown us before that the most unpredictable outcome can materialize out of nowhere.
