Our Network creator: 10 reasons why ethereum can break $10,000

Ether is already on its way up to $10,000.

This year has been a roller coaster ride for Ether, which started 2021 at slightly above $720. At the time of writing, however, Ether is just slightly below $4,100.

As a result of its performance, many advocates in the crypto space have come up with their own predictions for Ether’s current rally. One statement that has been common on CryptoTwitter recently is that ” Ether is already on its way up to $10,000.”

Spencer Noon, the founding father of Our Network, made his case for an ethereum bull market prediction in a recent report.

According to Noon, there are 10 reasons why Ether is expected to reach $10,000.

First, of all the cryptocurrencies, including Bitcoin, ETH earns the most revenue from network fees.

The analyst noted, “Ether dwarfs every blockchain when it comes to payment fees, with current network fees approaching $7 billion, confirming the huge demand for Ether.”

Our Network creator: 10 reasons why ethereum can break ,000

Second, “Etalum settles $30.5 billion worth of settlements per day, far more than Bitcoin and all other blockchains combined, and when viewed in this context, PayPal is paying $2.5 billion per day.”

Our Network creator: 10 reasons why ethereum can break ,000

Third, there was a corresponding surge in Ether’s active wallets, with its daily active address count rising to 625 K (90-day MA), well above its all-time high.

Our Network creator: 10 reasons why ethereum can break ,000

The fourth reason is DeFi’s heavy reliance on the Ether network and the fact that Ether is becoming more attractive to institutions.

Noon notes that “$65 billion is now locked up in DeFi, and there are 16 different projects with a total value of over $1 billion, suggesting that Ether is the financial technology that institutions are adopting.”

The fifth reason is the supply of stablecoins. Ether currently has a supply of more than $50 billion in stablecoins, and the network has 500,000 unique senders per day. What’s more, “the volume of transactions exceeds $20 billion per day, which is a sign of an explosive product that fits the market.”

Our Network creator: 10 reasons why ethereum can break ,000

The sixth reason has to do with DeFi’s liquidity, as DEX volumes have been soaring across the board. noon notes that DEX volumes exceeded $60 billion, an almost 60-fold increase, proving that DeFi’s liquidity has been competitive with CeFi. It’s worth noting here that PanteraCapital recently found something similar.

Arguably, ethereum is becoming more attractive thanks to its emergence as an “economic vacuum for all assets, including bitcoin”. This is best demonstrated by the fact that “200K+ BTC is now appearing on Ether in various forms.”

There are other reasons that could lead to a spike to $20,000,000 in ethereum. For starters, NFTS is probably the hottest segment this year with their $600 million in sales. The emergence and success of projects such as the Polygon network, which is based on Ether, also refutes the notion that Ether can’t scale the narrative.

Finally, perhaps the most critical factor driving the value of Ether is the publicity and progress surrounding EIP-1559.

Noon notes that “in less than 3 months, an upgrade to EIP-1559 will be launched, potentially resulting in hundreds of millions of dollars worth of Ether burning each year, a catalyst for a huge Ether value and its overall underlying investment case.”

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/our-network-creator-10-reasons-why-ethereum-can-break-10000/
Coinyuppie is an open information publishing platform, all information provided is not related to the views and positions of coinyuppie, and does not constitute any investment and financial advice. Users are expected to carefully screen and prevent risks.

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