Cardano (ADA) and Ethereum (ETH) co-founder Charles Hoskinson assumes the price of ETH has an optimistic future ahead. He expects the cryptocurrency price to peak in late 2022 or early 2023.
In an interview with Bloomberg, Charles Hoskinson explains that Ethereum’s success is not necessarily due to its technology. Instead, the project’s adoption is based on the youth and wealth of its founder, Vitalik Buterin. At the same time, support from participants and companies play an important role, as he explains:
“Vitalik is a boy. He will use his youth and wealth for the things he believes are right for his ecosystem. And there are a lot of people they work with, like ConsenSys, etc., who are definitely big companies and have a lot of people and money too. When you have that kind of commitment, something will happen. “
However, it is worth remembering that Hoskinson has in the past criticized the confusing structure of the Ethereum network and said that the move to ETH 2.0 will lead to its end.
Bloomberg Analyst: Is Ethereum Catching Bitcoin?
According to Bloomberg Intelligence’s chief commodity strategist Mike McGlone, the price of ETH could soar to unimaginable heights if Ethereum comes close to BTC. On Twitter, he stated:
“If Bitcoin kept pace with Ethereum’s performance this year, the price of the #1 cryptocurrency would approach $100,000.”
According to WalletInvestor’s AI analysis, ETH’s price forecast is optimistic for the coming weeks and months. The forecast forecasts an ETH price cap for the end of August 2021 of $3,657,620 to $3,849,470.
EIP-1559 and ETH burning
With hard fork London, Ethereum has introduced a new mechanism for fee management. Thus, the network now burns ETH coins during transactions. According to a calculation estimate, the network could burn around 1.8 million coins next year, equivalent to more than $5 billion. The increasingly deflationary design of the network can have a positive effect on Ethereum’s price in the long run if demand exceeds supply.
While Bitcoin is rediscovering the market in a bullish mood, altcoins like Ethereum are also benefiting from current highs. But the positive news about the London update will also trigger a further spike in the price of the cryptocurrency.
According to information from BlockchainCenter, the “flippening” (event where ETH would surpass BTC in market value) is already in full swing and Ethereum has already surpassed Bitcoin in some areas. For example, the number of transactions on your network and the amount of transaction costs exceed those of Bitcoin. In terms of transaction volume flippening is 98% and in terms of trading volume 92%.
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