Megan Kaspar, co-founder of digital investment firm, Magnetic Capital, has predicted that Ethereum (ETH), the 2nd largest cryptocurrency by market capitalization, will surge to around $8,000 and $10,000 before the end of 2021, just about five months after forecasting the current rally of the digital currency.
In a new interview with Yahoo Finance Live, Kaspar pointed out that the loads of developments that are coming to Ethereum network, especially the launch of ETH 2.0 that will turn Ethereum to a proof-of-stake (PoS)-powered blockchain, will launch a fresh ETH price rally.
According to the crypto analyst, the major Ethereum update will push the market capitalization of ETH to hit $1 trillion to challenge biggest assets in the world.
Megan Kaspar noted:
“The shift to proof of stake for block validation reduces carbon emissions by 99.9%, making ethereum a green technology. So these two updates on the network alone could push ethereum to a trillion-dollar market cap which is where bitcoin is at today — that would make ethereum around $8,000 to $10,000.”
Kasper also pointed at the benefits that are coming with the network upgrade, especially the drastic reduction in energy consumption, which will, in turn, bring institutional investors to Ethereum in numbers. The analyst added that the influx of institutional investors would push the price of ETH to $100,000 in the future.
“Institutions are mandating that they invest in clean green technologies, and that’s what ethereum is becoming. Unfortunately, bitcoin’s proof of work network will not be that unless they choose to shift as well.”
Back in January 2021, when Ethereum (ETH) was priced at just over $1,200, Megan Kaspar boldly called for a notable surge, which would make the cryptocurrency hit $3,400, a level he claimed was overlooked by virtually all investors.
Lo and behold, Kaspar’s prediction has come to reality just under five months. Ethereum (ETH) has now surpassed $3,500 and on the verge of breaking above $4,000 resistance level. At the time of press, ETH is trading at $3,945.56, with 2.21% price upsurge in the last 24 hours.