Vitalik’s brainchild continues to provide more and more evidence that not only is it here to stay, but the fabled “Flippening” may occur at some point over the next 12 months. Despite renewed vigor in the Bitcoin price as every financial institution and its dog queues around the block to get a slice of an ETF, Ethereum has been underperforming—especially at the beginning of Q2.
At the time of writing, Ethereum has pumped past $3,000—and while it’s miles away from the all-time high we saw back in March, there’s a sense of fresh hope for traders and those in the market that it could be gearing up for another run. Ethereum has a market cap of around $350 billion, comfortably making it the second-largest cryptocurrency by market cap. In fact, it has a value virtually identical to retail giant Costco’s.
It would need to surpass half a trillion to $5,000 per token. However, given that it’s already sailed to $4,000 this year, and with many traders and analysts believing that the bull run hasn’t even begun yet, plenty of potential variables exist.
Casino Gaming
Cryptocurrency casinos might hold the key to the door that leads to mass adoption. Although crypto has been slowly chipping away at traditional investors for the best part of a decade now and is slowly becoming a more respectable asset – the real acid test is how easily we can use it for payments and whether we can use it for daily deposits and withdrawals.
Ethereum could be in the perfect position to become the crypto of choice for people looking to play casino gaming due to its accessibility across more reputable traditional finance companies, such as PayPal or high-street banks.
Playing different casino game variants at a crypto casino doesn’t have any rules different from those of a traditional casino – it’s only the payment method that changes. Those who have switched from traditional casino games to playing roulette with Ethereum have noted that it can be cheaper and quicker to do so. By utilizing the blockchain and lodging each withdrawal/deposit, crypto casino providers that use digital assets can showcase their convenience to new waves of casino bettors, and this increased use will naturally drive the price up.
Ethereum is in the spotlight as the second biggest altcoin. Given that it’s one of the most readily available and liquid tokens on the market, it’s become one of the main avenues for casino gamers over the last few years – and if there’s a crypto casino boom that coincides with the bull run, it could play a big part in pushing Ethereum toward the $5,000 mark.
The Power Of The ETF
If you’ve been taking even a passing interest in cryptocurrency over the last year, you’ll be getting sick of the abbreviation—ETFs are everywhere at the moment. However, there is no disputing that they’ve opened the door to some colossal names in traditional finance and have played a key role in driving hundreds of billions into the market.
Although Bitcoin has been grabbing most of the ETF-based headlines, Ethereum isn’t far behind. Recent rumors have stated that the SEC is set to push back another Ethereum ETF in the US.
This sort of news and activity causes the market to lull and the Ethereum price to lag behind Bitcoin, which has seen several ETFs approved since the beginning of this year.
Bitcoin went through a similar ark – and after years of the SEC denying them – they finally got their wish, and the price soared. It feels like it’s only a matter of time before Ethereum goes through a similar trajectory. If or when it does, this news could send it to $5,000. With more people exploring different investments in underlying elements of cryptocurrency like Web3, ETFs are arguably the best tool for those in traditional finance to get in on the ground floor without too much risk. So, we expect to see a significant inflow into Ethereum in this scenario.
BTC Surpassing $100,000 Per Coin
If Bitcoin finally surpasses $100,00, as many crypto bulls anticipate post-ETF, it will drag the rest of the market along with it. It’s long been said that whenever Bitcoin moves, the market follows in the same direction—the mothership if you will. Ethereum is placed right behind Bitcoin on the same trajectory, and if Bitcoin does pump to a 6-figure USD total, it’s difficult to envisage a scenario where Ethereum won’t be at least $5,000.
Summary
These are the three main focal points that will determine if Ethereum can sail past $5,000—especially if we’re talking between now and the end of this year. In the longer run, it seems inevitable that Ethereum will get to this price, but it’s the timescale that is the biggest talking point for many, rather than whether it will actually hit the price or not.
