Crypto trader Lark Davis says the value of Ethereum (ETH) could break out over six times its current price as he sees the leading smart contract platform’s market cap rise to trillions of dollars.
In a new video, Davis says Ethereum is reaching a similar market cap to tech giant Apple, given the growth of the decentralized finance (DeFi) and non-fungible tokens (NFT) subsectors, largely powered by ETH’s network.
“I’d say a $ 2 trillion market cap for Ethereum isn’t that crazy going forward. I mean, right now, Apple … Apple’s market cap is just over $ 2 trillion right now, nearly $ 2.1 trillion. So we could see something like Ethereum, which is currently the settlement layer of the crypto with NFTs and DeFi and daily settlement for payments and the like. Even though I’m crazy, I think this bad boy still has plenty of room to run. “
According to CoinMarketCap, a market cap of $ 2 trillion means Ethereum has an upside potential of nearly 550% from its current valuation of $ 309 billion.
The trader is reminding its 307,000 YouTube subscribers that the Ethereum economy is showing rampant signs of life.
“The number of users here still has enormous exponential growth potential, that should be kept in mind. We also saw the decentralized exchange volume explode 8,500% in absolute terms over the past 12 months so we can see the user base.
Davis is also bullish about some of the attention Ethereum is getting from institutional investors and big investment players, including Cathy Wood of Ark Invest.
“Cathy Wood’s Ark Invest, you bought Ethereum for the first time. They bought 639,000 shares of the Ethereum Trust from Grayscale. It’s fucking incredible. This means that Ark Invest has been more and more concerned with Ethereum. You understood what Etheruem’s value propositions are. And that’s them, literally putting their money where their mouth is and buying Ethereum and getting directly involved in the asset class. This is a big deal because at Cathy Woods Ark Invest a lot of people are paying attention to what they are buying, what their company is investing in, so they’re getting into Ethereum, that’s a big deal now.
Don’t Miss A Beat – Subscribe to crypto email notifications straight to your inbox
Follow us on Twitter, Facebook and Telegram
Surf the daily Hodl mix
Check out the latest headlines
Disclaimer: Opinions expressed on The Daily Hodl are not investment advice. Investors should do their due diligence before making high-risk investments in bitcoin, cryptocurrency, or digital assets. Please note that your transfers and trades are made at your own risk and that you are responsible for any losses. The Daily Hodl does not recommend buying or selling any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured image: Shutterstock / Color4260