Cryptocurrency trader and analyst Scott Melker has recently stated that the world’s second-largest cryptocurrency, Ethereum, can really go as high as $10,000 before the year is over. This prediction had come just a couple of days ago, on April 2nd, and was based on the recent spike in ETH price, where it had increased to over $2,000.
As of the time of this writing, the price currently sits at $2,100, with the highest being almost $2,120 within the past 24 hours alone.
‘Bitcoin has multiplied several times in one year, no reason why Ethereum can’t do the same
Melker had released a YouTube video titled ‘Ethereum Reaches $2,000, What’s Next?’ just a couple of days ago. Since then, the video has garnered over 6,400 views already, and Melker’s channel has nearly 26,000 subscribers as of the time of this writing.
In the video, he talked about how the perceived $3,600 target is actually a bit conservative and that it can really go way higher. A combined result of overall bullish behavior alongside the network effect can help Ethereum reach a target as big as $10,000, and it could very well achieve this by the time 2021 ends, according to Melker. When asked about the realistic nature of his prediction, he simply replied by stating that Bitcoin has managed to multiple its price several times in the past within a single year, and so there is absolutely no quantifiable reason as to why Ethereum can’t do the same.
Right now, ETH is trading at just around the $2,115 mark with a 3.26% increase within the previous 24 hours, but still, a whopping 165.5% increase as far as the year-to-date time period is concerned.
Bitcoin remains dominant despite fluctuations
It is true that Bitcoin has been experiencing a lot of fluctuations as of late. However, that has not stopped the world’s biggest cryptocurrency from asserting dominance over the entire industry, despite the success of its biggest competitor in the form of Ethereum. Although its price has dropped from the all-time high of $60,000 and currently rests between the $57,000 and $58,000 mark, in terms of market capitalization, there is no other cryptocurrency that has managed to come close to Bitcoin as of yet.
We can therefore expect many investors to keep holding Bitcoin and for future consumers to invest in it as well for the foreseeable future. Bitcoin, much like Ethereum or any other cryptocurrency in general, is not going anywhere for the time being and is here to stay.