Ethereum Price Potential: What If It Matches Bitcoin’s Market Cap?

Ethereum Price Projection if it Matches Bitcoin’s Market Cap

As of September 29th, the ETH price trades at $2,643, holding a market cap of $318.2 billion. Although it has significant value and widespread utility in decentralized finance (DeFi), NFTs, and other applications, Ethereum’s market cap is considerably lower than Bitcoin, which currently stands at $1.298 trillion.

However, with the transition to Proof-of-Stake, increasing institutional adoption, and substantial inflow into ETH ETFs, the Ethereum price is anticipated to accelerate recovery, making it a prime candidate to challenge Bitcoin’s market dominance someday.

If Ethereum were to match Bitcoin’s market cap of $1.298 trillion, the native cryptocurrency ETH would witness a dramatic rise. Considering Ethereum’s circulating supply of 120,366,230 ETH, achieving the $1.298 trillion target market cap would push the Ether value to approximately $10,785.

This potential surge indicates a 309% hike from the current trading price of $2,643.

Vitalik Buterin Outlines Key Principles to Drive Ethereum’s Growth

Vitalik Buterin, the co-founder of Ethereum, has recently outlined a set of guiding principles to ensure alignment within the Ethereum ecosystem. His proposals emphasize:

• Open-source development
• Open standards
• Prioritizing decentralization and security
• Collaboration and alignment toward Ethereum’s goals and the broader global blockchain community

Buterin stated, “My ideal goal here is to see more entities like L2beat emerging to track how well individual projects are meeting the above criteria.” These developments, once implemented, would further enhance Ethereum’s appeal in the crypto space, bolstering its potential to match Bitcoin’s market cap.

ETH Price is 20% From Major Support Test

Along with most major altcoins, Ether price showcased a notable correction since late May 2024. The bearish turnaround plunged the asset from $3,974 to $2,649, accounting for a 33% loss. If the selling pressure mounts, Ethereum’s price prediction hints at an 18.7% drop before retesting the major support trendline established on June 22. Historically, a potential reversal from this dynamic support has doubled the altcoin value, indicating a key accumulation zone.

Conclusion

Ethereum has the potential to match Bitcoin’s market cap due to its active expansion in the DeFi ecosystem and increasing institutional investment. If ETH’s market cap were to reach $1.298 trillion, the coin value could rise to approximately $10,785. This growth would not only enhance Ethereum’s standing in the cryptocurrency market but also solidify its position as a leading contender against Bitcoin.