Ethereum has become the most used blockchain and the largest in size, with a TVL of $57.23 billion. The currency used to process transactions on the Ethereum blockchain, ETH, has become the second most valuable cryptocurrency in the world, trailing only Bitcoin. As the market begins to stabilize, ambitious price predictions are being made. Could the price of ETH hit $10,000 in 2024?
Ethereum has become the most used blockchain and the largest in size, with a TVL of $57.23 billion. The currency used to process transactions on the Ethereum blockchain, ETH, has become the second most valuable cryptocurrency in the world, trailing only Bitcoin. As the market begins to stabilize, ambitious price predictions are being made. Could the price of ETH hit $10,000 in 2024?
Can Ethereum Hit $10,000?
The question of whether Ethereum can reach a price point of $10,000 is not just a matter of market speculation; it hinges on the underlying technology, the evolution of the platform and its role in the broader digital economy. To forecast Ethereum's potential to hit this target, let’s examine its technological infrastructure and historical market performance.
Ethereum stands apart from other cryptocurrencies through its foundational technology – it's a decentralized platform, built for decentralized applications dApps). At its core, Ethereum operates on a blockchain that supports smart contracts – self-executing contracts with the terms of the agreement directly written into code.
This functionality has opened a wide range of possibilities, from decentralized finance (DeFi) to non-fungible tokens (NFTs) to decentralized autonomous organizations (DAOs). Acronyms aside, there’s a ton of potential in these innovative new products, the key being decentralization. This quality makes Ethereum the backbone of the current crypto-ecosystem, as the most popular applications in crypto are built on Ethereum.
Why Did Ethereum Crash?
Ethereum, like many cryptocurrencies, experiences intense market cycles characterized by rapid price increases followed by sharp declines. For instance, during the 2018-2019 period, Ethereum witnessed a significant crash following the 2017 crypto boom. After reaching a peak price of $1400, ether crashed below $100 in the subsequent years.
This pattern reflects a typical boom and bust cycle where the initial excitement and overinvestment (often fueled by FOMO) leads to inflated prices, which are unsustainable in the long run. The COVID black swan event in 2020, followed by increased money printing and record-low interest rates, demonstrates this trend.
When Will Ethereum Hit All-time Highs?
For Ethereum to hit all-time highs depends on its technical progression and user adoption, as well as large macro trends. Two upcoming events could play a big role in moving the price of ETH upwards, which are slated to happen in 2024.
The Fed may pivot to risk-off with looser monetary policies in 2024. When money flows back into the economy, crypto historically acts like a sponge for the excess liquidity, benefiting Ethereum.
The second key event is the Bitcoin halving next year, which decreases the amount of BTC rewarded to Bitcoin miners by 50%, an action that has historically caused the crypto market to rally.
History of Ethereum Prices
Ethereum's (ETH) price shows a pattern of volatility with significant peaks and troughs. For instance, after its launch in 2015, Ethereum saw a surge in 2017 during the ICO boom followed by a sharp decline in 2018.
However, its recovery and subsequent growth, especially with the rise of DeFi and NFTs, indicates a growing confidence in its utility and value. Despite the crash in 2022, these trends may justify a price target of $10,000. While ambitious, it does not seem implausible in the next few years.
Could Ethereum Hit $20,000?
The likelihood of Ethereum hitting $20,000 in 2024 is quite low, although some people believe in its potential and are willing to bet it will hit this mark next year. More realistically, ETH bulls who believe in the technology are holding for the long term.
The $20,000 mark is more believable if you are willing to hold for many years. If you zoom out on the ETH chart, you can see a 10x in ETH price has happened before, so you shouldn’t rule it out of happening again.
Where to Buy Ethereum (ETH)
You can buy ETH on most trading platforms. One popular platform is Kraken, which offers many other cryptocurrencies, including Ethereum layer 2s. The alternative to a trading platform is to use a non-custodial wallet and purchase from a decentralized exchange (DEX).
Is Ethereum a Good Investment?
Investment in crypto is almost certain to be volatile. Many altcoins (cryptocurrencies that are not Bitcoin) have crashed to $0. However, Ethereum has shown staying power and has begun to provide enough utility that a lot of the speculatory risk has been lifted.
Individuals looking to get exposure to crypto outside of Bitcoin tend to hold ETH. The best way to understand if this is a good investment for you is to use the blockchain and get a better understanding of the decentralization philosophy. Then, you can decide for yourself whether this is something you want to trade or hold.
Frequently Asked Questions
Will Ethereum reach all-time highs in 2024?
It’s possible that Ethereum could reach all-time highs in 2024 if the Fed pivots to risk-off.
When will Ethereum hit $10,000?
Ethereum could hit $10,000 by 2025, according to many analyst predictions. While some predict ETH will reach $10,000 in 2024, this may be an ambitious goal.
Is the cryptocurrency bull market back?
Several signs point to the cryptocurrency bull market coming back, including rising prices, more attention and higher volatility to the upside.
- Exclusive Crypto Airdrops
- Altcoin of the Week
- Insider Interviews
- News & Show Highlights
- Completely FREE