Ethereum could see $8K by 2026 and $4K by the end of next year, as real-world capabilities expand demand for the crypto.
Ethereum, the second largest cryptocurrency by market cap, has had a slow start to the month. At the time of writing, it’s trading at $1560 with a market cap of $187 billion – a 5% decrease from last week.
A Standard Chartered researcher however believes the crypto could soar up to $8,000 by 2026, thanks to its expanding utilities.
This price would be nearly double Ethereum’s all-time high of $4,878, which was recorded in the bull market of November 2021.
Geoff Kendrick, Head of FX Research, West, and Digital Assets Research at Standard Chartered Bank, told CoinDesk that Ethereum’s shift toward tokenisation and gaming in particular should add “significant demand” for the crypto.
Related: JPMorgan debuts tokenisation platform; BlackRock and Barclays involved in first transaction
“Importantly, this should provide ‘proof of concept’ examples in which real-world industries come on-chain to exploit the benefits of Ethereum over their existing setups,” he said. “We expect significant developments on these fronts by 2025-26.”
Kendrick added that the upcoming Bitcoin halving will have a positive impact on Ether, lifting it back up to $4,000 by the end of 2024.
Even further, Kendrick predicts the valuation of Ether to reach up to $35,000 later down the line, with $8,000 being a “stepping stone”.
The shift toward tokenisation and utility already is underway
Tokenisation refers to the process of converting traditional or physical assets into digital assets. It’s a method of improving transaction efficiency, security and liquidity.
Yesterday, JPMorgan, the largest bank in the US, went live with a game-changing new tokenisation platform – the Tokenisation Collateral Network (TCN).
The first transaction on the network involved asset giant BlackRock Inc, and Barclays Plc. BlackRock turned shares in one of its money market funds into digital tokens, which were transferred to Barclays Plc as collateral for an OTC (over-the-counter) derivatives trade between the two institutions.
Boosting further optimism for Ethereum, JPMorgan also has an Ethereum-based token system – JPM Coin – which can be used to settle transactions outside of standard hours.
Upcoming Ether ETF applications are also likely boost price of Ethereum.
Related: Valkyrie Investments joins ETF race, chooses $BRRR as ticker
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