Ethereum Nears Record High on Multiple Fronts
Key Highlights
- Ethereum is trading close to its record high, with 97% of its holders being in profit.
- Standard Chartered increased its year-end target price forecast to $7,500 and also forecasted $25,000 in 2028.
- The bank estimates that by 2028, the market size of stablecoins will reach $2 trillion, creating a demand for Ethereumène.
Market Trends - Institutional Investments
The corporates' treasuries are stocking up Ethereum, with certain companies having large holdings.
- Stablecoin Market: The GENIUS Act offers clear regulation, thus boosting the stablecoin market on Ethereum.
- NFT Market: There was a decline of 12% in the NFT market cap to $8.1 billion. CryptoPunks and Bored Apes registered substantial losses.
Price Projections - Standard Chartered's Forecast: The price is expected to move to $7,500 by the end of the - Growth Drivers: Institutional demand, regulatory developments, and Ethereum Network Upgrades. Other News- A lone Bitcoin miner won 371,000 dollars with the odds of 1/650,000 by mining a block. - Microstrategy purchased 430 BTC for 51.4 million dollars, and Metaplanet purchased 775 BTC.
