$ETH
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Ethereum Price Predictions: Wall Street Giant JPMorgan Supports Ethereum for Massive Growth - Can Ethereum Outperform Bitcoin?
The largest investment banks on Wall Street - JPMorgan - stated that the Ethereum Virtual Machine (EVM) will greatly benefit from the increasing adoption of stablecoins. Do major banks support the Ethereum price predictions that push it to the forefront of the cryptocurrency market?
Analysts from the financial institution noted in a recent client memo that Ether (ETH) has emerged as "a direct way to gain exposure to the expected meteoric growth in stablecoins as the Ethereum network hosts most of these stablecoin assets, either directly L1 or indirectly through some L2s".
Stablecoins represent 7% of the total market capitalization of the top 100 cryptocurrencies. According to DeFi Llama data, nearly half of the currently traded stablecoins, worth $270 billion, are stored on the Ethereum network.
This gives the Ethereum Virtual Machine (EVM) an advantage over other blockchains to capitalize on the growth of this sector. A recent report from Keyrock, a company specializing in the cryptocurrency market, estimates that the market capitalization of stablecoins could rise to $3 trillion.