Ethereum
VanEck’s Matthew Sigel Predicts Ethereum at $22,000, Here’s Twist By U.Today
U.Today – In a bold prediction, Matthew Sigel, head of digital assets research at VanEck, says the price of Ethereum (ETH) could reach $22,000 by 2030. Sigel’s projections coincide with a recent market rebound, which saw the price of returning to the Territory at $3,500.
Matthew Sigel Adds Twist to Ethereum Forecast
Sigel’s bullish forecast was published in VanEck’s groundbreaking ETH 2030 report. According to the details, VanEck set a bull case of $154,000, a base case of $22,000, and a bear case of $340 for Ethereum.
While presenting the report in an interview with Bankless, Sigel highlighted that Ethereum must achieve a 70% market share across all layer 1 blockchains to reach the $22,000 base case. For context, he noted that Ethereum’s market share is currently 58% over the past year. This is the market share of royalties paid by users. As a result, he highlighted the need to improve Ethereum’s scaling roadmap to incentivize people to use its Layer 2 solutions.
Sigel said the company is increasingly bullish on Ethereum and the broader crypto ecosystem. He said this in response to questions about why VanEck revised Ethereum’s base forecast by $11,000 a year earlier. He also said the move was based on expectations of an acceleration in the current bull market after the US presidential election in November.
VanEck’s cryptographic involvement
Sigel added that Ethereum is a productive asset that allows anyone to open a storefront on their network, with lower fees. He said VanEck has increased its overall penetration rate of open source databases. In total, the company expects 7% of current revenue from financial applications to come from these databases.
Sigel explained that the report was imperative given the recent approval of cash exchange-traded funds (ETFs) by the US SEC. Sigel added that there is a larger overall market for income-generating assets than for innate assets like (BTC). So he said the Ethereum market could become bigger than Bitcoin – within a decade.