Ethereum (ETH) experienced a remarkable upswing, marking its largest three-day gain of 2024, with a remarkable 21% increase following Donald Trump’s victory in the U.S. presidential elections. Despite ongoing institutional interest in Bitcoin through spot Bitcoin ETFs, the sentiment surrounding Ethereum has been somewhat mixed. Nevertheless, the recent surge in ETH prices has captured the attention of ‘smart money’, resulting in a substantial net inflow of $132 million into Ethereum ETFs between November 6 and 7.
Market Optimism and Standard Chartered’s Forecast
The broader cryptocurrency market is currently riding a wave of optimism, fueled by Trump’s win and a 25 basis points cut in the Federal Reserve’s interest rates. In this buoyant environment, Standard Chartered has issued a bold forecast, predicting that Ethereum could soon reach the $10,000 mark. This projection has injected a renewed sense of optimism into the market. Additionally, the report highlights that Bitcoin is also on the brink of a strong bull run, potentially reaching the $200,000 level.
Standard Chartered Foresees Ethereum Price To Hit $10,000
Standard Chartered anticipates a significant surge in the overall cryptocurrency market by the time of the U.S. mid-term elections in late 2026. Their recent report suggests a potential fourfold increase in the market cap, which could approach the $2.5 trillion mark and possibly even reach $10 trillion. The bank reaffirms its earlier target for Ethereum at $10,000, expecting the cryptocurrency to surpass this level shortly after 2025.
Drivers of an Epic Crypto Rally
Geoffrey Kendrick, Standard Chartered’s Head of Research, attributes this bullish forecast to several factors, including Trump’s recent victory and the anticipated relaxation of crypto regulations. Trump’s presidency is expected to promote the adoption of crypto-friendly policies, potentially driving the adoption of digital assets in the near future. Trump’s campaign promise to remove SEC Chair Gensler on his first day in office has fueled speculation about Gensler’s potential departure this year. Under a new SEC leadership and a more lenient regulatory environment, the firm envisions a softer stance towards cryptocurrencies.
Renowned crypto market expert Ali Martinez recently shared on social media that Ethereum reaching $3,000 is “just the beginning” of its bull run. He previously suggested that ETH might follow a trend similar to the S&P 500 and could reach $10,000 soon.
What’s in Store for Bitcoin?
In addition to Ethereum’s potential ascent to $10,000, Standard Chartered also predicts Bitcoin’s price could skyrocket to $200,000. The report emphasizes that Bitcoin and leading altcoins like Solana and Ethereum are likely to benefit significantly under the new administration. The possibility of the U.S. adopting Bitcoin as a strategic reserve is also considered, although the likelihood of such a development remains low.
Bitcoin is presently trading at $76,480, marking a 0.3% increase in the last 24 hours. Ethereum has also shown a notable surge, surpassing the $3,000 threshold, with a trading volume of $32.76 billion. It is currently priced at $3,050.64, reflecting a 3% increase over the past day.
