Ethereum’s Historic Three-Day Surge
In an unprecedented turn of events, Ethereum (ETH) experienced its largest three-day gain in 2024, surging by an impressive 21% following the U.S. presidential election outcome. This remarkable growth was observed despite the ongoing accumulation of Bitcoin by institutions through spot Bitcoin ETFs. The mixed sentiment towards Ethereum has now turned, drawing significant attention from ‘smart money’. Notably, there was a net inflow of $132 million into Ethereum ETFs between November 6 and 7, reflecting increased investor confidence.
Optimism in the Market: Ethereum and Bitcoin Forecasts
The broader market is currently buoyed by optimism stemming from the anticipated Trump victory and a 25 basis points reduction in Federal Reserve interest rates. In this climate of positivity, Standard Chartered has issued a bold forecast. The bank predicts that Ethereum is on track to reach the $10,000 milestone soon, a projection that has sparked excitement among investors. The report further suggests that Bitcoin is also poised for a strong bull run, potentially reaching the $200,000 level.
Standard Chartered Foresees Ethereum Price To Hit $10,000
Standard Chartered envisions a quadruple surge in the overall cryptocurrency market by the U.S. mid-term elections in late 2026. Currently, the market cap is approaching the $2.5 trillion mark, but according to the British bank’s predictions, it could reach a staggering $10 trillion by then. The bank reaffirms its ambitious target for Ethereum, suggesting that the second-largest cryptocurrency by market cap could breach the $10,000 level soon after the end of 2025.
What Could Drive Such a Massive Rally for the Assets?
Geoffrey Kendrick, Head of Research at Standard Chartered, identifies several factors contributing to this bullish outlook. Among these are the recent Trump election victory and an anticipated relaxation in crypto regulations. Kendrick believes that Trump’s presidency is likely to usher in crypto-friendly policies, significantly boosting the adoption of digital assets in the near future.
Speculation is rife that Trump, who promised during his campaign to remove SEC Chair Gensler, might soon see this promise fulfilled. With potential changes in SEC leadership, the regulatory environment could become more favorable for cryptocurrencies under the Trump administration.
Ali Martinez, a renowned crypto market expert, echoed this sentiment in a recent social media post, asserting that Ethereum reaching $3,000 is merely the start of its bullish journey. He anticipates that ETH could follow a similar trajectory as the S&P 500 and potentially reach $10,000 in the near future.
What’s in Store for Bitcoin?
In tandem with Ethereum’s anticipated rise to $10,000, Standard Chartered also forecasts Bitcoin reaching an astounding $200,000. The report highlights that Bitcoin, alongside major altcoins such as Solana and Ethereum, stands to benefit significantly under the new administration.
The possibility of the U.S. adopting Bitcoin as a strategic reserve for the nation was also discussed, though the likelihood of this development remains low. As of now, Bitcoin is trading at $76,480, marking a 0.3% increase over the last 24 hours. Meanwhile, Ethereum has crossed the $3,000 mark today, with a trading volume of $32.76 billion. It is currently trading at $3,050.64, reflecting a 3% rise over the past 24 hours.
