Source: AdobeStock
Cryptocurrency analyst Lark Davis has predicted that Ethereum will reach a price of $15,000 per coin in the upcoming bull cycle of 2024-2025.
Despite the asset’s relatively subdued performance this year, Davis foresees a significant upswing that could potentially yield substantial gains for investors.
In a video published on X on December 25, Davis explained that the anticipated surge would not be triggered through buying, selling, or staking but rather through Ethereum layer-2 assets.
Ethereum Will Make Millionaires In 2024, BUT Not How You Think pic.twitter.com/00YCLPyGCl
— Lark Davis (@TheCryptoLark) December 25, 2023
The YouTuber also delved into the current and upcoming layer-2 listings, including zkSync, Starknet, Linea, Scroll, Blast, Manta, and Celestia. He highlighted the potential for short-term profits associated with these new listings.
While acknowledging the historical pump-and-dump patterns observed in newly launched tokens, Davis pointed out instances where tokens gained significant traction after being listed on major exchanges.
Despite presenting potential opportunities, Davis offered a cautious outlook for Ethereum in 2024. Drawing comparisons with historical gains, he predicted substantial growth if Ethereum replicates or slightly surpasses its previous cycle’s highs, which reached around $4,800 in November 2021.
Source: CoinMarketCap
Following its all-time high, ETH experienced a notable 81% decline during the bear cycle, reaching its lowest point at $880 on June 18, 2022.
Subsequently, Ethereum embarked on a recovery trajectory, predominantly exhibiting an upward trend throughout 2023. This culminated in a noteworthy high of $2,400 on December 9 and a press time price of $2,367.
Source: CoinMarketCap
However, Davis cautioned that individuals entering the market at the current Ethereum price may only experience significant gains if they make substantial investments.
SOL Poised to Be the Better Asset
The price of SOL, the native cryptocurrency of the smart-contract-enabled layer-1 Solana blockchain protocol, has surged significantly, surpassing the $118 mark and reaching its highest value in eighteen months. As of December 27, the asset’s price stood at $108.59.
SOL 30-Day Market Data
This notable uptick coincided with a surge in gas fees within the Ethereum ecosystem, where transaction costs briefly spiked above $10. Some users even reported fees as high as $150 for transactions worth only $50 on the Ethereum blockchain.
$150 in gas fees to bridge $50 worth of ETH. #newparadigm #Ethereum #thefutureishere
— Matt Trienis (@digimat) December 19, 2023
Although Ethereum gas fees have since decreased by 50% from the week’s peak, users have actively explored alternative blockchain platforms with lower transaction costs, leading to increased activity on Solana.
Messari’s December 14 report further highlights a staggering 400% increase in active addresses on Solana in the last three months, compared to Ethereum’s 3%.
In Q4 alone, active addresses on Solana have increased by nearly 400% compared to a mere 3% increase on Ethereum.
Dive into the report https://t.co/70XuVFgax0
— Messari (@MessariCrypto) December 18, 2023
Solana’s appeal is underscored by its consistently low fees, averaging less than $0.01, according to CoinCodex’s recent report.
Furthermore, the platform has recorded a positive trend in fund flows. Solana-based investment funds attracted $10.6 million in the week ending December 16, surpassing inflows into major assets like Bitcoin and Ethereum.
Source: CoinShares Funds Flow Data
In December alone, Solana funds saw inflows of $14.1 million, marking the highest in the cryptocurrency sector. Currently, SOL’s trajectories outpace those of ETH, suggesting its potential as a superior asset for a significant surge in the upcoming bull run next year.
However, this swift ascent prompts a crucial question within the crypto community: Is the remarkable rise in Solana’s value a fleeting occurrence, or does it mark the commencement of a new era in its market dominance?
The answer is entwined in a complex interplay of market trends, investor sentiment, and the evolution of the cryptocurrency landscape.
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