The second largest cryptocurrency by market cap, Ethereum, is the crypto token in focus as this crypto analyst has eleven reasons why it is “programmed” to hit $10,000. Interestingly, one of the reasons he outlined happens to be one of the recent major talking points in the Ethereum ecosystem.
Why Ethereum Will “Easily” Hit $10,000
In a post on his X (formerly Twitter) platform, prominent crypto analyst Altcoin Daily mentioned Ethereum’s deflationary status as one of the reasons it will “easily” hit $10,000. This has been a major talking point even as the number of ETH burned continues to outpace the number of those issued.
This is undoubtedly a positive sign for the ecosystem, as it is common knowledge the effect that token burns can have on the value of the tokens still in circulation. Ethereum’s EIP-1559 protocol has meanwhile been credited for this current deflationary status as more ETH have had to be burned due to the spike in transaction fees.
This significant spike in transaction fees has always been a major downside to using Ethereum. However, things could change soon enough as transaction fees are expected to reduce significantly with the EIP4844 upgrade on the horizon. Altcoin Daily outlined that has another reason why ETH will definitely hit $10,000. More users could be onboarded following this.
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Author: Scott Matherson
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