There is a bold new ETH price prediction out that says that the coin could hit $51k. Here’s when this could happen and the factors that could lead to such a rise in price.

ETH new prediction is out

According to VanEck, a reputable investment management firm, Ethereum (ETH) has the potential to reach $51,000 within the next seven years, provided certain conditions are met.

VanEck has published a research report presenting their predictions for Ethereum’s performance in the coming decade, outlining their base, bear, and bull scenarios.

VanEck explains its methodology in finding its estimates:

“We base these estimates on the thesis that Ethereum becomes the dominant open-source global settlement network that hosts substantial portions of the commercial activity of business sectors with the highest potential to gain from moving their business functions to public blockchains.”

The notes continued and stated the following:

“In a portfolio of similar smart contract platforms, we assume to own a collection of call options, with the dominant platform likely to take a majority market share.”

According to VanEck, if Ethereum’s dominance as a settlement system or smart contract platform drops to only 15%, there is a possibility that its value could decrease significantly. In their bear case scenario, Ethereum could potentially drop to $343.29 by 2030.

In the event of Ethereum experiencing positive developments, VanEck has projected a conservative price estimate of $11,848.62 and an optimistic projection of $51,006.

The firm also made sure to state the fact that Ethereum is likely en route to becoming a store-of-value asset, similar to Bitcoin but perhaps in a slightly different manner.

Regarding the price of ETH today, at the moment of writing this article, ETH is trading in the green, and the coin is priced at $1,900.

In other news, the Solana ecosystem boasts a major advantage in the form of its affordable utility costs for NFTs, particularly when compared to its gas-guzzling competitor, Ethereum. However, funding is still necessary for development even on this efficient blockchain platform.

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