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Standard Chartered’s Bullish Predictions for Ethereum and Bitcoin
British multinational bank Standard Chartered has high expectations for Ethereum (ETH) outperforming Bitcoin (BTC) in the near future. The bank predicts that the approval of spot ETFs for Ethereum in May will be a game-changer for the cryptocurrency market.
Standard Chartered’s Ethereum Price Prediction
The bank forecasts Ethereum to surge over 4 times its current value, reaching $14,000 per unit. This surge is expected to be fueled by a significant influx of up to $45 billion in ETF investments within the first twelve months after regulatory approval.
Bitcoin Price Update
Standard Chartered has revised its Bitcoin price prediction, raising it from $150,000 to $250,000 by 2025. The bank also expects Bitcoin to reach $200,000 by the end of 2024, positioning it as a key asset in investors’ portfolios.
Market Analysis and Comparisons
The bank highlights the potential correlation between Bitcoin and gold, with Bitcoin’s market cap currently at $1.4 trillion compared to gold’s $14 trillion. Standard Chartered suggests that Bitcoin reaching $680,000 would equal the market cap of gold.
Future Outlook
Looking ahead, Standard Chartered predicts Ethereum to maintain or even surpass Bitcoin’s growth rate over the next two years. The bank foresees Ethereum’s price ratio against Bitcoin to increase from 5.4% in 2024 to 7% in 2025, potentially reaching a value of $8,000 by the end of 2024 and $14,000 by 2025.
Concerns and Speculations
While the bank expects an Ethereum ETF approval by May, some analysts are less optimistic about the timeline due to regulatory uncertainties. Bloomberg ETF analyst Eric Balchunas recently expressed doubts about the likelihood of an Ethereum ETF approval by the deadline.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
