In the rapidly challenging and dynamic world of cryptocurrencies, ethereum (eth) The second crypto leader after bitcoin (btc) has the potential to surpass its previous all-time high in 2024, according to one analyst.
Will ethereum produce millionaires in 2024?
Lark Davis, a crypto analyst recently shared his optimism about the future of ethereum while revealing his price prediction for the asset.
According to Davis, the price of ethereum will see a significant increase, bringing its price to $10,000 or $15,000. Although Davis notes that eth can rise to these levels, representing significant returns, he emphasizes that holding eth alone is not the secret to “financial success.”
The crypto analyst revealed his predictions for the crypto asset during one of his latest YouTube videos. In the video, Davis delves into ethereum's unrealized potential, noting that the asset will make “a lot of millionaires, but not like we think.”
With ethereum price at $2,295 right now, investors could enjoy a 600% return if Davis' projections come true. However, he stated that there are even more profitable options to look out for.
Davies further highlighted that the “real financial changes” in ethereum are based on its Layer 2 solutions. These include layer 2 platforms such as ZKSynchronization, Starknetamong others.
He emphasizes that, compared to the main ethereum asset, these Layer 2 platforms are the centers of “rapid potential expansion.” Meanwhile, he presented the case of Celestia, whose value increased by 500% in just one month after its IPO, to support its projections.
Furthermore, he also noted that it is important to “keep an eye on newly listed tokens” on these Layer 2 networks. This is because he believes it could be a turning point for investors looking for substantial returns in a short period.
The cryptanalyst also points out possible airdrops as another aspect that can be “very productive.” He stated that these airdrops have the potential to be more profitable than “traditional investments in ethereum.” This is because they provide more immediate and possibly higher returns.
eth Investors Unaffected by crypto Winter
Recent data has revealed that more than 70% of ethereum Supply It hasn't moved in the last year. Data from market intelligence firm IntoTheBlock shows that the overall supply of long-term holders (LTH) of eth has increased to an unprecedented level.
IntoTheBlock turned to X (formerly Twitter) to share this achievement with the crypto community. Generally, the hands least likely to move their coins are known as LTH.
The total amount of supply that HODLers held for more than a year can be used to track their movements. According to statistics, the probability of a holder selling their crypto assets at any time decreases the longer they hold them.
Featured image from iStock, chart from Tradingview.com
