In an interview with the online magazine Altcoin Buzz, crypto analyst Lark Davis predicted that the Ethereum price could reach $15,000 by 2024. According to Davis, the bullish rally of the second largest crypto asset by market cap will be powered by two major catalysts: the adoption of Ethereum-based decentralized finance (DeFi) and the emergence of the Ethereum 2.0 blockchain.
Davis emphasized that Ethereum’s current market capitalization of $65.6 billion (according to CoinMarketCap data) is relatively low compared to its potential market size. He believes that the DeFi boom over the past six months will bring more institutional investors on board, which in turn will drive the Ethereum price higher.
He also explained that the launch of Ethereum 2.0 is going to be a major milestone for the digital asset, as it will increase the network’s transaction speed and scalability. Additionally, the upgrade will also introduce proof-of-stake consensus mechanism, which will replace the current proof-of-work consensus.
Apart from technical advancements, Davis noted that the biggest drivers behind Ethereum’s surge will be the smart contract applications and decentralized finance protocols built on top of the blockchain. According to him, the industry can expect more dApps and protocols on the Ethereum blockchain as more developers join the space, thereby providing more utility to the network.
Overall, Davis concluded that the growth potential of Ethereum is enormous and, if these catalysts materialize, the digital asset could reach $15,000 in the next four years.